Churchill Capital Corp VI announced a private placement of unsecured non-convertible promissory note in the principle amount of up to $4,500,000 on May 5, 2023. The transaction will include participation from returning investor Churchill Sponsor VI LLC. Churchill Sponsor VI LLC agreed to make monthly deposits directly to the trust account of $500,000 per month.

Each contribution will be paid monthly beginning on May 17, 2023 and thereafter on the seventeenth day of each month until the earliest to occur of the consummation of the initial business combination, February 15, 2024 and if the business combination is not consummated, the date on which the company’s board of directors determines, in its sole discretion, to liquidate the trust account. The note will mature on the earlier of the date the company consummates the business combination and the date that the winding up of the company is effective. The promissory note will not bear any interest, and will be repayable by the company to the sponsor upon the maturity date.

The maturity date may be accelerated upon the occurrence of an event of Default. Any outstanding principal under the note may be prepaid at any time by the company, at its election and without penalty.