Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 283

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 283
---
center'>163</div>

On April 2, 2025, PlusAI sent CCIX a revised letter of intent with respect to a business combination, accepting the pre-money equity valuation initially proposed by CCIX subject to increase for a Permitted Equity Financing and up to 30 million shares of additional Post-Closing Company Class A common stock consideration in the form of an earnout for the benefit of PlusAI stockholders payable upon the achievement of certain stock price performance after the Closing. PlusAI also proposed revisions to other transaction terms, including the vesting and forfeiture terms applicable Post-Closing Company Class A common stock by the Sponsor, the conditions to each party’s obligation to complete the business combination, the exclusivity period duration and terms. On April 10, 2025, CCIX sent PlusAI a revised letter of intent, providing for an earnout of only up to 15 million shares of additional Post-Closing Company Class A common stock consideration, and also proposing further revisions to other transaction terms, including the vesting and forfeiture terms applicable Post-Closing Company Class A common stock by the Sponsor, the capital structure of the Post-Closing Company, the conditions to each party’s obligation to complete the business combination and the exclusivity period duration and terms. Between April 11, 2025 and April 17, 2025, CCIX and PlusAI and their representatives exchanged further drafts of letter of intent, continuing to negotiate these terms. On April 17, 2025, CCIX and PlusAI executed the non-binding letter of intent encompassing the terms on which the parties settled, which included a mutual 45-day exclusivity period. The exclusivity period would automatically be extended for two successive 15-day periods to the extent CCIX and PlusAI continued to negotiate a business combination in good faith and neither party delivered written notice to other terminating the exclusivity period. After entering into the non-binding letter of intent described above, CCIX and its advisors commenced an in-depth business, financial, and legal due diligence review of PlusAI, and representatives of each party and their respective advisors (acting at the direction of their respective clients) held several initial calls in furtherance of that review, including a project kick-off call with PlusAI management on April 23, 2025. On April 24, 2025, CCIX engaged a “Big Four” accounting firm (the “ accounting firm ”) to aid CCIX in its evaluation of the proposed business combination with PlusAI, including with respect to financial