Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 703

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 703
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IAL STATEMENTS</div>

Company completes a de-SPAC transaction when the vested portion of the Remaining Warrant Shares will be reclassified as equity. The changes in fair value are recorded in the consolidated statements of operations and comprehensive loss. The Company has elected to account for forfeitures of equity-based awards with service conditions as they occur. This entity-wide policy applies to all non-employee equity-based instruments, including those issued to customers. As a result, the Company recognizes a reduction to revenue based on the fair value of all warrants issued under the Amazon Warrant agreement, unless forfeited, in which case the transaction price is adjusted accordingly. During the five months ended December 31, 2023, the year ended December 31, 2024, and the six months ended June 30, 2025, no portion of the Warrant Shares vested. As of December 31, 2023, December 31, 2024, and June 30, 2025, the fair value of the 88,347,506 vested shares was $10.8 million, $13.2 million, and $17.8 million, respectively, and was recorded as a warrant liability. During the five months ended December 31, 2023, the fair value of the Amazon Warrants decreased by $5.0 million, which was recognized as a gain in the consolidated statement of operations and comprehensive loss. During the year ended December 31, 2024, the fair value of the Amazon Warrants increased by $2.4 million, which was recognized as a loss in the consolidated statement of operations and comprehensive loss. During the six months ended June 30, 2025, the fair value of the Amazon Warrants increased by $4.5 million, which was recognized as a loss in the consolidated statement of operations and comprehensive loss. 13. Stock-Based Compensation Equity Incentive Plans In connection with the Restructuring, the Company assumed the equity incentive plans from PlusAI Corp, which were amended and restated to become equity incentive plans of the Company. The outstanding equity-based awards of PlusAI Corp were assumed under their initial terms and converted into the right to receive securities of the same type in the Company, subject to their original terms and conditions, except for the unvested PRC Awards that were modified and became liability-classified as of July 2023. Through June 2025, the Company had outstanding awards under its 2017 Share Plan (“ 2017 Plan ”