Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 312

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 312
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 |
| Scenario 3 |     | $                | 2,080,723,270 |     | $             | 13.49 |     | $             | 13.88 |
| Scenario 4 |     | $                | 1,917,166,846 |     | $             | 12.56 |     | $             | 12.84 |

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Conclusion

Ocean Tomo estimated the range of equity values for PlusAI to be $2.0 billion - $3.0 billion based on four different scenarios and approaches as noted above. Additionally, based on Ocean Tomo’s post-Closing pro forma implied value per share analysis, Ocean Tomo estimated the range of pro forma implied value per share for CCIX public shares to be $12.56 to $18.16 based on the different scenarios noted above. Based upon and subject to the foregoing, Ocean Tomo is of the opinion that, as of the Opinion Date, the Purchase Price pursuant to the Merger Agreement is fair, from a financial perspective, to the shareholders of CCIX (other than the Sponsor).

Fees and Expenses In connection with providing the Opinion to the CCIX Board, CCIX agreed to pay Ocean Tomo a fee of $ 435,000 pursuant to the OT Engagement Letter. In addition, CCIX has agreed to indemnify Ocean Tomo for certain liabilities arising from its engagement. No portion of the fee was contingent upon the conclusion within the Opinion. Disclosure of Prior Relationships During the two years preceding the date of the Opinion, Ocean Tomo has not had any material relationship with any party to the business combination for which compensation has been received or is intended to be received, nor is any such material relationship or related compensation mutually understood to be contemplated. Recommendation of the CCIX Board After careful consideration, the CCIX Board has unanimously determined that the business combination proposal is fair to, and in the best interests of, CCIX and its shareholders and unanimously recommends that you vote or give instruction to vote “FOR” the business combination proposal.

Satisfaction of the 80% Test

It is a requirement under CCIX’s current articles of association that any business acquired by CCIX have a fair market value equal to at least 80% of the balance of the funds in the trust account (excluding net of amounts disbursed to management for working capital purposes, if applicable, taxes payable on interest income earned from the trust account and the deferred underwriting fees at the time of the