Churchill Capital Corp XI 8-K

What Happened
On July 2, 2026, Churchill Capital Corp XI (CCXI) announced it issued an unsecured promissory note to its sponsor, Churchill Sponsor XI LLC, for up to $1,500,000 to fund working capital needs. The Note bears no interest and matures upon the earlier of the closing of the Company’s initial business combination or the Company’s liquidation. The sponsor may convert amounts outstanding under the Note into Conversion Units at a conversion price of $10.00 per Conversion Unit.

Key Details

• Principal amount: up to $1,500,000 (unsecured, no interest).
• Date issued: July 2, 2026; purpose: working capital.
• Conversion terms: Sponsor may convert outstanding amounts into Conversion Units at $10.00 per unit; each unit = 1 Class A ordinary share + 0.1 warrant.
• Warrant terms: each whole warrant exercisable for one Class A ordinary share at $11.50 per share. Conversion Units are identical to the private placement units issued to the sponsor at IPO and are entitled to registration rights. The Note is filed as Exhibit 10.1 to the 8‑K.

Why It Matters
This provides CCXI near‑term cash for operations without immediate interest expense. For investors, the sponsor loan represents a potential source of dilution because the sponsor can convert the debt into equity and warrants at the stated prices. Registration rights mean converted units could be registered for resale. Monitor future filings for conversions, the amount drawn under the Note, and any impact on share count ahead of the Company’s business combination.