Loan & DebtJul 6, 2026, 04:12 PM
Churchill Capital XI Issues $1.5M Promissory Note to Sponsor
AI Summary
Churchill Capital Corp XI issued an unsecured promissory note for up to $1,500,000 to its sponsor, Churchill Sponsor XI LLC, on July 2, 2026. The note is intended to cover the company's working capital needs and does not bear interest. It matures upon the earlier of the closing of an initial business combination or the company's liquidation. The outstanding amounts are convertible, at the sponsor's option, into units at a conversion price of $10.00 per unit.
Key Highlights
- Churchill Capital Corp XI issued an unsecured promissory note for up to $1,500,000.
- The note was issued to Churchill Sponsor XI LLC for working capital needs.
- The promissory note does not bear interest.
- It matures upon the earlier of an initial business combination or company liquidation.
- Amounts outstanding are convertible into units at $10.00 per unit.
- Each conversion unit consists of one Class A ordinary share and one-tenth of a warrant.
Price Impact
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