Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 670

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 670
---
 a going concern.

2. Summary of Principal Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All costs, as well as assets and liabilities directly associated with the Company's business activity, are included in the consolidated financial statements.

The accompanying consolidated financial statements include the accounts of Plus Automation, the parent, and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.

<div align='center'>F-49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Subsidiaries are entities in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (“Board of Directors”); to cast a majority of votes at the meeting of the Board of Directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

Significant accounting policies adopted by the Company in the preparation of its accompanying consolidated financial statements are summarized below.

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company’s management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Company to revise its estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include estimation of the progress in collaboration and non-recurring engineering (“NRE”) arrangements, allowance for expected credit losses, useful lives of property and equipment, impairment of long-lived assets and long-term investment, valuation of share-based compensation arrangements, fair value of common stock, redeemable convertible preferred stock, simple agreements for future equity, warrant liabilities, and the valuation allowance of deferred tax assets.

The Company has devoted most of its time and resources to developing its proprietary autonomous vehicle technology. The Company’s business and operations may be impacted by general business and economic conditions worldwide. These conditions include short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets