IPO and Financial Proceeds - On May 6, 2024, the company completed its Initial Public Offering (IPO) of 28,750,000 Units, generating gross proceeds of $287,500,000 at $10.00 per Unit[76]. - The company incurred transaction costs of $14,560,986 related to the IPO, including $5,750,000 in upfront discounts and $10,062,500 in deferred underwriting fees[77]. Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $24,092 due to general and administrative costs[74]. - The company has not generated any revenues to date and does not expect to do so until after completing a Business Combination[73]. Business Combination Plans - The company intends to use substantially all funds in the Trust Account for its initial Business Combination, with remaining proceeds allocated for working capital[78]. - The company may need to raise additional capital to complete its Business Combination or to cover significant redemptions of public shares[82]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of success[71]. 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 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[72].
Churchill Capital Corp IX(CCIX) - 2024 Q1 - Quarterly Report