Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 484

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 484
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, 2025 compared to the same period in 2024. The decrease was primarily due to lower average cash and investment balances as we utilized available liquidity to finance our operations.

Loss from investments, net

Loss from investments, net, increased by $1.2 million, or 91%, for the nine months ended September 30, 2025 compared to the same period in 2024. The change was primarily due to an unrealized loss on short-term marketable securities related to Luminar Technologies, Inc. (“Luminar”).

Impairment of Long-Term Investment

Impairment of long-term investment increased by $8.0 million, or 601%, for the nine months ended September 30, 2025 compared to the same period in 2024. The change was primarily due to an impairment of $9.3 million recorded during the nine months ended September 30, 2025 in connection with the disposal of our investment in Plus PRC, such that the carrying value of this investment was adjusted to the proceeds receivable. During the nine months ended September 30, 2024, we recorded an impairment of $1.3 million in connection with an observable transaction with Plus PRC equity.

Change in Fair Value of Simple Agreements for Future Equity

Change in fair value of SAFEs increased by $5.1 million, or 610%, for the nine months ended September 30, 2025 compared to the same period in 2024. The increase was due to changes in the underlying fair value measurement assumptions and driven by the increased probability of a liquidity event due to the execution of the Merger Agreement and related progress in public company readiness.

Change in Fair Value of Warrant Liabilities

Change in fair value of warrant liabilities increased by $4.9 million, or 545%, for the nine months ended September 30, 2025 compared to the same period in 2024. The increase was a result of changes to the underlying fair value measurement assumptions used in the valuation model, including the increased probability of a liquidity event due to the execution of the Merger Agreement and related progress in public company readiness.

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Results of Operations for Audited Consolidated Financial Statements The following table sets forth the results of operations for the periods presented:

|                                                             | (in thousands) |   |  Five Months 
        Ended 
 December 31, 
         2023 |   |     |   |   Year Ended