425: Churchill X to NYSE as Infleqtion Post-Merger

Churchill Capital Corp X announces its intent to transfer its listing to the NYSE following its business combination with Infleqtion, with new tickers effective February 17, 2026.

Summary

• Churchill Capital Corp X (Churchill X) intends to transfer the listing of its Class A ordinary shares and public warrants from Nasdaq to the New York Stock Exchange (NYSE) following its business combination with ColdQuanta, Inc. (d/b/a Infleqtion).
• The combined company's common stock and warrants are expected to trade on the NYSE under the symbols INFQ and INFQ WS, respectively.
• Prior to the closing of the Business Combination, each unit of CCX sold in its initial public offering will separate into one Class A Ordinary Share and one-quarter of one CCX Warrant.
• The listing and trading of Churchill X's Class A Ordinary Shares, CCX Warrants, and Units on Nasdaq are expected to end at market close on February 13, 2026.
• Trading of the Common Stock and Warrants on the NYSE is expected to commence at market open on February 17, 2026.
• Churchill X will hold an Extraordinary General Meeting via live webcast on February 12, 2026, at 10:00 a.m. Eastern Time for shareholders to vote on the Business Combination.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, reflecting progress towards the completion of the business combination and a strategic move to a major exchange. The underlying business, Infleqtion, operates in a high-potential but high-risk emerging technology sector.

Positives

• The transfer to the NYSE may enhance visibility and liquidity for the combined company's shares, potentially attracting a broader investor base.
• The completion of the business combination with Infleqtion, a leader in quantum sensing and computing, positions the new entity in an emerging technology sector.

Negatives

• Infleqtion is pursuing an emerging technology, faces significant technical challenges, and may not achieve commercialization or market acceptance.
• Infleqtion has a history of net losses and a limited operating history, indicating potential financial instability in its early stages as a public company.
• There is a risk that Churchill X shareholders could elect to redeem their shares, potentially leaving the combined company with insufficient cash to execute its business plans.

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 exists regarding Infleqtion's future financial performance, capital requirements, and unit economics.
• Infleqtion's business relies on the use and reporting of business and operational metrics, which may be subject to change or misinterpretation.
• The competitive landscape in quantum technology is evolving and intense.
• Dependence on members of senior management and the ability to attract and retain qualified personnel is critical.
• Revenue concentration in contracts with government or state-funded entities poses a risk.
• There is a potential need for additional future financing.
• Infleqtion's ability to manage growth and expand its operations effectively is uncertain.
• Potential future acquisitions or investments in companies, products, services, or technologies carry inherent risks.
• Reliance on strategic partners and other third parties could impact operations.
• The ability to maintain, protect, and defend intellectual property rights is crucial.
• Risks are associated with privacy, data protection, or cybersecurity incidents and related regulations.
• The use, rate of adoption, and regulation of artificial intelligence and machine learning could affect the business.
• Uncertainty or changes with respect to laws, regulations, taxes, trade conditions, and the macroeconomic environment pose risks.
• The combined company's ability to maintain internal control over financial reporting and operate as a public company is a challenge.
• Required regulatory approvals for the proposed transaction may be delayed or not obtained, adversely affecting the combined company or expected benefits.
• The risk that Churchill X shareholders could elect to have their shares redeemed, potentially leading to insufficient cash.
• The occurrence of any event, change, or other circumstance 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 is uncertain.
• Failure to realize the anticipated benefits of the proposed transaction is a possibility.
• The ability of Churchill X or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future is not guaranteed.
• Past investments of Churchill X's founders or sponsors are not indicative of future performance.

Future Outlook

The combined company, Infleqtion, is expected to trade on the NYSE under new ticker symbols INFQ and INFQ WS, following the completion of the business combination. Infleqtion aims to continue its leadership in quantum sensing and computing, commercializing new products and technologies, and expanding its customer base, particularly with government and state-funded entities.

Management Comments

• Jay Taragin, Chief Financial Officer, signed the report on behalf of Churchill Capital Corp X.

Industry Context

StockSavvy.ai notes that the transfer of Churchill X's listing to the NYSE post-merger with Infleqtion is a strategic move often associated with increased prestige, liquidity, and broader institutional investor access, particularly for companies in emerging and high-growth sectors like quantum technology. This move could enhance Infleqtion's profile as it seeks to commercialize advanced quantum solutions, aligning with a broader trend of innovative tech companies seeking prominent exchange listings.

Corporate Governance

Legal Proceedings

• The filing mentions 'the outcome of any legal proceedings or government investigations that may be commenced against Infleqtion or Churchill X' as a risk, but does not detail any current proceedings.

Stakeholder Impact

• Shareholders of Churchill X will vote on the Business Combination and will see their Class A Ordinary Shares convert to Common Stock of the combined entity, trading on the NYSE.
• Infleqtion stockholders will receive securities in the combined company.
• Investors will experience a change in trading venue and ticker symbols for the combined company's securities, potentially affecting trading access and visibility.

Next Steps

• Churchill X shareholders will vote on the Business Combination at the Extraordinary General Meeting on February 12, 2026.
• The listing and trading of Churchill X's current securities on Nasdaq will cease at market close on February 13, 2026.
• Trading of the combined company's Common Stock and Warrants will begin on the NYSE at market open on February 17, 2026.

Key Dates

Recommendation

The filing details a procedural step in a previously announced merger and listing transfer, which is generally an expected event. While the move to the NYSE is a positive for visibility, the underlying business (Infleqtion) operates in an emerging, high-risk technology sector with a history of net losses. A seasoned investor would likely hold their position to observe the post-merger performance and the execution of Infleqtion's business plan, given the inherent uncertainties and risks associated with early-stage quantum technology companies.

Keywords

Churchill Capital Corp X, Infleqtion, ColdQuanta, SPAC, Business Combination, NYSE Listing, Nasdaq Delisting, Quantum Computing, Quantum Sensing, Stock Transfer, Merger, INFQ, CCCX