Financial Performance - The company reported a net loss of $18,200 for the three months ended March 31, 2025, and a cumulative net loss of $44,611 since inception on January 4, 2024 [97]. - The company does not expect to generate operating revenues until after the completion of its Business Combination [96]. Initial Public Offering - The company completed its Initial Public Offering on May 15, 2025, raising gross proceeds of $414,000,000 from the sale of 41.4 million Units, including a full exercise of the underwriters' over-allotment option of 5.4 million Units [100]. - A total of $414,000,000 was placed in the Trust Account following the Initial Public Offering, with $3,971,368 incurred in offering costs [101]. Use of Funds - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies [102]. Debt and Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025 [106]. - The company has a contractual obligation to reimburse the managing member of the Sponsor $30,000 per month for administrative support, which will cease upon completion of the Initial Business Combination [107]. - The underwriter is entitled to a deferred fee of up to $3,000,000, payable only upon the completion of the Initial Business Combination [108]. Risks and Challenges - The company has incurred significant costs related to its acquisition plans and does not assure the success of completing a Business Combination [95]. - Various economic factors, including market volatility and geopolitical instability, may adversely affect the company's ability to complete its Initial Business Combination [98].
Churchill Capital Corp X Unit(CCCXU) - 2025 Q1 - Quarterly Report