Churchill Capital X's Business Segments

The company is governed by a seven-member Board of Directors responsible for oversight, strategic guidance, and management direction. The Board is divided into three classes with staggered terms expiring in 2027, 2028, and 2029, and includes independent directors as defined by SEC and NYSE regulations. The Board has established three main committees: audit, compensation, and nominating and corporate governance. The audit committee, chaired by Mr. Bjornholt, oversees the independent registered public accounting firm, reviews financial statements, monitors financial controls, and manages risk exposures, including cybersecurity. The compensation committee, chaired by Dr. Johnson, reviews and approves compensation strategies, executive employment terms, equity incentive plans, and workplace diversity initiatives. It also evaluates risks related to compensation policies and oversees stockholder advisory votes on executive compensation. Each committee operates under written charters in compliance with the Sarbanes-Oxley Act, SEC, and NYSE regulations. The Board’s structure and committee functions are designed to support effective governance, financial integrity, and alignment of compensation with company performance and regulatory requirements.

The company has identified a single operating segment. The Chief Executive Officer and Chief Financial Officer, serving as the chief operating decision makers (CODMs), review the company's overall operating results to allocate resources and evaluate financial performance. Performance is assessed based on net income or loss reported in the consolidated statements of operations. Segment assets correspond to total assets reported in the consolidated balance sheets. The CODMs monitor key metrics including cash and marketable securities held in the Trust Account, cash on hand, general and administrative expenses, and income earned on cash and marketable securities in the Trust Account. General and administrative expenses are tracked to manage and forecast cash flow, ensuring sufficient capital to complete a Business Combination within the Combination Period and to oversee contractual obligations. Interest income is reviewed to confirm the Trust Account yields an acceptable return and to optimize funds available for the Business Combination. Subscription agreement expenses and related fair value adjustments are not considered key measures by the CODMs, as they do not involve cash outflows.