Infleqtion (INFQ) Registration filing summary

Company overview and business model

• Formed as a Cayman Islands exempted blank check company to effect a merger, share exchange, asset acquisition, or similar business combination with one or more businesses; no target selected or discussions initiated as of filing.

• Management team led by Michael Klein, leveraging extensive SPAC and investment banking experience, with a focus on industries where their expertise provides a competitive advantage.

• Strategic and Operating Partners network provides proprietary sourcing channels and operational expertise across multiple sectors.

• Sponsor is Churchill Sponsor X LLC, managed by M. Klein Associates Inc.; BTIG, LLC and Condor Investments VI are members of the sponsor and receive founder shares and private placement units.

Financial performance and metrics

• As of December 31, 2024, the company had no revenues and reported a net loss of $51,910, with deferred offering costs of $157,937 and a working capital deficit of $184,847.

• Sponsor acquired 8,625,000 founder shares for $25,000; public shareholders will incur immediate and substantial dilution upon closing.

• Net tangible book value per share after the offering is estimated at $7.90–$7.92, with dilution to public shareholders of approximately 21%.

Use of proceeds and capital allocation

• $300 million (or $345 million if overallotment is exercised) from the IPO and private placement will be placed in a U.S.-based trust account, invested in U.S. government securities or money market funds.

• Approximately $2 million will be available outside the trust account for working capital, due diligence, and administrative expenses.

• Up to $1,500,000 in working capital loans may be convertible into units at $10.00 per unit at the sponsor's option.