Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 721

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 721
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 the PRC Holders are also subject to the performance condition, and no liability is recognized until the underlying liquidity event becomes probable. The Company reclassifies the liability-classified RSUs held by the PRC holders to equity as the Plus PRC Service Requirement is met and remeasures the per-share basis of these awards at fair value.

Deferred Offering Costs

Deferred offering costs consist of expenses directly attributable to the Company’s planned de-SPAC Transaction with Churchill, including but not limited to legal, accounting, printing, underwriter, and filing fees, which are capitalized as incurred. Upon completion of the de-SPAC Transaction, the capitalized eligible deferred offering costs will be offset against the associated proceeds and reclassified to additional paid-in capital. No deferred offering costs were capitalized as of December 31, 2024. As of September 30, 2025, the Company recorded deferred offering costs of $6.4 million.

Warrant Liabilities

The Company’s warrants to purchase shares of redeemable convertible preferred stock are classified as liabilities as the underlying securities are contingently redeemable upon the occurrence of events that are outside of the control of the Company. The warrants were recorded at fair value upon issuance and are subsequently remeasured at fair value as of each balance sheet date, with changes in fair value recognized in the Company’s condensed consolidated statements of operations and comprehensive loss until expiration or settlement.

Segment Reporting

Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker(s) (“CODM”) in deciding how to allocate resources and assess performance. The Company manages its operations as one operating and reportable segment. The Company’s CODM, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. The CODM reviews significant segment expenses based on functional line items as disclosed in the consolidated statements of operations and comprehensive loss. The CODM does not review assets at a different level or category other than the amounts disclosed in the Company’s consolidated balance sheets.

Recently Adopted Accounting Pronouncements

In May 2025, the FASB issued ASU No. 2025-03,Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity(“ASU 2025-03”). ASU 2025-03 changes how companies determine the accounting acquirer in