Churchill Capital Corp IX, a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, reported a net income of $8.79 million for the fiscal year ending December 31, 2024, a significant increase from a net loss of $18,958 in the previous period. This positive performance was primarily driven by $9.62 million in interest income earned from the funds held in the Trust Account, offset by $830,773 in general and administrative expenses. The company had no operational revenue as it has not yet completed a business combination.
The company successfully completed its Initial Public Offering (IPO) on May 6, 2024, raising gross proceeds of $287.5 million from the sale of 28.75 million units, which included a full exercise of the underwriters' over-allotment option. Additionally, it raised $7.25 million through a private placement of 725,000 units to its sponsor. As of December 31, 2024, the total assets of Churchill Capital Corp IX amounted to $299.12 million, with $296.12 million held in the Trust Account, designated for future business combinations.
In terms of operational developments, Churchill Capital Corp IX has not yet identified a target for its initial business combination, which must occur by May 6, 2026, or August 6, 2026, if certain conditions are met. The company has established a strategy to leverage the expertise of its management team, led by CEO Michael Klein, to identify and execute attractive acquisition opportunities. The management team includes experienced professionals with backgrounds in investment banking and strategic advisory roles, which the company believes will provide a competitive advantage in sourcing potential targets.
As of March 28, 2025, the company had 29.48 million Class A ordinary shares and 7.19 million Class B ordinary shares outstanding. The market value of the outstanding Class A shares was approximately $288.08 million as of June 30, 2024. The company has indicated that it may seek to extend the combination period if necessary, although such an extension could impact the amount held in the Trust Account and potentially affect its Nasdaq listing.
Looking ahead, Churchill Capital Corp IX remains focused on completing its initial business combination and is actively evaluating potential targets. However, the company acknowledges various risks, including market volatility and economic conditions, which could impact its ability to successfully consummate a transaction. The management team is committed to utilizing the funds raised in the IPO and private placement to identify and evaluate suitable acquisition opportunities while maintaining compliance with regulatory requirements.
About Churchill Capital Corp IX/Cayman
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