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Churchill Capital Corp IX (CCIX0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's status as a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.
Churchill Capital Corp IX completed its initial public offering on May 6, 2024, raising gross proceeds of $287,500,000 through the sale of 28,750,000 units at $10.00 per unit, including the full exercise of the underwriters' over-allotment option.
Simultaneously with the IPO, the company completed a private placement of 725,000 units to its sponsor at a price of $10.00 per unit, generating additional gross proceeds of $7,250,000.
The company has placed the IPO proceeds in a trust account, which will remain invested in U.S. government treasury bills or money market funds until the completion of a business combination or liquidation.
Churchill Capital Corp IX has 24 months from the closing of the IPO to complete a business combination, with the option to extend the deadline to 27 months if certain conditions are met.
The filing outlines the company's strategy to leverage its management team's experience and network to identify and execute a business combination, with a focus on industries where it can provide strategic and operational value.
The company has not yet identified a target for its initial business combination and has not engaged in any substantive discussions with potential targets as of the filing date.
Churchill Capital Corp IX reported net income of $8,791,874 for the year ended December 31, 2024, primarily due to interest income earned on funds held in the trust account.
The company has no significant operations or revenue-generating activities and incurs expenses related to its status as a public company and the pursuit of a business combination.
The filing includes a discussion of risk factors, including the company's dependence on its management team, competition for business combination opportunities, and potential regulatory changes affecting special purpose acquisition companies (SPACs).
Churchill Capital Corp IX is classified as an emerging growth company and a smaller reporting company, allowing it to take advantage of certain reduced reporting requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Churchill Capital Corp IX annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.