Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 539

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 539
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 PlusAI is the larger entity based on the presence of substantive operations and employee base and will assume the ongoing operations of the Post-Closing Company; • PlusAI’s existing stockholders will have the greatest majority voting interest that ranges from 72.2% to 89.9% in the Post-Closing Company under various redemption scenarios; • PlusAI’s existing shareholders will have the greatest ability to influence decisions regarding the election and removal of the Post-Closing Company’s board of directors; • PlusAI will hold a majority of the Post-Closing Company’s board of directors, comprising five out of the seven seats; • PlusAI’s senior management will comprise the senior management of the Post-Closing Company; • the Post-Closing Company will assume the name that resembles the current legal name of PlusAI; • PlusAI’s headquarters will become the Post-Closing Company headquarters; and • CCIX does not meet the definition of a business. The final allocation of consideration payable to PlusAI equity holders will be determined upon the completion of the business combination and Transactions and could differ materially from the four scenarios presented. Additional Accounting Considerations PlusAI is assessing the accounting related to the business combination and the treatment related to the following matters: Earnout Shares: Management has preliminarily concluded the Earnout Shares are equity-classified instruments as the only variability in the number of shares issuable or to be issued is related to the price of the Post-Closing Company common stock which is an input into the valuation model and does not preclude the Earnout Shares from being considered indexed to the Post-Closing Company common stock. Management has determined the fair value of the Earnout Shares to be approximately $121.0 million as of September 30, 2025 for all of the redemption scenarios. The Earnout Shares fair value is determined based on a valuation using a Monte Carlo simulation with key inputs and assumption. The preliminary estimated fair value of the Earnout Shares was determined using the most reliable information currently available. Assumptions used in the preliminary valuation, which are subject to change at the closing, were as follows: • Current stock price: The stock price is set based on PlusAI’s total equity value from the 409A analysis as of September 30, 2025 as $9.03 per share. • Expected volatility: The volatility rate of 70% is determined using an average of historical volatilities of selected industry peers deemed to be comparable to PlusAI’s business, corresponding to the expected term of the awards. • Risk-free interest