Churchill Capital Corp VI: debt financing — Churchill Capital Corp VI extends deadline to Feb 2024; sponsor commits up to $4.5M monthly deposits; $281.9M redeemed

Churchill Capital Corp VI

Stockholders approved extension of business combination deadline from May 17, 2023 to February 17, 2024.
Sponsor agreed to make monthly $500,000 deposits to trust account via promissory note up to $4.5M, starting May 17, 2023.
Holders of 27,690,293 shares redeemed at ~$10.18/share, totaling ~$281.93M removed from trust.
After redemptions, 27,509,707 shares remain outstanding and ~$280.10M in trust before sponsor contributions.
Promissory note is non-interest bearing, unsecured, matures upon business combination or winding up.

item 1.01 item 2.03 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Churchill Capital Corp VI incurred loan of $500,000 per month with Churchill Sponsor VI LLC at non-interest bearing maturing the earlier of (1) the date the Company consummates the Business Combination and (2) the date that the winding up of the Company is effective.

Instrument: loan
Principal: $500,000 per month
Counterparty: Churchill Sponsor VI LLC
Rate: non-interest bearing
Maturity: the earlier of (1) the date the Company consummates the Business Combination and (2) the date that the winding up of the Company is effective
Event: incurrence

Exact text from the filing

Churchill Sponsor VI LLC (the “Sponsor”) agreed to make monthly deposits directly to the trust account (the “Trust Account”) of Churchill Capital Corp VI (the “Company”) of $500,000 per month (each deposit, a “Contribution”) on the terms described below. Such Contributions will be made pursuant to a non-interest bearing, unsecured promissory note (the

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Churchill Capital Corp VI: Extended the date to consummate a business combination from May 17, 2023 to February 17, 2024 (effective 2023-05-16).

Change: charter amendment
Effective: 2023-05-16

Exact text from the filing

The Company filed the Charter Amendment with the Secretary of State of the State of Delaware on May 16, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Churchill Capital Corp VI entered into Promissory Note with Churchill Sponsor VI LLC (effective 2023-05-16).

Action: entry
Agreement: credit facility
Counterparty: Churchill Sponsor VI LLC
Effective: 2023-05-16

Exact text from the filing

a non-interest bearing, unsecured promissory note (the “Promissory Note”), which was issued by the Company to the Sponsor on May 16, 2023.

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Source: SEC EDGAR

accession 0001104659-23-061422

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