Churchill Capital Corp IX is a SPAC — a blank check company with no operations, products, or revenue — that raised $287.5M in its May 2024 IPO and held those proceeds in a trust account while searching for a merger target. In June 2025, Churchill signed a merger agreement with PlusAI, an autonomous trucking technology company, at a pre-money equity value of $1.2B. Upon closing, the combined company will be renamed PlusAI Holdings and listed on Nasdaq. The deal must close by February 17, 2026. Churchill's sponsor, an affiliate of M. Klein and Company, received Founder Shares and Private Placement Units at a discount to the IPO price and profits if the Business Combination closes. Public shareholders can redeem their shares for approximately $10.70 per share from the trust if they dislike the deal, or retain shares in the combined PlusAI Holdings. A $100M minimum cash condition remains as a PlusAI closing condition, funded through trust proceeds plus any PIPE or other financing, net of redemptions. PlusAI shareholders can earn up to 15M additional shares over five years post-closing, tied to stock price targets, aligning their incentives with incoming public investors. The deal remains subject to shareholder approval, antitrust clearance, and Nasdaq listing requirements.