Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 128

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 128
---
, our development and commercialization efforts may be more expensive than we currently anticipate or these efforts may not result in revenue in the timeframes expected, or at all, which would further increase our losses.

Our limited operating history makes it difficult to evaluate our future prospects and the risks and challenges we may encounter.

PlusAI was formed in July 2023 as a result of the restructuring (the “Restructuring”) of the operations of PlusAI Corp (“Original Plus”), which was itself originally formed in 2016. Prior to the Restructuring, Original Plus was a hardware/software combination-based model focused on retrofitting existing trucks in China. Original Plus was party to a joint venture with a Chinese heavy-duty truck manufacturer targeting the PRC market, had received a pre-order from a Chinese customer, and engaged in various development activities with other manufacturers and trucking companies primarily in China and the United States. Following the Restructuring, PlusAI shifted its geographic focus to the United States and Europe and changed its business to a software-based model focused on partnering with original equipment manufacturers (“OEMs”) to deploy its software solutions to new vehicles. Our relatively limited operating history, particularly with our new, post-Restructuring business model, makes it difficult to evaluate our future prospects and the risks and challenges we may encounter. Risks and challenges we have faced or expect to face include our ability to:

design, develop, test, and validate our virtual driver software for commercial applications;

produce and deliver our technology at an acceptable level of safety and performance;

attract, retain, and successfully collaborate with our OEM partners to develop and deploy our virtual driver software;

properly price our products and services;

plan for and manage capital expenditures for our current and future products;

hire, integrate and retain talented people at all levels of our organization;

forecast our revenue, budget for, and manage our expenses;

navigate an evolving and complex regulatory environment;

<div align='center'>65</div>

manage our supply chain and supplier relationships related to our current and future products;

anticipate and respond to macroeconomic changes and changes in the markets in which we operate;

maintain and enhance the value of our reputation and brand;

effectively manage our growth and business operations, including the impacts of unforeseen market changes on our business;

develop and protect intellectual property rights; and

successfully develop new solutions, features, and applications to enhance the experience of partners and end-customers.

If we fail to address the risks and difficulties that we face, including those associated with the challenges listed above