Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 280

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 280
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, as it could provide PlusAI with financing to fund operations and growth initiatives in the medium and long-term, as well as enhanced ongoing access to capital and liquidity for PlusAI’s stockholders as a publicly listed company and (2) pursue other private financing alternatives to fund operations in the near term. The PlusAI Board determined that obtaining financing through a potential business combination with a SPAC could offer greater execution certainty and efficiencies relative to an initial public offering or direct listing. Over the following months, the PlusAI Board oversaw a process by PlusAI’s management and Northland Securities, Inc. (“ Northland ”), PlusAI’s financial advisor, to solicit interest and negotiate proposals with respect to a strategic transaction from a number of potential SPAC counterparties, including CCIX (as described below). As part of this process, the PlusAI Board evaluated a number of proposals from CCIX and other SPAC counterparties and determined to proceed with negotiations with respect to a business combination with CCIX based on a variety of factors, including its perspective that a CCIX presented the greatest opportunity to successfully execute a transaction based on CCIX’s investment philosophy, track record and capital markets relationships and reputation. On January 27, 2025, representatives of Archimedes and Citigroup Global Markets Inc., CCIX’s capital markets advisor (“ Citi ”), held a telephone call during which PlusAI was raised as a potential target in the AI industry with which CCIX should consider pursuing a business combination. On January 30, 2025, representatives of CCIX held a videoconference call with PlusAI management, in which PlusAI management provided a brief overview of PlusAI. Following the meeting, PlusAI and CCIX entered into a mutual confidentiality agreement, dated February 3, 2025, to facilitate further discussions and the exchange of information. Shortly thereafter, CCIX provided PlusAI with an initial list of key business due diligence questions and requests. On February 5, 2025, representatives of CCIX and PlusAI management held a videoconference call at which PlusAI provided answers to CCIX’s initial due diligence questions, including questions regarding PlusAI’s technology, intellectual property, operations, OEM relationships, and the competitive landscape. Promptly after the meeting, PlusAI provided CCIX and its representatives (including Archimedes) with access to initial due diligence materials regarding PlusAI, including information related to PlusAI’s business, technology, and financial information. During the remainder of February until the execution of the Merger Agreement on June