Churchill Capital Corp XI (NASDAQ:CCXI) shares rose nearly 5% on Tuesday after the SPAC disclosed a new working-capital financing arrangement as it advances its planned merger with humanoid robotics company Agility Robotics.
• Churchill Capital Corp shares are powering higher. What’s behind CCXI gains?
Working Capital Financing
Churchill issued an unsecured promissory note of up to $1.5 million to sponsor Churchill Sponsor XI LLC on Aug. 7. The interest-free note matures upon the earlier of completing an initial business combination or liquidation.
The sponsor can convert outstanding amounts into Churchill units at $10 each. Each unit consists of one Class A ordinary share and one-tenth of a warrant, with each whole warrant exercisable at $11.50 per share.
