Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 694

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 694
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AC Transaction or 85% thereafter. Upon a liquidation or dissolution event, the SAFE has a liquidation priority similar to a non-participating preferred stock so that the investor’s right to payment is junior to debt, senior to common stock and on par with redeemable convertible preferred stock. The discount rate for the SAFE is equal to 90% prior to completion of a SPAC Transaction and 85% thereafter.

The SAFE will expire or terminate when it is settled by one of the detailed mechanisms, as follows:

Qualified Equity Financing . Upon the closing of an equity financing where the Company raises gross proceeds of at least $50.0 million on or before December 31, 2024 for Tranche 1 and December 31, 2025 for Tranche 2, respectively, the SAFE would automatically convert into the number of shares of Safe Preferred Stock equal to the Purchase Amount divided by the price per share of the preferred stock sold in the equity financing times the discount rate. The Preferred Stock issued to the SAFE holder will have the identical rights, privileges, preferences, seniority, liquidation multiple and restrictions as the shares of Preferred Stock issued in the Qualified Equity Financing, except that any price-based preferences (such as the per share liquidation amount, initial conversion price and per share dividend amount) will be based on the discounted price.

<div align='center'>F-66

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

• Non-Qualified Financing . If the Company completes an equity financing that does not raise gross proceeds of at least $50.0 million, the SAFE investor has the option to convert all or part of the Purchase Amount into the same type of securities issued by the Company in such financing at a price per share of the preferred stock sold in the equity financing times the discount rate. • No Equity Financing . If the Company does not complete an Equity Financing on or before December 31, 2024 for Tranche 1, and December 31, 2025 for Tranche 2 and Tranche 3, the SAFE holder has the option to convert the SAFE into shares of Series C redeemable convertible preferred stock at a fixed price of $0.5507 per share. Since issuance, no SAFE investor has elected to settle the outstanding SAFE in Series C redeemable convertible preferred stock. • Liquidity Event . If there is a change of control, direct listing, or initial public offering, the SAFE investor would automatically be entitled to receive a portion of the proceeds equal to