Announcement • Jul 17
Churchill Capital Corp XII Announces Board and Committee Changes
Churchill Capital Corp. XII announced that on July 13, 2026, the board of directors appointed Paul Lapping as a director of the Board, effective July 13, 2026. The Board also appointed Mr. Lapping as a member of the compensation committee and the audit committee of the Board and as the chairperson of the Audit Committee, replacing William Sherman, who had served as the interim chairperson of the Audit Committee. Mr. Sherman will continue to serve as a member of the Audit Committee. Mr. Lapping will serve as a member of the first class of directors, which term will expire at the Company's first annual general meeting. Paul D. Lapping, age 63, is the Manager of Jakal Investments, LLC, a private investment firm he founded in 2005 that focuses on technology, healthcare, fintech, and artificial intelligence sectors. Since April 2015, he has also served as the Manager of Green Pastures Management, LLC, a series LLC with underlying LLC investment vehicles, where he manages and oversees the investment activities of the series and underlying vehicles. He has served as a director of Churchill Capital Corp. IX and Churchill Capital Corp. XI, each a special purpose acquisition company (SPAC), since April 2025 and March 2026, respectively. From August 2025 to February 2026, he also served as a director of Churchill Capital Corp. X, a SPAC that completed its business combination with Infleqtion Inc. in February 2026. From 2011 to 2012, Mr. Lapping served as Chief Operating Officer of Neostellar Capital Corp. (Nasdaq: NSLR) (f/ka SuRo Capital Corp.), a publicly traded, growth-stage venture capital firm. Prior to that, Mr. Lapping served as a director and Chief Financial Officer of New University Holdings Corp., a capital pool company listed on the TSX Venture Exchange, from August 2010 to August 2011. From October 2009 to May 2011, Mr. Lapping was Chief Financial Officer, Treasurer, Secretary, and a director of 57th Street General Acquisition Corp., a SPAC. Between 2007 and 2009, he served as Chief Financial Officer, Treasurer, and Secretary of Alternative Asset Management Acquisition Corp., also a SPAC. From 1995 to 2003, Mr. Lapping was a General Partner of Minotaur Partners II, L.P. and Merchant Partners, L.P., private equity partnerships focused on middle-market investments. From 1991 to 1995, Mr. Lapping led corporate development at Montgomery Ward Holding Corp., a diversified retail and direct marketing company. From 1988 to 1991, Mr. Lapping worked at Farley Industries Inc. and its affiliated companies (including Fruit of the Loom Inc. and West Point-Pepperell Inc.) in corporate development and finance roles. Earlier in his career, Mr. Lapping worked with Golder, Thoma and Cressey, a private equity firm, and in the mergers and acquisitions group at Salomon Brothers Inc. Mr. Lapping passed the Uniform CPA Examination in 1984. He holds a Bachelor of Science degree from the University of Illinois and an M.B.A. from the J.L. Kellogg Graduate School of Management at Northwestern University. Mr. Lapping is well-qualified to serve as a member of the Board due to his significant operational, financial and leadership experience and experience serving on SPAC boards.
