Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 1138

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 1138
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<div align='center'>E-19</div>

Annex F

June 5, 2025

Churchill Capital Corp IX

640 Fifth Avenue

14thFloor

New York, NY 10019

Board of Directors,

The Board of Directors (the “Directors”) of Churchill Capital Corp IX (“Churchill” or “SPAC”), engaged Ocean Tomo, a part of J.S. Held (“Ocean Tomo”) to provide this valuation fairness opinion (the “Opinion”) in connection with the anticipated business combination with Plus Automation Inc. (“Plus” or the “Company”). Specifically, Ocean Tomo is providing an Opinion regarding the financial fairness of the Aggregate Consideration (as defined below) payable by Churchill pursuant to the Agreement and Plan of Merger and Reorganization, dated as of June 5, 2025, by and among Churchill, AL Merger Sub I, Inc. (“Merger Sub I”), AL Merger Sub II, LLC (“Merger Sub II”, and together with Merger Sub I, each a wholly owned subsidiary of Churchill, “Merger Subs”), and Plus (the “Agreement”). Ocean Tomo is serving as an independent financial advisor to the Directors to provide the Opinion below.

Description of the Transaction

According to the finalized terms set forth in the Agreement, among other things: (i)

Merger Sub I will merge with and into Plus with Plus being the surviving corporation in such merger, immediately following which, Plus will merge with and into Merger Sub II, with Merger Sub II continuing as the surviving entity and a wholly owned subsidiary of Churchill (the “Merger”), and (ii) each share of Company Common Stock outstanding immediately prior to the First Effective Time after giving effect to the Conversions pursuant to Section 3.01 of the Agreement (other than shares of Company Common Stock issued as a result of such conversion of shares of Company Series A-3-X Preferred Stock, Company Series A-4-X Preferred Stock or Company Series B-X Preferred Stock) will be exchanged for the right to receive a number of shares of SPAC Class A Common Stock equal to the Exchange Ratio;

each share of Company Common Stock issued and outstanding immediately prior to the First Effective Time issued as a result of the Conversions described in Section 3.01 of the Agreement of shares of Company Series A-3-X Preferred Stock, Company Series A-4-X Preferred Stock or Company Series B-X Preferred Stock will be exchanged for the right to receive a number of shares of