Financial Performance - The company generated net income of $3,562,356 for the three months ended September 30, 2024, primarily from $3,820,235 in interest income earned on the Trust Account, offset by $257,879 in general and administrative costs [84]. - For the nine months ended September 30, 2024, the company reported a net income of $5,500,991, which includes $6,081,124 of interest income from the Trust Account, offset by $580,133 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 [86]. - 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 [87]. Trust Account and Business Combination - 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 [88]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024, and incurs a monthly fee of $30,000 to the Sponsor for administrative support [94][93]. - 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]. - The company has sufficient funds for working capital needs until at least one year from the issuance of the financial statements, but cannot assure the success of its Business Combination plans [91]. - The company may need additional financing to complete its Business Combination or to address potential redemptions of public shares [92]. Management Changes - The company has appointed William Sherman as a director and member of the audit and compensation committees, effective July 30, 2024 [82].
Churchill Capital Corp IX(CCIX) - 2024 Q3 - Quarterly Report