Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 1139

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 1139
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 SPAC Class B Common Stock equal to the Exchange Ratio, in each case other than Excluded Shares and Dissenting Shares; and each outstanding Company Option, Company RSU and Company Warrant will be treated in accordance with Section 3.03 and Section 3.04 of the Agreement (the

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aggregate number of such shares of SPAC A Common Stock and SPAC Class B Common Stock payable by Churchill in the respect of the Company Total Shares, the “Aggregate Consideration”) and (b) only upon the deemed satisfaction of certain share price thresholds of SPAC Common Stock set forth in the Agreement during the five-year period following the closing of the Merger, a number of Earnout Shares (as defined in the Agreement) as more fully set forth in the Agreement. The Merger and the foregoing clauses are collectively referred to as the “Transaction.”

The terms and conditions of the Transaction are more fully set forth in the Agreement. The summary of the Transaction set forth above is qualified in its entirety by the terms of the Agreement. Defined terms used that are not defined in this Opinion have the meanings given to them in the Agreement.

Opinion

Ocean Tomo was engaged to (a) advise the Directors regarding the fairness of the Aggregate Consideration pursuant to the Transaction, and (b) deliver this letter to the Directors outlining our opinion as to whether the Aggregate Consideration is fair, from a financial point of view, to the shareholders of Churchill (other than Churchill Sponsor IX LLC (“Sponsor”)).

Ocean Tomo Qualifications

Ocean Tomo provides Valuation and Management Consulting, Advisory, and Expert Opinion services focused on matters involving intellectual property (“IP”) and other intangible assets. Practice offerings address asset and business valuation; strategy and risk management consulting; merger and acquisition advisory; debt and equity private placement; IP brokerage economic damage calculations and testimony; and business licensing strategy and contract interpretation. Our services are built upon more than three decades of experience assessing technology and other intangible assets in the most rigorous of venues. Our financial, market, scientific, and technical experts have deep experience with tangible and intangible assets protected by intellectual property. We bring a unique understanding of the contributory value of proprietary innovation to every engagement. As a part of J.S. Held, Ocean Tomo works alongside more than 2,000 professionals globally and assists clients – corporations, insurers, law