Financial Performance - The company had a net income of $2,714,137 for the three months ended March 31, 2025, primarily due to $2,997,592 in interest income from the Trust Account, offset by $283,455 in general and administrative costs [119]. - For the three months ended March 31, 2024, the company reported a net loss of $24,092, mainly consisting of general and administrative costs [120]. 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 [124]. - 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 [125]. 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 [126]. - The company has the option to extend the Combination Period by amending its memorandum and articles of association, subject to shareholder approval [116]. Administrative Costs and Financing - The company incurred monthly fees of $30,000 to the Sponsor for office space and administrative support starting May 2, 2024 [133]. - The company may seek Working Capital Loans from the Sponsor or affiliates to finance working capital deficits or transaction costs related to the Initial Business Combination [128]. - The company does not anticipate needing to raise additional funds for operating expenditures prior to the Initial Business Combination, but may require additional financing if significant redemptions occur [131]. Liabilities - The company has no off-balance sheet arrangements or long-term liabilities as of March 31, 2025 [132].
Churchill Capital Corp IX(CCIXU) - 2025 Q1 - Quarterly Report