Churchill Capital Corp IX: Over-allotment option exercised

TL;DR

Churchill Capital Corp IX: Over-allotment option exercised May 6, 2024, removing forfeiture risk for 937,500 Class B shares.

AI Summary

Churchill Capital Corp IX/Cayman filed its 10-Q for the period ending March 31, 2024. A key event was the underwriters fully exercising their over-allotment option on May 6, 2024, which removed the forfeiture risk for 937,500 Class B ordinary shares. The company is classified under 'BLANK CHECKS' in the 'Real Estate & Construction' sector.

Why It Matters

The exercise of the over-allotment option by underwriters on May 6, 2024, confirms the commitment of these shares and removes a potential dilution risk for existing shareholders.

Risk Assessment

Risk Level: low — The filing primarily details the exercise of an over-allotment option, which is a standard post-IPO event and does not introduce new significant risks.

Key Numbers

• 937,500 — Class B ordinary shares (Shares no longer subject to forfeiture after over-allotment option exercise)
• May 6, 2024 — Date (Underwriters fully exercised over-allotment option)

Key Players & Entities

• Churchill Capital Corp IX/Cayman (company) — Filer of the 10-Q
• 937,500 Class B ordinary shares (dollar_amount) — Shares no longer subject to forfeiture
• May 6, 2024 (date) — Date underwriters exercised over-allotment option

FAQ

Key Financial Figures

• $0.0001 — LC Class A ordinary shares, par value $0.0001 par value CCIX The Nasdaq Stock Mar
• $11.50 — ordinary share at an exercise price of $11.50 per share CCIXW The Nasdaq Stock Ma

Filing Documents

• d777590d10q.htm (10-Q) — 365KB
• d777590dex311.htm (EX-31.1) — 10KB
• d777590dex312.htm (EX-31.2) — 10KB
• d777590dex321.htm (EX-32.1) — 4KB
• d777590dex322.htm (EX-32.2) — 4KB
• 0001193125-24-157319.txt ( ) — 2306KB
• ccixu-20240331.xsd (EX-101.SCH) — 26KB
• ccixu-20240331_cal.xml (EX-101.CAL) — 8KB
• ccixu-20240331_def.xml (EX-101.DEF) — 136KB
• ccixu-20240331_lab.xml (EX-101.LAB) — 160KB
• ccixu-20240331_pre.xml (EX-101.PRE) — 167KB
• d777590d10q_htm.xml (XML) — 208KB

Financial Information

Part I. Financial Information 1

Interim Financial Statements

Item 1. Interim Financial Statements 1 Condensed Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Condensed Statement of Operations for the three months ended March 31, 2024 (Unaudited) 2 Condensed Statement of Changes in Shareholders' Equity (Deficit) for the three months ended March 31, 2024 (Unaudited) 3 Condensed Statement of Cash Flows for the three months ended March 31, 2024 (Unaudited) 4 Notes to Condensed Financial Statements (Unaudited) 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures Regarding Market Risk

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 17

Controls and Procedures

Item 4. Controls and Procedures 17

Other Information

Part II. Other Information 19

Legal Proceedings

Item 1. Legal Proceedings 19

Risk Factors

Item 1A. Risk Factors 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 19

Other Information

Item 5. Other Information 19

Exhibits

Item 6. Exhibits 20

Signatures

Part III. Signatures 21 i

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Interim Financial Statements

Item 1. Interim Financial Statements. CHURCHILL CAPITAL CORP IX CONDENSED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) Assets: Deferred offering costs $ 229,168 $ 65,353 Total Assets $ 229,168 $ 65,353 Liabilities and Shareholders' Equity ( Deficit ) Current liabilities: Accrued expenses $ 17,230 $ 18,958 Accrued offering costs 21,291 2,853 Promissory note – related party 208,697 37,500 Total Liabilities 247,218 59,311 Commitments and Contingencies Shareholders' Equity (Deficit) Preference shares, $ 0.0001 par value; 5,000,000 shares authorized; no ne issued and outstanding — — Class A Ordinary Shares, $ 0.0001 par value; 500,000,000 shares authorized; no ne issued and outstanding — — Class B Ordinary Shares, $ 0.0001 par value; 50,000,000 shares authorized; 7,187,500 shares issued and outstanding at March 31, 2024 and December 31, 2023 (1) 719 719 Additional paid-in capital 24,281 24,281 Accumulated deficit ( 43,050 ) ( 18,958 ) Total Shareholders' Equity (Deficit) ( 18,050 ) 6,042 Total Liabilities and Shareholders' Equity (Deficit) $ 229,168 $ 65,353 (1) Includes an aggregate of up to 937,500 Class B ordinary shares, $ 0.0001 par value , if the over-allotment option was not exercised in full or in part by the underwriters (see Note 5). As a result of the underwriters' election to fully exercise their over-allotment option on May 6, 2024, the 937,500 Class B ordinary shares are no longer subject to forfeiture. The accompanying notes are an integral part of the unaudited condensed financial statements. 1 Table of Contents CHURCHILL CAPITAL CORP IX CONDENSED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2024 (UNAUDITED) General and administrative costs $ 24,092 Net loss $ ( 24,092 ) Basic and diluted weighted average Class B ordinary shares outstanding (1) 6,250,000 Basic and diluted net loss

View Full Filing

View this 10-Q filing on SEC EDGAR