Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 667

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 667
---
 primarily in developing and providing self-driving technology and solutions for its customers and collaboration partners.

The Restructuring

On July 31, 2023, through a series of transactions (the “Restructuring”), Plus Automation became the parent company of PlusAI Corp, a Cayman Islands corporation (“PlusAI Corp”), and certain of PlusAI Corp’s subsidiaries. The Restructuring resulted in substantive changes in the organizational structure and financial reporting of the Company's consolidated business. Prior to the Restructuring, the operating entity in the People's Republic of China (“PRC”), Plus PRC, was a wholly-owned subsidiary of the Company. As a result of the Restructuring, PlusAI Corp became a subsidiary of Plus Automation, and Plus Automation no longer consolidates the financial results of the PRC-focused operations, which are now held by Plus PRC.

As part of the Restructuring, PlusAI Corp offered certain electing shareholders the ability to exchange part of their equity interest held in PlusAI Corp for the controlling equity interest in Plus PRC. This was determined to represent a non-pro rata split-off and that resulted in PlusAI Corp losing its controlling financial interest over Plus PRC, in accordance with Accounting Standards Codification (“ASC”) Topic 810-10-40:Consolidation - Overall Derecognition. This further resulted in the derecognition of the assets and liabilities of Plus PRC and its controlled entities by PlusAI Corp, remeasurement of its retained noncontrolling interest held by PlusAI Corp in Plus PRC at fair value, with a corresponding gain or loss recognized from the deconsolidation. Subsequent to the split-off, PlusAI Corp completed a series of merger transactions that lacked economic substance to reorganize the corporate structure and designate Plus Automation as the new reporting entity. These transactions were considered to be common control transactions and resulted in no change to the historical carrying amounts of the Company’s assets and liabilities. As part of the Restructuring, PlusAI Corp repurchased certain outstanding equity interests held by investors. During the five months ended December 31, 2023, the Company made a cash payment of $30.0 million to settle the outstanding liability related to the repurchase of equity interests related to the Restructuring.

After the Restructuring, the Company holds an aggregate of 476,635,210 redeemable series A-X preferred shares of Plus PRC, which represents an approximate 23.44% equity interest on an as converted basis and 7