Churchill Capital Corp XII Reports $2.3 Million Net Income for Quarter Ending June 30, 2026

Churchill Capital Corp XII reported its financial results for the quarter ending June 30, 2026, revealing a net income of $2.3 million, primarily driven by interest earned on marketable securities and cash held in its Trust Account. The company generated $2.5 million in interest income while incurring $239,583 in general and administrative expenses during the quarter. This marks a significant increase in net income compared to the previous fiscal period, where the company reported a net loss of $44,797 for the first quarter of 2026.

The company completed its Initial Public Offering (IPO) on April 29, 2026, raising gross proceeds of $414 million from the sale of 41.4 million Public Units, which included the full exercise of the underwriter's over-allotment option. Additionally, it raised $3.5 million from a private placement of 350,000 units to its sponsor. As of June 30, 2026, Churchill Capital had total assets of approximately $417.7 million, a substantial increase from $19,876 at the end of the previous fiscal year, primarily due to the funds raised during the IPO.

Operationally, the company has not yet identified a target for its initial business combination, which it aims to complete by April 29, 2028. The Trust Account, where the IPO proceeds are held, contained $416.5 million in marketable securities and cash as of the end of the reporting period. The company has also established a working capital of $869,536, which it plans to use for identifying and evaluating potential acquisition targets. The company has not made any withdrawals from the Trust Account for working capital purposes as of June 30, 2026.

In terms of organizational changes, the company appointed Paul Lapping to its Board of Directors on July 13, 2026, and he will also serve as the Chairperson of the Audit Committee. The company has indicated that it will incur increased expenses related to being a public entity, including legal and compliance costs, as it continues to pursue its acquisition strategy. Management remains optimistic about its ability to complete a business combination within the designated timeframe, although it acknowledges the inherent risks associated with early-stage companies.

Looking ahead, Churchill Capital Corp XII is focused on identifying a suitable target for its business combination while managing its operational expenses. The company has sufficient liquidity to meet its operational needs for the next year, and it plans to utilize the funds in its Trust Account primarily for the business combination. However, it cautions that market conditions and other external factors could impact its ability to successfully complete a transaction.