Dish Network chairman Charles Ergen founded a new company called Conx Corp, seeking to raise $1 billion through an IPO to fuel acquisitions in the technology, media and telecommunications sector.
In a recent filing with the Securities and Exchange Commission (SEC), Conx said it will operate as what is known as a blank check or special purpose acquisition company, whose primary function is to generate funds which are then used to buy unspecified assets.
Its initial securities offering will include 100 million units priced at $10 each.
The company stated it does not yet have a purchase target in mind, but plans to search for businesses “that can benefit from our operational expertise in the technology, media and telecommunications industry, including the wireless communications industry”.
It added it will look for companies with “compelling long-term growth prospects”, “leadership in technology driven transformation”, “low or manageable risks of technological obsolescence” and a “defensible position in intellectual property”.
Conx aims to close its first deal within 24 months.
Ergen isn’t the only Dish Network executive involved with the company: Jason Kiser, who has served as the operator’s treasurer since 2008, is listed as Conx’s CEO.Subscribe to our daily newsletter Back