Churchill Capital Corp X Completes Upsized $414 Million Initial Public Offering

Rhea-AI Summary

Churchill Capital Corp X (CCCXU) has successfully completed its upsized initial public offering, raising $414 million through the sale of 41.4 million units at $10.00 per unit. The offering includes 5.4 million units from a fully exercised over-allotment option. Each unit comprises one Class A ordinary share and one-quarter of one redeemable warrant, with whole warrants exercisable at $11.50 per share.

Trading began on May 14, 2025, on the Nasdaq Global Market under "CCCXU". The company, founded by Michael Klein of M. Klein and Company, LLC, is a special purpose acquisition company (SPAC) formed to pursue business combinations across any sector. BTIG, LLC served as the sole book-running manager, and the entire $414 million has been placed in trust.

Positive

• Successful upsized IPO raising $414 million, indicating strong investor interest
• Full exercise of over-allotment option by underwriters
• 100% of proceeds ($414 million) placed in trust, providing substantial capital for potential acquisition
• Experienced leadership with Michael Klein, a veteran SPAC sponsor

Negative

• No specific target business or industry identified yet
• Typical SPAC risks including potential dilution from warrant exercise
• Time pressure to complete a business combination within specified period
• Uncertainty in finding suitable acquisition target

Insights

Financial Markets Specialist

Churchill Capital Corp X completed an upsized $414M SPAC IPO at $10/unit, with proceeds held in trust for future business acquisition.

Churchill Capital Corp X has successfully completed its initial public offering (IPO), raising $414 million in gross proceeds through the sale of 41.4 million units priced at $10.00 each. The offering was upsized, with underwriters exercising their over-allotment option to purchase an additional 5.4 million units. This demonstrates strong investor demand for the SPAC's offering.

Each unit consists of one Class A ordinary share and one-quarter of a redeemable warrant, with each whole warrant allowing purchase of one additional share at $11.50. This structure is designed to provide both immediate equity ownership and potential upside through the warrants.

Notably, $414 million (representing $10.00 per public unit) has been placed in trust, which will be used to fund the SPAC's future business combination. This segregation of funds is a standard protective measure for SPAC investors, ensuring capital preservation until a suitable acquisition target is identified.

Churchill Capital Corp X is founded by Michael Klein, an established SPAC sponsor with a track record of previous Churchill Capital SPACs. The company's mandate is deliberately broad - it may target businesses across any industry or sector. This flexibility maximizes its opportunity set while creating uncertainty about its eventual focus.

The SPAC market has experienced significant fluctuations since its 2020-2021 boom period, with investor sentiment becoming more selective. This substantial raise suggests Churchill has maintained investor confidence despite broader SPAC market challenges. The company now enters its search phase with a substantial war chest to pursue acquisition opportunities, though investors should note that SPACs typically have 18-24 months to complete a business combination or return funds to shareholders.

NEW YORK, May 15, 2025 /PRNewswire/ -- Churchill Capital Corp X (the "Company") announced today the closing of its upsized initial public offering of 41,400,000 units, which includes 5,400,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $414,000,000.

The Company's units began trading on May 14, 2025 on the Nasdaq Global Market ("Nasdaq") under the ticker symbol "CCCXU." Each unit consists of one Class A ordinary share of the Company and one-quarter of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share of the Company at an exercise price of $11.50 per share. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols "CCCX" and "CCCXW," respectively.

Of the proceeds received from the consummation of the initial public offering (as well as the exercise of the over-allotment option) and a simultaneous private placement of units, $414,000,000 (or $10.00 per unit sold in the public offering) was placed in trust.

The Company was founded by Michael Klein, who is also the founder and managing partner of M. Klein and Company, LLC. The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.

BTIG, LLC acted as sole book-running manager for the offering.

The offering was made by means of a prospectus. Copies of the prospectus may be obtained from BTIG, LLC, Attention: 65 East 55th Street, New York, New York 10022, by email at ProspectusDelivery@btig.com, or by accessing the SEC's website at www.sec.gov.

Registration statements relating to the securities were declared effective by the U.S. Securities and Exchange Commission (the "SEC") on May 13, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds thereof. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Churchill Capital Corp X

info@churchillcapitalcorp.com

Steve Lipin / Michael Landau

Gladstone Place Partners

212-230-5930

View original content:https://www.prnewswire.com/news-releases/churchill-capital-corp-x-completes-upsized-414-million-initial-public-offering-302457202.html

SOURCE Churchill Capital Corp X

FAQ

What is the IPO price and size of Churchill Capital Corp X (CCCXU)?

Churchill Capital Corp X completed its IPO at $10.00 per unit, raising $414 million through the sale of 41.4 million units, including 5.4 million units from the over-allotment option.

What does each CCCXU unit consist of?

Each unit consists of one Class A ordinary share and one-quarter of one redeemable warrant, with each whole warrant allowing purchase of one Class A ordinary share at $11.50 per share.

Who is the founder of Churchill Capital Corp X (CCCXU)?

Churchill Capital Corp X was founded by Michael Klein, who is also the founder and managing partner of M. Klein and Company, LLC.

What is the trading symbol for Churchill Capital Corp X on Nasdaq?

The units trade under 'CCCXU' on Nasdaq, with Class A shares and warrants expected to trade separately under 'CCCX' and 'CCCXW' respectively.

What is the business purpose of Churchill Capital Corp X (CCCXU)?

The company is a SPAC formed to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses in any industry.