Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 691

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 691
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 not have readily determinable fair value, the Company has elected to account for the investment at cost less impairments, adjusted by observable price changes in orderly transactions for identical or a similar investments with Plus PRC. The retained interest in Plus PRC was initially measured at fair value of $30.6 million at the Restructuring.

<div align='center'>F-64

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

As of December 31, 2023, December 31, 2024, and June 30, 2025, the carrying value of the investment in Plus PRC was $30.6 million, $29.3 million, and $20.0 million, respectively. For the five months ended December 31, 2023 no events had occurred indicating the equity securities were impaired and the Company did not identify any observable price changes. Therefore, the Company did not record any impairment charges or fair value adjustments during the five months ended December 31, 2023. For the year ended December 31, 2024, the Company identified a similar transaction with the same issuer indicating a decrease in the fair value of the Company’s long-term investment. Accordingly, the Company adjusted the carrying amount of the long-term investment for the observable price change, resulting in an impairment of $1.3 million reflected in the consolidated statements of operations and comprehensive loss. For the six months ended June 30, 2025, the Company recorded a $9.3 million impairment, in connection with the disposal of Plus PRC (see Note 17), reflected in the consolidated statement of operations and comprehensive loss. 7. Balance Sheet Components Property and equipment and its related accumulated depreciation were as follows:

| (in thousands)                                  |     | 2023 | December 31, |   |     | 2024 |         |   |     | 2025 | June 30, |   |
|:------------------------------------------------|:----|:-----|-------------:|:--|:----|:-----|--------:|:--|:----|:-----|---------:|:--|
| Research and development equipment              |     | $    |        2,026 |   |     | $    |   1,571 |   |     | $    |    2,094 |   |
| Vehicles – research and development             |     |      |        5,890 |   |     |      |   5,986