8-K: Churchill X Shareholders Approve Infleqtion Merger

Churchill Capital Corp X shareholders overwhelmingly approved the business combination with Infleqtion, paving the way for the quantum technology company to go public on the NYSE.

Summary

• Churchill Capital Corp X (Churchill X) shareholders approved the business combination with ColdQuanta, Inc. (d/b/a Infleqtion) at an extraordinary general meeting held on February 12, 2026.
• All eight proposals presented, including the Business Combination Proposal, Domestication Proposal, and Incentive Plan Proposal, received overwhelming shareholder support, with over 90% of votes cast in favor of the business combination.
• Only 37,821 Class A Ordinary Shares, representing approximately 0.09% of outstanding shares, were redeemed, resulting in only $388,453.90 being removed from the trust account.
• Infleqtion is expected to receive approximately $551.4 million in gross proceeds, consisting of $424.8 million from the trust account and $126.5 million from a private placement (PIPE).
• Churchill X will deregister from the Cayman Islands and domesticate to Delaware, becoming Infleqtion, Inc.
• The combined company, Infleqtion, Inc., will delist its shares, warrants, and units from Nasdaq and list its common stock and warrants on the New York Stock Exchange (NYSE) under ticker symbols INFQ and INFQ WS, respectively, beginning on February 17, 2026.
• The transaction is expected to close promptly, specifically on February 13, 2026.

Sentiment

Score: 9

Explanation: StockSavvy.ai views this filing as highly positive due to overwhelming shareholder approval, exceptionally low redemption rates, and significant capital secured, positioning Infleqtion strongly for its public debut and future growth in an emerging technology sector.

Positives

• Overwhelming shareholder support for the business combination, with over 90% of votes cast in favor of the transaction.
• Exceptionally low redemption rate of approximately 0.09% of Class A Ordinary Shares, indicating strong investor confidence and retaining nearly 100% of the trust cash.
• Infleqtion will receive substantial gross proceeds of approximately $551.4 million, including $424.8 million from the trust account and $126.5 million from a PIPE.
• The strengthened balance sheet is expected to accelerate Infleqtion's technology roadmap and product commercialization across artificial intelligence, national security, and space.
• Infleqtion will become the first publicly listed neutral-atom quantum technology company.
• Infleqtion will be the only public company with commercial leadership across both quantum computing and precision sensing.

Risks

• Infleqtion is pursuing an emerging technology, faces significant technical challenges, and may not achieve commercialization or market acceptance.
• Infleqtion has historical net losses and a limited operating history.
• Uncertainty regarding future financial performance, capital requirements, and unit economics.
• Dependence on members of senior management and the ability to attract and retain qualified personnel.
• Concentration of revenue in contracts with government or state-funded entities.
• Potential need for additional future financing.
• Ability to manage growth and expand operations.
• Reliance on strategic partners and other third parties.
• Ability to maintain, protect, and defend intellectual property rights.
• Risks associated with privacy, data protection, or cybersecurity incidents and related regulations.
• Risks related to the use, rate of adoption, and regulation of artificial intelligence and machine learning.
• Uncertainty or changes with respect to laws, regulations, taxes, trade conditions, and the macroeconomic environment.
• Ability to maintain internal control over financial reporting and operate as a public company.
• Possibility that required regulatory approvals for the proposed transaction are delayed or not obtained.
• The occurrence of any event, change, or other circumstance that could give rise to the termination of the business combination agreement.
• The outcome of any legal proceedings or government investigations that may be commenced against Infleqtion or Churchill X.
• Failure to realize the anticipated benefits of the proposed transaction.
• The ability of Churchill X or the combined company to issue equity or equity-linked securities in the future.

Future Outlook

Infleqtion expects to be well capitalized at closing, with the secured proceeds supporting the acceleration of its technology roadmap and product commercialization. This will enable expanded deployments across artificial intelligence, national security, and space, and facilitate additional real-world applications. The company projects growth in market opportunity and market share, anticipates increased customer adoption, and aims to commercialize new products and technologies.

Management Comments

• The strong support from Churchill X's shareholders is expected to result in Infleqtion receiving over $550 million of gross proceeds, including nearly 100% of the cash held in Churchill X's trust account prior to the redemption deadline and more than $125 million of incremental capital raised through a common stock PIPE.
• Infleqtion expects to be well capitalized at closing, combining the Churchill X Proceeds with existing cash on hand to support continued execution.
• The strengthened balance sheet is expected to accelerate Infleqtion's technology roadmap and product commercialization, expanding deployments across artificial intelligence, national security, and space while enabling additional real-world applications.

Industry Context

StockSavvy.ai notes that Infleqtion's public listing marks a significant milestone as it becomes the first publicly listed neutral-atom quantum technology company and the only public company with commercial leadership across both quantum computing and precision sensing. This positions Infleqtion at the forefront of an emerging and strategically important technology sector, potentially attracting increased investor interest in the quantum space and setting a precedent for future quantum technology IPOs.

Comparison to Industry Standards

• Infleqtion will be the first publicly listed neutral-atom quantum technology company, establishing a new benchmark in the quantum industry.
• Infleqtion will be the only public company with commercial leadership across both quantum computing and precision sensing, differentiating its market position.
• The redemption rate of approximately 0.09% is significantly lower than the historical average for SPACs, which often see high redemption rates, indicating exceptional investor confidence in this particular business combination compared to broader SPAC trends.

Management Changes

Corporate Governance

Stakeholder Impact

• **Shareholders**: Existing Churchill X shareholders will become shareholders of the newly formed Delaware entity, Infleqtion, Inc., with shares listed on the NYSE. Shareholders who redeemed received approximately $10.27 per share.
• **Employees**: The approval of the Incentive Plan Proposal and ESPP Proposal indicates potential benefits for employees through equity incentives in the combined company.
• **Customers**: Infleqtion's strengthened balance sheet and accelerated technology roadmap are expected to lead to enhanced product commercialization and new offerings, benefiting customers in AI, national security, and space sectors.
• **Investors (PIPE)**: New institutional investors and existing Infleqtion stockholders participated in a $126.5 million PIPE, demonstrating confidence and providing significant capital to the combined entity.

Next Steps

• The business combination is expected to close on February 13, 2026.
• Churchill X will complete its deregistration from the Cayman Islands and domestication to Delaware.
• The continuing entity will be renamed Infleqtion, Inc.
• Infleqtion, Inc. common stock and warrants will begin trading on the NYSE under ticker symbols INFQ and INFQ WS, respectively, on February 17, 2026.
• Infleqtion plans to accelerate its technology roadmap and product commercialization, expanding deployments across artificial intelligence, national security, and space.

Key Dates

Recommendation

The overwhelming shareholder approval, exceptionally low redemption rate (0.09%), and successful capital raise (over $550 million gross proceeds) significantly de-risk the de-SPAC transaction. Infleqtion is poised to become the first publicly listed neutral-atom quantum technology company with commercial leadership in both quantum computing and precision sensing, entering a high-growth, strategically vital sector with a strong balance sheet to accelerate its technology roadmap. This positions the combined entity for substantial future growth and market leadership.

Keywords

Quantum technology, quantum computing, quantum sensing, neutral-atom technology, SPAC, business combination, merger, Infleqtion, Churchill Capital Corp X, NYSE listing, de-SPAC, artificial intelligence, national security, space