Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 669

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 669
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 five months ended December 31, 2023, $61.1 million during the year ended December 31, 2024, and $56.9 million during the six months ended June 30, 2025, respectively. The Company estimated that its existing cash and cash equivalents balance of $15.2 million and short-term marketable securities of $0.5 million as of June 30, 2025, without any future financing, will not be sufficient for the Company to continue as a going concern. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued.

The Company expects to incur additional losses and negative cash flows for the foreseeable future as it continues its research and development efforts. The Company’s ability to achieve its intended business objectives is dependent upon, among other things, its ability to scale its business, grow its customer base, manage its expenses, or otherwise successfully execute its business and marketing strategy, obtain adequate financing to fund its business plan, and hire and retain appropriate personnel. While the Company has been reviewing a number of potential strategic alternatives regarding its liquidity, including securing alternative sources for additional financing, such alternatives may not be achievable on favorable conditions, or at all. Future capital requirements will depend on many factors, including the rate of adoption for its autonomous driving solutions and associated revenue growth, the expansion of supporting activities, and the timing and extent of research and development efforts. If sufficient funds on acceptable terms are not available when needed, the Company could be required to significantly reduce its operating expenses and the scope of its development activities. Failure to manage discretionary spending or raise additional financing, as needed, may adversely impact the Company’s ability to achieve its intended business objectives.

The Company is pursuing a transaction with Churchill and expects to use the proceeds from the de-SPAC Transaction to support its operations. There can be no assurance that the de-SPAC transaction will be successful. In the event the Company does not complete its de-SPAC transaction, the Company may seek additional equity or debt financing, including through strategic partnerships. Management also plans to manage the Company’s cash burn by controlling expenditures. Failure to generate sufficient cash flow from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company’s ability to achieve its intended business objectives, maintain adequate liquidity, and continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as