Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 478

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 478
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 as the acquired company for financial statement reporting purposes. PlusAI has been ascribed an estimated equity value of $1.2 billion in connection with the business combination. Cash proceeds, after expenses, from the business combination will fund up to approximately $307.7 million of cash to the Post-Closing Company’s balance sheet. The cash components of the business combination will be funded by CCIX’s cash in trust of $304.5 million, assuming no redemptions, as well as up to $22.0 million in a SAFE financing by PlusAI received subsequent to September 30, 2025. The balance of the consideration to PlusAI’s equityholders will consist of equity in the Post-Closing Company. The business combination is expected to be completed in early 2026, subject to customary closing conditions.

As a consequence of the business combination, PlusAI will become the successor to a SEC-registered and Nasdaq-listed company, which will require the Post-Closing Company to hire additional personnel and implement procedures and processes to address public company regulatory requirements and customary practices. We expect to incur additional annual expenses as a public company for, among other things, directors’ and officers’ liability insurance, director fees, and additional internal and external accounting and legal and administrative resources, including increased audit and legal fees.

Factors Affecting Our Performance

Our financial position and results of operations depend to a significant extent on the following factors further discussed below.

Commercialization

Our success depends on our ability to commercialize autonomous driving technology at scale and meet customers’ business needs. We partner with truck OEMs, including TRATON GROUP, IVECO and Hyundai, that are seeking to manufacture autonomous trucks capable of incorporating our L4 autonomous driving technology.

We believe that our early adoption of a data-driven AI paradigm and a proprietary dataset collected from real-world operations has provided us with a technological advantage in deploying innovative use of AI models. SuperDrive features a layered safety architecture that combines AI-decision making, rule-based guardrails, redundant fallback systems and remote operator support for commercial grade reliability. By leveraging deep learning models,

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trained on vast quantities of real-world and simulated data, SuperDrive is designed to perform complex driving tasks with human-like reasoning and to generalize more effectively across unfamiliar scenarios. This data-driven architecture reduces the software complexity associated with classical rules-based systems by replacing extensive hand-coded logic with generalized, model-driven behavior. The maturation of our software has enabled us to achieve greater than 98% autonomy on