Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 282

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 282
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 prepare a draft proposal letter consistent with the terms discussed with the CCIX Board. On March 31, 2025, CCIX and PlusAI held a meeting at CCIX’s offices, at which PlusAI management confirmed to representatives of CCIX, including Mr. Klein, and Mr. Klein confirmed to PlusAI management, each party’s respective mutual interest in continuing to explore a potential business combination. At the end of the meeting, CCIX indicated that it had been working on a draft proposal letter for PlusAI’s consideration and would deliver the proposal letter promptly following the meeting. On April 1, 2025, CCIX, at the direction of the CCIX Board, sent an initial non-binding letter of intent, which contemplated a business combination between CCIX and PlusAI whereby PlusAI would combine with CCIX in a transaction ascribing a pre-money equity value for PlusAI of $1.2 billion, with no earnout, together with detailed further transaction terms. CCIX indicated to PlusAI that the preliminary pre-money equity value was subject to additional due diligence and that CCIX would require a fairness opinion from an independent third-party valuation firm before entering into a transaction with PlusAI. The initial letter of intent from CCIX provided that the consideration to be paid in the business combination would consist entirely of shares of Post-Closing Company Class A common stock (valued at $10.00 per share) and that no cash consideration would be paid to the existing shareholders of PlusAI such that 100% of funds in the trust account, net of transaction expenses, would be available to invest in PlusAI’s future growth initiatives after the closing. The letter of intent also provided, as a condition to Closing, that CCIX have at least $50 million of cash available at Closing prior to payment of transaction expenses. In addition, the proposal contemplated a post-Closing lock-up for the Sponsor and PlusAI’s shareholders, restricting the transfer of shares of Post-Closing Company Class A common stock by all such parties, with 50% being locked up for 180 days post-Closing and 50% being locked up for 360 days post-Closing, subject to early release based on stock price performance. The letter of intent did not contemplate vesting or forfeiture of any shares of Post-Closing Company Class A common stock by the Sponsor. Included in the proposal letter was a mutual 60-day exclusivity period to allow CCIX to complete its due diligence and to allow the parties to negotiate and finalize definitive documentation.

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