Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 156

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 156
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 use its pre-change net operating loss carryforwards to offset future taxable income. The limitations apply if a corporation undergoes an “ownership change,” which is generally defined as a greater than 50 percentage point change (by value) in its equity ownership by one or more stockholders or groups of stockholders who own at least 5% of a company’s stock over a three-year period. If we have experienced an ownership change at any time since our incorporation, we may already be subject to limitations on our ability to utilize our existing net operating loss carryforwards and other tax attributes to offset taxable income or tax liability. In addition, future changes in our stock ownership, which may be outside of our control, may trigger an ownership change. Similar provisions of state tax law may also apply to limit our use of accumulated state tax attributes. As a result, even if we earn net taxable income in the future, our ability to use these or our pre-change net operating loss carryforwards and other tax attributes to offset such taxable income or tax liability may be subject to limitations, which could potentially result in increased future income tax liability to us. In addition, for state income tax purposes, there may be periods during which the use of net operating loss carryforwards is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed. For example, California recently enacted legislation that limits the use of state net operating losses for taxable years beginning on or after January 1, 2024 and before January 1, 2027.

Risks Related to Our Dependence on Third Parties

Our success is dependent on our ability to successfully maintain, manage, execute and expand on our existing partnerships and obtain new partnerships.

Our software is integrated into the vehicles of our OEM partners, who are primarily responsible for the design, manufacture and sale of the vehicles on which our software is deployed. Our current contractual arrangements with our OEM partners are collaboration and proof of concept arrangements only, and not definitive long-term contracts of the kind that we will need to have in place in order to commercialize our product. In order for this business model to be successful, we will need to enter into definitive long-term contracts and commercial arrangements with all of our partners, which expand upon or maintain the current agreements and historic working relationships we have in place.If such contracts do not materialize or our existing contracts terminate, we may not be able to implement our business strategy in the timeframe anticipated, or at all. If we are unable to enter into definitive agreements or are only able to do