Churchill Capital Corp XI (CCXI) investors cut disclosed stake to 2.3% of class

Rhea-AI Filing Summary

MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of Class A Ordinary Shares of Churchill Capital Corp XI. They jointly hold 950,474 shares, representing 2.3% of the Class A Ordinary Shares based on 41,900,00 shares outstanding as of May 13, 2026.

The position is held entirely with shared voting and dispositive power and no sole power over any shares. The amendment confirms that these reporting persons own 5 percent or less of the class.

Key Figures

Shares beneficially owned: 950,474 shares Percentage of class: 2.3% Outstanding shares baseline: 41,900,00 shares +2 more

5 metrics

Shares beneficially owned 950,474 shares Class A Ordinary Shares beneficially owned by MMCAP International Inc. SPC and MM Asset Management Inc.

Percentage of class 2.3% Portion of Churchill Capital Corp XI Class A Ordinary Shares beneficially owned

Outstanding shares baseline 41,900,00 shares Outstanding Class A Ordinary Shares of the issuer as of May 13, 2026

Sole voting power 0 shares Shares with sole power to vote or direct the vote

Shared voting power 950,474 shares Shares with shared power to vote or direct the vote

Key Terms

Schedule 13G/A, beneficially owned, shared voting power, shared dispositive power, +1 more

5 terms

Schedule 13G/A regulatory

"This is an Amendment No. 3 to Schedule 13G for Churchill Capital Corp XI"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 950,474"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 950,474.00 7 | Sole Dispositive Power 0.00 8 | Shared Dispositive Power"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"8 | Shared Dispositive Power 950,474.00 9 950,474.00"

percent of class financial

"Item 4. | Ownership (b) | Percent of class: 2.3%"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

What ownership stake in Churchill Capital Corp XI (CCXI) do MMCAP International and MM Asset Management report?

MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 950,474 Class A Ordinary Shares of Churchill Capital Corp XI, representing 2.3% of the outstanding Class A Ordinary Shares based on 41,900,00 shares outstanding as of May 13, 2026.

Do the reporting holders in this CCXI Schedule 13G/A have more than 5% of the Class A shares?

No. The filing states that MMCAP International Inc. SPC and MM Asset Management Inc. together own 2.3% of Churchill Capital Corp XI Class A Ordinary Shares, and explicitly classifies their position as ownership of 5 percent or less of a class.

How many Churchill Capital Corp XI (CCXI) shares do the reporting persons control voting and disposition for?

The reporting persons have 0 shares with sole voting or dispositive power and 950,474 shares with shared voting and shared dispositive power. All reported control over Churchill Capital Corp XI shares is therefore held on a shared, not sole, basis.

What outstanding share count of CCXI is used to calculate the 2.3% ownership?

The 2.3% beneficial ownership is calculated using 41,900,00 outstanding Class A Ordinary Shares of Churchill Capital Corp XI as of May 13, 2026, as referenced in the ownership footnotes in the Schedule 13G/A amendment.

Who are the reporting entities in this Churchill Capital Corp XI (CCXI) Schedule 13G/A amendment?

The filing identifies MMCAP International Inc. SPC, organized in the Cayman Islands, and MM Asset Management Inc., organized in Ontario, Canada, as joint reporting persons for their beneficial ownership of Churchill Capital Corp XI Class A Ordinary Shares.

What type of filing is this for CCXI and what does it signify?

This is an Amendment No. 3 to Schedule 13G, indicating an updated report of passive beneficial ownership in Churchill Capital Corp XI. It confirms the reporting group’s current 950,474-share, 2.3% stake, which is at or below the 5% ownership threshold.

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Available on EDGAR 08/14/2026 - 02:49 PM Accepted by SEC EDGAR 08/14/2026 - 02:48 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Churchill Capital Corp XI

(Name of Issuer)

Class A Ordinary Shares

(Title of Class of Securities)

G2131A108

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G2131A108

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 950,474.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 950,474.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

950,474.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Based on 41,900,00 outstanding Class A Ordinary Shares of the Issuer as of May 13, 2026.

SCHEDULE 13G

CUSIP Number(s): G2131A108

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 950,474.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 950,474.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

950,474.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Based on 41,900,00 outstanding Class A Ordinary Shares of the Issuer as of May 13, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Churchill Capital Corp XI
(b)	Address of issuer's principal executive offices: 640 Fifth Avenue, 12th Floor, New York, NY 10019
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Class A Ordinary Shares
(e)	CUSIP No.: G2131A108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 950,474
(b)	Percent of class: 2.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 950,474
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 950,474
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	08/14/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	08/14/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement