Churchill Capital XI entered into an unsecured promissory note of up to $1.5 million with its sponsor to fund working capital. The note bears no interest and matures upon the earlier of completing an initial business combination or liquidation. At the sponsor's option, amounts outstanding may convert into units at $10.00 per unit, each comprising one Class A share and one-tenth of a warrant exercisable at $11.50, with registration rights.
Agreement details:
- Agreement type: Unsecured convertible promissory note
- Counterparty: Churchill Sponsor XI
- Signed / Effective: Jul 02 2026 / Jul 02 2026
- Duration / Termination: Until business combination closing or liquidation
- Reason: Fund working capital while pursuing a business combination
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.