Fri, Jun 7, 8:07 PM (92 days ago)
Churchill Capital Corp IX, a blank check company incorporated in the Cayman Islands, reported a net loss of $24,092 for the quarter ended March 31, 2024. The company has not commenced operations and is focused on completing its Initial Public Offering (IPO) and identifying a target for a business combination. The IPO was successfully completed on May 6, 2024, generating 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 underwriters' over-allotment option. Simultaneously, the company raised $7.25 million from the sale of 725,000 private placement units. Transaction costs amounted to $14.56 million. The funds are held in a trust account and will be used to finance the initial business combination. The company faces geopolitical risks and uncertainties, including the Russia-Ukraine conflict and the Israel-Hamas conflict, which may impact its operations and market conditions. As of March 31, 2024, Churchill Capital Corp IX had no cash and a working capital deficit of $247,218. The company’s management is confident in its ability to finance operations for at least one year following the IPO.