Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 724

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 724
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 software costs. Under ASU 2025-06, entities may begin to capitalize internal-use software costs when management authorizes and commits to funding a software project, and it is probable that the project will be completed. ASU 2025-06 is effective for all annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of adopting this new accounting guidance on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-07,Derivatives and Hedging(Topic 815)and Revenue from Contracts with Customers(Topic 606) (“ASU 2025-07”), which refines the scope of derivative accounting to exclude certain non-exchange-traded contracts with underlying based on the operations or activities specific to one of the parties to the contract and clarifies the accounting for share-based noncash consideration in revenue contracts under ASC Topic 606. ASU 2025-07 is effective for annual periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. Transition can be applied prospectively to new contracts or on a modified retrospective basis. The Company is currently evaluating the impact of adopting this new accounting guidance on its consolidated financial statements and related disclosures.

<div align='center'>F-94</div>

3. Collaboration and NRE Arrangements

The Company enters into best-efforts nonrefundable, NRE arrangements in which it collaborates with strategic partners to develop SuperDrive, an autonomous driving system that enables driverless vehicles, and is reimbursed for a portion of the research and development expenses attributable to specific development activities. The Company does not receive any additional consideration or royalties upon completion of NRE projects and the counterparty does not commit to purchase any specific product in the future. The participation reimbursement received by the Company does not depend on whether there are future benefits from the project. All proprietary intellectual property generated by the Company under these arrangements is exclusively owned by the Company.

The Company analyzes NRE arrangements to determine whether such arrangements involve joint operating activities performed by parties that are both active participants and exposed to significant risks and rewards based on the commercial success of the activities. Based on this assessment, the Company has concluded NRE arrangements fall within the scope of ASC Topic 808:Collaborative Arrangements. For NRE