SCHEDULE: Fort Baker Capital Discloses 6.4% Stake in Churchill Capital X
Beneficial Ownership Disclosure
Fort Baker Capital Management LP and affiliates have disclosed a 6.4% beneficial ownership stake in Churchill Capital Corp X, totaling 2,650,000 units.
Summary
- Fort Baker Capital Management LP, Steven Patrick Pigott, and Fort Baker Capital, LLC have jointly reported beneficial ownership of 2,650,000 units of Churchill Capital Corp X.
- This ownership represents 6.4% of the Class A ordinary shares underlying the units.
- The units consist of one Class A ordinary share and one-quarter of one redeemable warrant.
- The beneficial ownership percentage was calculated based on 41,700,000 Class A ordinary shares outstanding as of June 13, 2025, as reported by the Issuer in its Form 10-Q.
- The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
Sentiment
Score: 5
Explanation: The filing is a standard Schedule 13G disclosing a significant beneficial ownership stake, which is a neutral event in itself, indicating an investment position without further commentary on company performance or strategy.
Future Outlook
NA
Industry Context
NA
Related Party Transactions
- Fort Baker Capital Management LP, Steven Patrick Pigott, and Fort Baker Capital, LLC are filing jointly, with Steven Patrick Pigott acting as Limited Partner/Chief Investment Officer for Fort Baker Capital Management LP, and Fort Baker Capital, LLC acting as General Partner for Fort Baker Capital Management LP. This establishes a related party relationship among the reporting persons regarding their shared beneficial ownership.
Stakeholder Impact
- Shareholders: Disclosure of a significant 6.4% stake by an institutional investor group may be viewed positively as a vote of confidence or could signal potential future activism, though the filing states the purpose is not to influence control.
Key Dates
| Date | Description |
|---|---|
| 2025-06-13 | Date Churchill Capital Corp X reported 41,700,000 Class A ordinary shares outstanding in its Form 10-Q. |
| 2025-06-30 | Date of event requiring the filing of this statement. |
| 2025-08-14 | Date of filing and joint filing agreement. |
Keywords
Churchill Capital Corp X, Fort Baker Capital, SPAC, beneficial ownership, Schedule 13G, investment, Class A ordinary shares, warrants
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