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 in 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 in general and administrative costs[84]. Initial Public Offering - The Company completed its Initial Public Offering on May 6, 2024, raising gross proceeds of $287,500,000 from the sale of 28,750,000 Units at $10.00 per Unit[87]. - Following the Initial Public Offering, a total of $287,500,000 was placed in the Trust Account, with transaction costs amounting to $14,560,986[88]. Use of Funds - The Company intends to use substantially all funds in the Trust Account to complete its initial Business Combination, with remaining proceeds allocated for working capital[89]. - The Company has sufficient funds for working capital needs until at least one year from the issuance of the financial statements[92]. - The Company may need additional financing to complete its Business Combination or if a significant number of public shares are redeemed[93]. Debt and Financial Obligations - The Company has no long-term debt or off-balance sheet arrangements as of June 30, 2024, and incurs a monthly fee of $30,000 to the Sponsor for administrative support[95]. 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]. Business Operations - The Company has not engaged in any operations or generated revenues to date, with activities focused on preparing for the Initial Public Offering and identifying a target company for a Business Combination[83].
Churchill Capital Corp IX(CCIX) - 2024 Q2 - Quarterly Report