Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 133

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 133
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 state and federal authorities, or equivalent authorities in the foreign jurisdictions in which we seek to do business, to implement legislation or regulations that make it more difficult to operate our business.

As the market for autonomous vehicles matures, differences between our approach and those of our competitors will become more widely known to suppliers, insurers, regulators, and others. Until then, adverse perceptions of a single market participant may be applied to the autonomous driving industry as a whole. In that event, actions or inactions by a third-party may cause suppliers, insurers, regulators and others to refuse or cease to interact with or conduct business with the autonomous driving industry as a whole, including us. If the market does not accept and adopt our services and technology at the pace we expect or at all, it could materially and adversely affect our business, prospects, financial condition, and results of operations.

It is possible that our model does not materialize as expected, in particular as a result of our software-focused business model. This could significantly hinder our ability to generate a commercially viable product and adversely affect our business prospects.

Our business model is a software-focused approach to virtual-driving technology that is intended to flexibly integrate with a variety of OEMs. This approach is less vertically integrated than those of certain of our competitors and gives rise to a number of uncertainties regarding our business model, including:

dependency on OEMs to integrate, deploy, and effectively commercialize our technology;

revenue concentration associated with our limited set of OEM partners;

our ability to realize anticipated benefits of our software-focused business model, including reduced capital requirements and operating expenses associated with ownership, deployment and commercialization of our technology;

reduced control over the cost of autonomous driving hardware and other fixed and variable costs associated with autonomous vehicle operation;

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the relative margins associated with software-focused approaches compared to vertically-integrated approaches;

complexity associated with interoperability between our software and diverse hardware architectures; and

product pricing.

As a result of our software-focused business model, we expect to realize certain benefits including reduced capital requirements associated with fleet ownership and operation, as well as reduced operating expenses required to market and commercialize our technology. However, such benefits may not materialize. For example, as a result of this approach our success will depend in large part on our OEM partners’ ability to integrate, deploy, and effectively commercialize our technology. We may experience significant revenue concentration with our limited set of OEM partners who may as a result have increased negotiating leverage in their dealings with us. The expected cost savings