Financial Performance - The company incurred a net loss of $24,092 for the three months ended March 31, 2024, primarily due to general and administrative costs[74]. - The company does not expect to generate operating revenues until after the completion of its Business Combination[73]. - The company has not engaged in any operations or generated revenues since its inception on December 18, 2023[73]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $287,500,000 from the sale of 28,750,000 Units at $10.00 per Unit, including the full exercise of the underwriters' over-allotment option[76]. - A total of $287,500,000 was placed in the Trust Account following the IPO, with transaction costs amounting to $14,560,986[77]. - The company plans to use substantially all funds in the Trust Account to complete its initial Business Combination, with remaining proceeds allocated for working capital[78]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024[83]. - The company will incur monthly fees of $30,000 to the Sponsor for office space and administrative support starting May 2, 2024[84]. Regulatory Environment - The SEC's new 2024 SPAC Rules may impact the company's ability to negotiate and complete its initial Business Combination, potentially increasing costs and time[72]. Capital Needs - The company may need to raise additional capital to finance transaction costs or if a significant number of public shares are redeemed upon completion of the Business Combination[82].
Churchill Capital Corp IX(CCIXU) - 2024 Q1 - Quarterly Report