Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 705

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 705
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                           |          — |   |     | $               |    — |
| Reclassified to equity           |     |                        |     549,644 |   |     | $               | 0.18 |     |                           |   (549,644 | ) |     | $               | 0.18 |
| Forfeited                        |     |                        |  (4,321,229 | ) |     | $               | 0.20 |     |                           |    (35,417 | ) |     | $               | 0.17 |
| Unvested as of June 30, 2025     |     |                        | 120,841,301 |   |     | $               | 0.21 |     |                           |    719,284 |   |     | $               | 0.17 |

None of the PRSUs vested as of June 30, 2025, and no stock-based compensation was recognized since the underlying performance condition linked to a liquidity event was not probable. The closing of the de-SPAC Transaction discussed in Note 1 represents a qualified liquidity event for the vesting of the outstanding PRSUs to the extent that the underlying service requirement is met as of the closing date. As of June 30, 2025, there was $25.2 million of unrecognized stock-based compensation related to the unvested equity-classified PRSUs. The 5,523,285 liability-classified PRSUs were held by the PRC Holders as of July 31, 2023, and became subject to the Plus PRC Service Requirement. Through June 30, 2025, the performance condition linked to a liquidity event was not probable, and no expenses have been recognized. To the extent that the Plus PRC Service Requirement is met, the PRSUs held by the PRC Holders are no longer precluded from being classified in stockholders' equity. The Company reclassifies these awards to equity as the Plus PRC Service Requirement is met and remeasures the per-share basis for these awards using the fair value per share as of the reclassification date. Restricted Share Awards Financed by Non-Recourse Loans Between February 2019 and February 2021, the Company issued four loans to two executives with an aggregate principal amount of $1.5 million (“ RSA Loans ”), which matured in five years from their issuance and remained outstanding as of June 30,