Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 1140

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 1140
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 firms, governments, and institutional investors – on complex technical, scientific, and financial matters across all assets and value at risk.

Ocean Tomo and J.S. Held have specifically undertaken numerous engagements in the artificial intelligence, autonomy, and automotive spaces during the course of their practice. Those engagements include valuations, transactions, expert testimony opinions, strategy and advisory work, and more. The firm draws on that specific experience as well as its decades of experience to provide the services described herein.

Scope of Analysis

In connection with this Opinion, Ocean Tomo made such reviews, research, analyses, and inquiries as it has deemed necessary and appropriate to enable Ocean Tomo to render this Opinion. Ocean Tomo also accounted for its assessment of general economic, market, technical, and financial

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conditions, as well as its experience in complex securities, technology, and business valuation, in general, and with respect to similar transactions. Ocean Tomo’s procedures, investigations, and financial analyses with respect to the preparation of its Opinion included, but were not limited to, the items summarized below:

Reviewed documents and information from Plus, Churchill, and public sources, including, but not limited to:

Historical financial statements

Unit economics and deployment schedule information

Company overview documents

Industry, government, and equity analyst reports and analyses

Government regulations for self-driving vehicles

Regulatory and licensing documents

Supply chain information

Material agreements with third-parties and strategic relationships

Customer pipeline development

Corporate records

Employee records and agreements

Tax information

Press releases and news

Commissioned reports and analyses

Intellectual property lists and descriptions, including Company patents

Interviews with senior Plus management and technical personnel

Technical records

Autonomy architecture, safety approach, and deployment approach documentation

Conducted an analysis and considered factors as Ocean Tomo deemed necessary, including:

Independent market research to develop estimates of undocumented data, including market size, industry trends, comparable company benchmarks, and relevant market transactions and licensing activities.

Creation of detailed financial valuation models and scenario analyses based on data provided by Churchill, other related parties, and Ocean Tomo research. These include, but are not limited to, operating unit economics, timing and other risk factors, technical merits of Plus’ technology, the competitive environment, regulatory issues, and additional considerations Ocean Tomo deemed necessary and relevant to the conclusions in this Opinion.

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Assumptions, Qualifications and Limiting Conditions

In performing its analyses and rendering this Opinion