CCCXU

Churchill Capital Corp X units are securities that combine common stock with warrants to purchase additional shares of Churchill Capital Corp X, a special purpose acquisition company (SPAC). Each unit typically consists of one share of common stock and a fraction of one warrant, with the specific composition outlined in the SPAC's offering documents. Units are often issued during a SPAC's initial public offering and may subsequently separate into their component parts after a specified period, allowing the common stock and warrants to trade independently. The units provide investors with both equity participation in the SPAC and the potential for additional upside through the warrants if the SPAC successfully completes a business combination and the resulting company's shares appreciate. Churchill Capital Corp X was formed to identify and merge with a private operating company, with the units representing an investment vehicle in this acquisition strategy. Unit holders participate in shareholder votes regarding proposed business combinations and may elect to redeem their shares if they do not approve of the transaction. The value of units is influenced by factors including the likelihood of completing a transaction, the quality of potential targets, and overall market conditions for SPACs.