Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 668

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 668
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.11% voting power as of December 31, 2023, December 31, 2024, and June 30, 2025. The Company’s minority investment held in Plus PRC is not consolidated under the variable interest entity model as the Company is not determined to be the primary beneficiary. The Company does not account for its Plus PRC investment under the equity method as it does not have the ability to exercise significant influence after the Restructuring. Since the Company has no significant influence and its investment in Plus PRC does 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 similar investments with Plus PRC.

The Restructuring also resulted in the Company’s founders obtaining Class B common stock with 15 votes per share; whereas the PRC Shareholder received shares of redeemable convertible preferred stock with a quarter (1/4) vote per share and no longer controlled the Company.

Churchill Agreement

On June 5, 2025, the Company entered into a definitive business combination agreement (“Business Combination Agreement”) with Churchill Capital Corp IV (“Churchill”), a publicly traded special purpose acquisition company (“SPAC”) listed on the National Association of Securities Dealers Automated Quotations exchange (“NASDAQ”) under the ticker symbol “CCIX.” Subject to the Business Combination Agreement closing, Merger Sub II., a wholly

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

owned subsidiary of Churchill, will merge with and into the Company, with the Company surviving the merger as a wholly-owned subsidiary of Churchill (the “de-SPAC Transaction”). In connection with the de-SPAC Transaction, it is expected that Churchill will change its name to PlusAI Holdings, Inc. and the combined company is anticipated to be listed on the NASDAQ under the new ticker symbol “PLS”. The Company anticipates this transaction to be completed in early 2026, subject to customary closing conditions.

Liquidity and Going Concern

Since its inception, the Company has incurred net losses and negative cash flows from operations. As of December 31, 2023, December 31, 2024, and June 30, 2025, the Company had an accumulated deficit of $392.3 million, $479.0 million, and $567.5 million, respectively. The Company incurred net losses of $15.3 million during the