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]. - Upon completion of the initial Business Combination, underwriters are entitled to a deferred underwriting commission of 3.5%, up to $10,062,500[146]. - The Company entered into an Advisory Agreement with a cash fee of $7,000,000 contingent on the completion of a Business Combination[147]. Financial Performance - As of September 30, 2025, the company reported a net income of $2,323,436 for the three months ended, 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, which includes $9,417,973 of interest income from the Trust Account, offset by $3,538,028 in general and administrative costs[132]. - 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]. - The Company plans to complete a Business Combination by August 6, 2026, or face mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[142]. Business Combination and Agreements - The company entered into a Merger Agreement with PlusAI on June 5, 2025, intending to effect a business combination transaction[125]. - 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]. - The Company has entered into a Merger Agreement with PlusAI, intending to effect a business combination transaction[148]. Trust Account and Working Capital - The company intends to use substantially all funds in the Trust Account to complete its initial Business Combination, with remaining proceeds used for working capital[137]. - The company has withdrawn $1,000,000 in interest from the Trust Account for working capital purposes for the year ended December 31, 2024, and again for the three and nine months ended September 30, 2025[139]. Accounting and Administrative Costs - The Company has no off-balance sheet arrangements as of September 30, 2025, and does not participate in transactions with unconsolidated entities[143]. - 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 materially affect the Company's financial statements[151].
Churchill Capital Corp IX(CCIXU) - 2025 Q3 - Quarterly Report