Churchill Capital Corp XI issues up to $1.5M promissory note to sponsor for working capital

Churchill Capital Corp XI

Note principal up to $1,500,000, non-interest bearing, matures upon business combination or liquidation.
Sponsor can convert outstanding principal into units at $10/unit, each unit consisting of one Class A share and one-tenth warrant.
Proceeds used for working capital needs; sponsor waives claims against trust account.
Note is unsecured and drawn down in increments of at least $10,000 at sponsor's discretion.

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