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

Churchill Capital Corp XI

On Aug 7, 2026, issued unsecured promissory note up to $1,500,000 to Churchill Sponsor XI LLC for working capital.
Note bears no interest; matures upon earlier of initial business combination or liquidation.
Sponsor may convert outstanding principal into units at $10.00 per unit, each unit = 1 Class A share + 1/10 warrant.
Conversion units identical to IPO private placement units and carry registration rights.
Payee waives claims against trust account; note is unsecured and not registered under Securities Act.

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