Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 713

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 713
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 statements were available to be issued. Other than those noted below, no subsequent events have been identified for disclosure. Workforce Reduction Plan On August 28, 2025, the Company announced a strategic reduction of the Company’s workforce (the “ Workforce Reduction Plan ”) representing approximately 10% of the Company’s workforce as part of an initiative to strategically optimize the Company’s cost structure. In connection with the Workforce Reduction Plan, the Company estimates that it will incur costs of approximately $0.2 million, which consist of one-time severance benefits. These costs are expected to be incurred and paid in the third quarter of fiscal 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Corporate Tax Restructuring

The Company is undergoing an internal corporate restructuring to provide greater operational and tax efficiency through restructuring of the holdings of certain subsidiaries of the Company Group (as defined in the Company’s amended and restated certificate of incorporation, as currently in effect (the “Charter”)) pursuant to which, among other steps, (1) Plus Germany will be contributed to Plus Ireland and Plus Germany Holdings LLC, a Delaware limited liability company (“Plus Germany DE”), will be dissolved, (2) ownership of up to 2% of Plus Ireland will be transferred to PlusAI, Inc., a Delaware company (“DE Sub”), in exchange for certain intellectual property, (3) Plus Holdings Ltd., a Cayman Islands exempted company, will be dissolved, and (4) the shares of DE sub will be distributed to the Company (collectively, the “Subsidiary Restructuring”). These reorganizations qualify as tax-free IRC 368 reorganizations, and we do not expect any material financial impact to these consolidated financial statements. Based on local and statutory filing requirements, we expect these reorganizations to be completed over the next several months.

Disposal of Long-Term Investment in Plus PRC

On September 8, 2025, PlusAI agreed to sell to Full Truck Alliance Co. Ltd. (“FTA”) all 476,635,210 redeemable series A-X preferred shares of Plus PRC owned by PlusAI for gross proceeds of $20.0 million, of which $2.0 million is subject to tax withholding pursuant to PRC law. Such transaction closed on September 17, 2025.

Repurchase of Executive RSA and Settlement of the RSA Loans

On September 17, 2025, the Company executed a stock