Billionaire Charles Ergen-backed blank-check firm aims to raise $1 billion in IPO

(Reuters) - CONX Corp, a blank-check company led by billionaire Charles Ergen, is looking to raise around $1 billion in an initial public offering, it said on Wednesday.

The firm aims to sell 100 million units at $10 apiece and list its units on Nasdaq under the symbol "CONXU", it said in a filing here.

Ergen is the chairman of satellite TV provider Dish Network Corp DISH.O and also serves as the chairman of satellite operator EchoStar Corp SATS.O.

A special acquisition company, or SPAC, is a shell vehicle that raises money in an IPO to buy and then merge with an unknown company, typically within two years. High-profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs this year.

Deutsche Bank Securities is the underwriter to CONX Corp’s offering.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Amy Caren Daniel