Financial Performance - The Company had a net income of $1,962,727 for the three months ended June 30, 2024, primarily from $2,260,889 of interest income earned on the Trust Account, offset by $298,162 of general and administrative costs [84]. - For the six months ended June 30, 2024, the Company reported a net income of $1,938,635, which includes $2,260,889 of interest income from the Trust Account, offset by $322,254 of general and administrative costs [84]. 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 underwriters' overallotment option [87]. - The Company incurred transaction costs of $14,560,986 related to the IPO, which included $5,750,000 of upfront discounts to underwriters and $10,062,500 of deferred underwriting fees [88]. - A total of $287,500,000 was placed in the Trust Account following the IPO, which will be used to complete the initial Business Combination [88]. Financial Position and Obligations - The Company has no long-term debt or off-balance sheet arrangements as of June 30, 2024, and will incur monthly fees of $30,000 to the Sponsor for administrative support [95]. - The Company has sufficient funds for working capital needs until at least one year from the issuance of the financial statements as of June 30, 2024 [92]. - The Company may need additional financing to complete its Business Combination or to address potential redemptions of public shares [93]. Regulatory Environment - The SEC's new 2024 SPAC Rules, effective July 1, 2024, may materially affect the Company's ability to negotiate and complete its initial Business Combination [81]. Revenue Expectations - The Company does not expect to generate operating revenues until after the completion of its Business Combination, relying on non-operating income from interest [83].
Churchill Capital Corp IX(CCIXU) - 2024 Q2 - Quarterly Report