Churchill Capital Corp IX Reports Decrease in Net Income Amid Merger Process with Plus Automation

Churchill Capital Corp IX reported its financial results for the quarter ending June 30, 2025, revealing a net income of $842,372, a decrease from $1,962,727 in the same period last year. The company generated $3,181,033 in interest income from its Trust Account, which was offset by general and administrative expenses totaling $2,338,661, significantly higher than the $298,162 incurred in the prior year. For the six months ending June 30, 2025, net income was $3,556,509, compared to $1,938,635 for the same period in 2024, reflecting a substantial increase in interest income to $6,178,625.

The company’s total assets as of June 30, 2025, amounted to $303,150,506, a slight increase from $299,124,430 at the end of 2024. Cash and cash equivalents decreased to $426,052 from $2,412,564, while marketable securities held in the Trust Account rose to $302,301,272 from $296,122,647. The increase in marketable securities is attributed to the interest earned on the funds held in the Trust Account, which is primarily invested in U.S. Treasury securities.

Churchill Capital Corp IX is currently in the process of completing a business combination with Plus Automation, Inc., as outlined in a merger agreement signed on June 5, 2025. This merger is expected to be finalized following shareholder approval and the satisfaction of certain closing conditions. The company has established two wholly-owned subsidiaries to facilitate this merger. As part of its strategic developments, the company has also entered into various agreements, including a director agreement with independent directors, which will provide them with an annual compensation of $75,000.

Operationally, the company has not yet commenced significant business operations, as it was formed for the purpose of effecting a merger. As of June 30, 2025, the company had 29,475,000 Class A ordinary shares and 7,187,500 Class B ordinary shares outstanding. The company is classified as a smaller reporting company and an emerging growth company, allowing it to take advantage of certain regulatory exemptions. The management has indicated that it does not foresee the need for additional funding to meet operational expenditures but acknowledges the potential need for financing to complete the business combination or to address any significant redemptions of public shares.

Looking ahead, Churchill Capital Corp IX has until August 8, 2026, to complete its initial business combination. The management remains optimistic about finalizing the merger with Plus Automation, although they caution that various external factors, including market conditions and regulatory requirements, could impact the timeline and success of the transaction. The company continues to monitor its liquidity and capital resources closely as it navigates the complexities of the merger process.