Schedule 13G Filing by MMCAP International Inc. SPC and MM Asset Management Inc.

This filing reports that MMCAP International Inc. SPC and MM Asset Management Inc. have acquired a 5.8% ownership stake in Churchill Capital Corp XI, amounting to 2,700,000 shares. The acquisition occurred on December 18, 2025, with the filing made on December 19, 2025. Both entities, based in the Cayman Islands and Canada respectively, are involved in asset management. The filing states that the securities were not acquired for the purpose of influencing the control of the issuer. This is a significant new holding for the reporting persons.