Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 598

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 598
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 is expected to hold more than 5% of the outstanding capital stock of PlusAI upon the Closing.

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Sale of Stake in Plus PRC

As part of the Restructuring, PlusAI Corp offered electing shareholders the ability to exchange part of their equity interest held in PlusAI Corp for interests in Plus PRC, resulting in PlusAI Corp no longer holding the controlling equity interest in Plus PRC. As a result, PlusAI Corp retained a passive, minority interest in the shares of Plus PRC on July 31, 2023.

On September 8, 2025, PlusAI agreed to sell to FTA all 476,635,210 redeemable series A-X preferred shares of Plus PRC owned by PlusAI for gross proceeds of $20.0 million, of which $2.0 million is subject to tax withholding pursuant to PRC law. Such transaction closed on September 17, 2025. As a result, PlusAI no longer holds any equity interest in Plus PRC.

Other Transactions

From 2019 to 2021, PlusAI entered into certain loan arrangements for an aggregate amount of $1,250,000 with Shawn Kerrigan, the Chief Operating Officer of PlusAI, in connection with his purchase of an aggregate of 15,000,000 ordinary shares of PlusAI Corp, which were later exchanged for shares of Class A common stock of PlusAI pursuant to the Restructuring. On September 17, 2025 PlusAI repurchased 2,971,825 shares of Class A common stock for aggregate consideration of $1,426,476, the proceeds of which were used to repay Mr. Kerrigan's loans in full.

In addition, we may employ individuals that are affiliated with our directors, officers, or holders of more than 5% of our capital stock. We employ NingNing Song, the wife of David Liu, the Chief Executive Officer of PlusAI, a member of the PlusAI Board, and holder of more than 5% of the outstanding capital stock of PlusAI. Ms. Song’s compensation was approximately $53,396 in the year ended December 31, 2023, $130,800 in the year ended December 31, 2024, and $101,355 in period beginning January 1, 2025 and ended September 30, 2025.

Indemnification Agreements

In connection with the Closing, the Post-Closing Company intends