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.
Agility Robotics Merger
The financing comes as Churchill pursues its proposed combination with Agility Robotics, which values Agility at $2.5 billion on a pre-money equity basis.
The transaction will generate more than $620 million in gross proceeds, including $420 million from Churchill’s trust account assuming no redemptions and about $200 million from a $10-per-share PIPE led by Foxconn.
Churchill expects to close the deal in 2026, subject to shareholder approval, SEC review and other customary conditions.
The combined company is expected to trade on a major North American exchange under the ticker AGLT.
Agility’s Digit humanoid robot has logged more than 65,000 operating hours across nine customer facilities. The company is preparing to launch Digit v5 and has secured more than $300 million in multi-year orders from a pipeline of more than 30 customers.
CCXI Price Action
Churchill Capital Corp shares were up 0.85% at $16.95 at the time of publication on Tuesday, according to Benzinga Pro data.
Courtesy: Agility Robotics
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