Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 676

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 676
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 a group, controlled the Company’s Board of Directors during the period presented and could initiate a merger, consolidation, reorganization, change in control or transfer of substantially all of the Company’s assets (“ Deemed Liquidation Event ”). Upon a Deemed Liquidation Event, the preferred stockholders may cause a redemption of the redeemable convertible preferred stock for cash and other assets available for distribution. As events triggering liquidation are not solely within the control of the Company, the redeemable convertible preferred stock is classified as temporary equity outside of the stockholders’ deficit in the accompanying consolidated balance sheets.

<div align='center'>F-53

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

The carrying values of the Company’s outstanding Series C, Series C-1, Series B, Series B-X, Series A-4, Series A-4-X, Series A-3 and Series A-3-X Preferred Stock are adjusted to reflect the redemption value as if the end of the reporting period was the redemption date as it is probable these series will become redeemable. The redemption value is calculated in accordance with the terms of the redeemable convertible preferred stock (see Note 11).

The Company also evaluates the features of its redeemable convertible preferred stock to determine if the features require bifurcation from the underlying shares by evaluating whether they are clearly and closely related to the underlying shares and whether they meet the definition of a derivative. Any feature that meets the definition of a freestanding instrument is bifurcated from the redeemable convertible preferred stock host, recorded at fair value, and is remeasured to fair value each reporting period until settlement or extinguishment. The Company concluded that no features of its redeemable convertible preferred stock require bifurcation.

In determining if an extinguishment or modification of changes to the temporary equity-classified preferred stock has occurred, the Company has elected a policy to evaluate if changes add, remove, or significantly change a substantive contractual term (e.g., one that is at least reasonably possible of being exercised), or fundamentally change the nature of the redeemable convertible preferred stock. This evaluation includes the consideration of both the expected economics as well as the business purpose for the amendment.

The Company has one contract with a customer accounted for under ASC 606:Revenue from Contracts with Customers. Under the terms of the contract the Company was obligated to retrofit a fleet of trucks with the PlusDrive system, including hardware and software. The Company was paid an agreed-upon fee for each retrofitted truck and an annual software