Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 313

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 313
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 execution of a definitive agreement for an initial business combination). As of June 5, 2025, the date of the execution of the Merger Agreement, the balance of the funds in the trust account was approximately $298.50 million (excluding up to $3.0 million of deferred underwriting fees) and 80% thereof represents approximately $238.8 million. In reaching its conclusion on the 80% asset test, the CCIX Board used as a fair market value the $1.2 billion equity value for PlusAI, which was implied based on the terms of the Transactions agreed to by the parties in negotiating the Merger Agreement.

The CCIX Board also considered qualitative factors such as PlusAI’s business and financial condition and prospects, the experience and commitment of PlusAI’s management team, as well as valuations and trading of publicly traded companies in similar and adjacent sectors. The CCIX Board determined that the consideration being paid in the Merger, which amount was negotiated at arm’s-length, was fair to, and in the best interests of, CCIX and its shareholders and appropriately reflected PlusAI’s value.

The CCIX Board believes that because of the financial skills and background of its directors, it was qualified to conclude that the acquisition of PlusAI met the 80% requirement. Based on the fact that the $1.2 billion fair market value of PlusAI as described above is in excess of the threshold of approximately $238.8 million, representing 80% of the balance of the funds in the trust account (excluding net of amounts disbursed to management for working capital purposes, if applicable, taxes payable on interest income earned from the trust account and the deferred underwriting fees), the CCIX Board determined that the fair market value of PlusAI was substantially in excess of 80% of the funds in the trust account and that the 80% test was met.

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Interests of Certain CCIX Persons in the Business Combination

In considering the recommendation of the CCIX Board to vote in favor of approval of the business combination proposal and the other proposals, CCIX shareholders should keep in mind that the Sponsor and the Insiders have interests in such proposals that are different from, or in addition to, the interests of CCIX shareholders generally. In particular:

If the Transactions or another business combination are not consummated by the end of the completion window, CCIX will cease all operations except for the purpose of winding up, redeeming 100% of the outstanding CC