Churchill Capital Corp IX Completes $287.5 Million Initial Public Offering

Rhea-AI Summary

Churchill Capital Corp IX completed an initial public offering, raising $287.5 million by issuing 28,750,000 units at $10.00 per unit. The units, traded on Nasdaq under the symbol 'CCIXU,' consist of one Class A ordinary share and one-quarter of a redeemable warrant. The funds will be held in trust for future purposes. The company, led by Michael Klein, aims to pursue mergers or acquisitions in any industry.

NEW YORK, May 6, 2024 /PRNewswire/ -- Churchill Capital Corp IX (the "Company") announced today the closing of its initial public offering of 28,750,000 units, which includes 3,750,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $287,500,000.

The Company's units began trading on May 2, 2024 on the Nasdaq Global Market ("Nasdaq") under the ticker symbol "CCIXU." Each unit consists of one Class A ordinary share of the Company and one-quarter of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share of the Company at an exercise price of $11.50 per share. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols "CCIX" and "CCIXW," respectively.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units (as well as the exercise of the over-allotment option), $287,500,000 (or $10.00 per unit sold in the public offering) was placed in trust.

The Company was founded by Michael Klein, who is also the founder and managing partner of M. Klein and Company, LLC. The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.

Citigroup Global Markets Inc. ("Citigroup") acted as sole bookrunner and representative of the underwriters. The offering was made by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at (800) 831-9146.

A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on May 1, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact: 
Churchill Capital Corp IX
info@churchillcapitalcorp.com
Steve Lipin / Michael Landau
Gladstone Place Partners
212-230-5930

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SOURCE Churchill Capital Corp IX

FAQ

What was the price per unit in Churchill Capital Corp IX's initial public offering?

The price per unit in the initial public offering of Churchill Capital Corp IX was $10.00.

Who is the founder of Churchill Capital Corp IX?

Michael Klein is the founder of Churchill Capital Corp IX.

What is the ticker symbol for Churchill Capital Corp IX on Nasdaq?

The ticker symbol for Churchill Capital Corp IX on Nasdaq is 'CCIXU'.

What is the purpose of Churchill Capital Corp IX?

Churchill Capital Corp IX was formed to pursue mergers, acquisitions, or similar business combinations in any industry.

Who acted as the sole bookrunner for Churchill Capital Corp IX's initial public offering?

Citigroup Global Markets Inc. acted as the sole bookrunner for Churchill Capital Corp IX's initial public offering.