Shares in blank-check firm Churchill Capital Corp X (CCCX) climbed over 11% on Monday afternoon following news that the chief scientist at its planned merger target Infleqtion has been named the 2025 recipient of a top quantum technology prize.
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Infleqtion uses individual neutral atoms as the basic bits for computing and sensing. The startup builds quantum computers and precision sensors.
What’s Behind the Rally?
On Monday, Infleqtion announced that Dr. Mark Saffman, its chief scientist for quantum information, will be awarded the ninth biennial John Stewart Bell Prize for his pioneering contributions to quantum simulation and computing with neutral atoms.
The Bell Prize was established in 2009 and recognizes work that advances the foundations and applications of quantum mechanics. It is one of the foremost prizes in the field and is named after physicist John Stewart Bell, whose work is foundational to quantum mechanics.
Churchill Capital Advances Reverse Merger with Infleqtion
In September, Churchill Capital announced plans to merge with Infleqtion to take the quantum computing startup public at a valuation of $1.8 billion — this represents the value before new investments are added in. The deal is expected to provide Infleqtion with $540 million in gross proceeds to drive its technology and product development.
The arrangement between the two firms is a reverse merger, a transaction in which a private company becomes publicly traded by combining with an existing listed company rather than taking the traditional initial public offering route.
The combined entity from both institutions is expected to use the Infleqtion brand name and trade on a major exchange in North America. Last month, the two companies submitted a draft registration statement to the U.S. securities regulator, marking a key milestone in their business combination efforts.
Is Churchill Capital a Buy or Sell?
On Wall Street, Churchill Capital’s shares do not have analyst coverage.
However, TipRanks’ Technical Analysis page indicates that the stock’s Overall Consensus/Technical Sentiment over the past month is Strong Sell. This is based on two bearish signals.
