Davis Polk advised the underwriters in connection with the initial public offering of 34,500,000 units of Capitol Investment Corp. V for aggregate proceeds of $345 million, which included the full exercise of the underwriters’ over-allotment option. Each unit consists of one share of Class A common stock and one-third of one warrant to purchase one share of Class A common stock of Capitol Investment Corp V. The units were listed on the New York Stock Exchange under the symbol “CAP.U.”

Capitol Investment Corp V. is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. The company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region. The company is led by Chairman and Chief Executive Officer, Mark D. Ein and President and Chief Financial Officer, L. Dyson Dryden. The Capitol team has raised $1.53 billion in five SPACs since 2007 and closed four SPAC mergers.

The Davis Polk corporate team included partners Deanna L. Kirkpatrick and Derek Dostal and associates Moses Farzan Nekou, Claudia Carvajal Lopez and Ben Somogyi. The tax team included partner Mario J. Verdolini. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the New York office.