Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $2,714,137, which includes $2,997,592 of interest income from the Trust Account[119]. - The company has no revenues to date and does not expect to generate operating revenues until after completing a Business Combination[118]. Initial Public Offering - The company generated gross proceeds of $287,500,000 from the Initial Public Offering of 28,750,000 Units at $10.00 per Unit[124]. - The company incurred transaction costs of $14,560,986 related to the Initial Public Offering, including $5,750,000 of upfront discounts to underwriters[125]. Trust Account and Working Capital - The company intends to use substantially all funds in the Trust Account to complete its Initial Business Combination[126]. - The company has fully withdrawn $1,000,000 in working capital from the Trust Account as of March 31, 2025, with no further amounts available until the one-year anniversary of the Initial Public Offering[128]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025[132]. - The company has incurred $30,000 per month in fees to the Sponsor for office space and administrative support since May 2, 2024[133]. Business Combination and Regulatory Environment - The company may seek to extend the Combination Period by amending its memorandum and articles of association, which would require public shareholder approval[116]. - The company is subject to new SEC rules for SPACs that may affect its ability to negotiate and complete its Initial Business Combination[115].
Churchill Capital Corp IX(CCIX) - 2025 Q1 - Quarterly Report