IPO and Fundraising - The company completed its Initial Public Offering (IPO) on May 6, 2025, raising gross proceeds of $287.5 million from the sale of 28,750,000 Units at $10.00 per Unit, including the full exercise of the over-allotment option[119] - The company also raised an additional $7.25 million from the sale of 725,000 Private Placement Units at $10.00 per Unit, generating total gross proceeds of $294.75 million[120] - The company incurred transaction costs of $14,560,986 related to the IPO, which included $5,750,000 in upfront discounts and $10,062,500 in deferred underwriting fees[136] Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,323,436, which includes $3,239,348 of interest income from the Trust Account, offset by $915,912 in general and administrative costs[131] - For the nine months ended September 30, 2025, the company reported a net income of $5,879,945, including $9,417,973 of interest income from the Trust Account, with general and administrative costs amounting to $3,538,028[132] - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its Business Combination[130] Business Combination and Agreements - The company entered into a Merger Agreement with PlusAI on June 5, 2025, intending to effect a business combination, subject to shareholder approval and other closing conditions[125] - The Company intends to complete a Business Combination with PlusAI, with the merger structure involving two merger subsidiaries[148] - The Company entered into an Advisory Agreement with the underwriter for a cash fee of $7,000,000 upon consummation of a Business Combination, with an additional fee of up to $3,000,000 at the Company's discretion[147] Trust Account and Working Capital - As of September 30, 2025, the company had withdrawn $1,000,000 in interest from the Trust Account for working capital purposes, with no further amounts available for withdrawal until May 6, 2026[139] - As of September 30, 2025, the Company does not believe it will have sufficient funds for working capital needs for at least one year[141] - If a Business Combination is not completed by August 6, 2026, there will be a mandatory liquidation, raising substantial doubt about the Company's ability to continue as a going concern[142] Accounting and Administrative Costs - The Company incurs $30,000 per month for office space and administrative support, starting from May 2, 2024[144] - The Company incurred $56,250 and $108,750 in fees related to Director Agreements for the three and nine months ended September 30, 2025, respectively[145] - The Company early adopted ASU 2025-03, which impacts the accounting for the de-SPAC Transaction, effective from July 1, 2025[150] - Management does not believe that any recently issued accounting pronouncements will have a material effect on the Company's financial statements[151] Combination Period and Extensions - The company has until August 6, 2026, to complete its Business Combination, or it will cease operations and redeem Public Shares at a price equal to the amount in the Trust Account[122] - The company may seek to extend the Combination Period, which would require public shareholder approval and could affect the amount held in the Trust Account[124] Off-Balance Sheet Arrangements - The Company has no off-balance sheet arrangements as of September 30, 2025, and does not participate in transactions that create relationships with unconsolidated entities[143] Underwriting and Commissions - Upon completion of the initial Business Combination, underwriters are entitled to a deferred underwriting commission of 3.5% on Units sold, up to $10,062,500[146]
Churchill Capital Corp IX(CCIX) - 2025 Q3 - Quarterly Report