Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 476

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 476
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 all 476,635,210 redeemable series A-X preferred shares of Plus PRC Holdings Ltd owned by PlusAI for gross proceeds of $20.0 million, of which $2.0 million is subject to tax withholding pursuant to PRC law. Such transaction closed on September 17, 2025. Given the fundamental shift in the business of PlusAI as a result of the Restructuring, including the business model, products offered, customers targeted, and geographic regions in which business is conducted, this proxy statement/prospectus omits financial statements for the seven months ended July 31, 2023, the period that preceded the Restructuring, Pursuant to the SEC’s authority in Rule 3-13 of Regulation S-X, we have been permitted to substitute audited consolidated financial statements for the six months ended June 30, 2025 for the consolidated financial statements for the seven months ended July 31, 2023.

Some of the information contained in this discussion and analysis or set forth elsewhere in this proxy statement/prospectus, including information with respect to PlusAI’s plans and strategy for its business, includes forward-looking statements that involve risks and uncertainties. You should read the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking Statements” for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Throughout this section, unless otherwise noted or the context otherwise requires, “PlusAI,” “we,” “us,” “our”, and “its” refer to PlusAI prior to the business combination and PlusAI and its subsidiaries following the business combination.

Overview

PlusAI develops AI-powered virtual driver software that enables heavy-duty trucks to autonomously transport commercial freight on public roads without a driver in the vehicle. Our technology addresses the nearly $2 trillion truck freight market in the United States and Europe, helping to solve the persistent driver shortage that drives up costs and constrains truck utilization, as well as providing additional safety and fuel efficiency benefits.

Our flagship product, SuperDrive, is a virtual driver platform that enables Level 4 autonomous operation in heavy-duty trucks. PlusAI is an autonomy partner to three global OEMs of commercial trucks, TRATON GROUP (formerly the commercial vehicles division of Volkswagen AG), IVECO (which recently announced its intention to be acquired by Tata Motors), and Hyundai, each of which is working with us to integrate SuperDrive into factory-built autonomous trucks for