8-K: Churchill X to NYSE: Infleqtion Merger Nears

Churchill Capital Corp X announces its intent to transfer the listing of its securities from Nasdaq to the NYSE following the completion of its business combination with Infleqtion.

Summary

• Churchill Capital Corp X (Churchill X) intends to transfer the listing of its Class A ordinary shares and public warrants from the Nasdaq Stock Market LLC (Nasdaq) to the New York Stock Exchange (NYSE).
• This transfer is contingent upon the completion of its previously announced business combination with ColdQuanta, Inc. (d/b/a Infleqtion).
• In connection with the Business Combination, Churchill X will re-domicile by way of continuation from the Cayman Islands to the State of Delaware.
• Each Class A Ordinary Share will automatically convert, on a one-for-one basis, into one share of common stock of Churchill X, and each issued and outstanding CCX Warrant will automatically convert into a warrant to acquire a corresponding number of shares of common stock, on a one-for-one basis.
• Prior to the closing of the Business Combination, each unit of CCX sold in its initial public offering will be separated into one Class A Ordinary Share and one-quarter of one CCX Warrant; the Units will no longer be listed on Nasdaq following the closing.
• The listing and trading of 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 begin at market open on February 17, 2026, under the symbols INFQ and INFQ WS, respectively.
• An Extraordinary General Meeting for shareholders to vote on the Business Combination, among other things, is scheduled via live webcast for February 12, 2026, at 10:00 a.m. Eastern Time.
• The record date for shareholders eligible to vote on the proposed transaction was January 13, 2026.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as the planned NYSE listing and progress on the business combination with Infleqtion indicate the transaction is moving forward as expected, potentially offering enhanced visibility for the combined entity.

Positives

• The planned transfer to the NYSE may enhance the visibility and liquidity of the combined company's securities, potentially attracting a broader investor base.
• The business combination with Infleqtion, a global leader in quantum sensing and quantum computing, is progressing towards completion, indicating strategic growth for Churchill X.
• The registration statement on Form S-4 was declared effective by the SEC on January 23, 2026, signifying regulatory approval for the transaction's disclosure documents.

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 competitive landscape poses risks to its market position and growth.
• Dependence on members of Infleqtion's senior management and its ability to attract and retain qualified personnel is a critical factor.
• Infleqtion's revenue is concentrated in contracts with government or state-funded entities, posing a risk of dependency.
• There is a potential need for additional future financing to support Infleqtion's operations and growth.
• 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 Infleqtion's business operations.
• Infleqtion's ability to maintain, protect, and defend its intellectual property rights is crucial for its long-term success.
• 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 Infleqtion's markets.
• Uncertainty or changes with respect to laws, regulations, taxes, trade conditions, and the macroeconomic environment could adversely impact the combined company.
• 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, which could adversely affect the combined company or the expected benefits.
• Churchill X shareholders could elect to have their shares redeemed, potentially leaving the combined company with insufficient cash to execute its business plans.
• 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 could negatively impact the combined company.
• 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 a risk factor.

Future Outlook

The combined company's common stock and warrants are expected to trade on the NYSE under symbols INFQ and INFQ WS, respectively, following the completion of the business combination. Infleqtion's forward-looking statements include projections of market opportunity and market share, estimates of customer adoption rates, projections regarding its ability to commercialize new products and technologies, and expectations concerning future financial performance and the potential for Infleqtion to increase in value.

Industry Context

StockSavvy.ai notes that the move from Nasdaq to NYSE for a combined SPAC entity and a quantum technology company like Infleqtion could signal a strategic play for increased institutional investor visibility and perceived prestige, aligning with the growing interest and investment in the quantum computing and sensing sector. This transfer could also be seen as a step towards solidifying Infleqtion's position as a leader in an emerging, high-growth technology market.

Corporate Governance

Stakeholder Impact

• Shareholders of Churchill X will vote on the Business Combination; their Class A Ordinary Shares will convert to Common Stock, and warrants will convert to new warrants. They also face a risk of share redemption.
• Stockholders of Infleqtion will receive securities in the combined company as part of the transaction.
• Investors will see the combined company trade on the NYSE under new symbols, potentially increasing visibility and liquidity for the securities.
• Employees of Infleqtion may experience impacts related to the business combination and potential growth opportunities within the combined entity.

Next Steps

• Hold the Extraordinary General Meeting on February 12, 2026, for shareholders to vote on the Business Combination.
• Complete the business combination with Infleqtion.
• End listing and trading on Nasdaq at market close on February 13, 2026.
• Begin trading on NYSE under symbols INFQ and INFQ WS at market open on February 17, 2026.

Key Dates

Recommendation

The filing details a procedural step in a previously announced business combination and listing transfer. While the move to NYSE could be seen as a positive for visibility, the core investment decision hinges on the underlying value and future prospects of Infleqtion, which is an emerging technology company with inherent risks. Without new financial performance data or significant strategic shifts, a 'hold' recommendation is appropriate for existing shareholders awaiting the completion of the merger, while new investors should conduct further due diligence on Infleqtion's business model and market position.

Keywords

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