Plus Automation And Churchill Capital Enters Into Definitive Business Combination Agreement; Combined Company To Operate As PlusAI Upon Closing

• Plus's proprietary AI-based virtual driver software, SuperDrive, addresses a $2 trillion trucking freight market in the U.S. and Europe, enabling safe and scalable autonomous trucking
• Autonomy software partner to leading global truck manufacturers TRATON GROUP, Hyundai, and IVECO
• Transaction expected to provide up to $300 million in gross proceeds to fund Plus through the expected commercial launch of SuperDrive-enabled, factory-built autonomous trucks in 2027
• Plus valued at $1.2 billion pre-money equity value, providing an attractive entry point for Churchill IX shareholders

SANTA CLARA, Calif. and NEW YORK, June 5, 2025 /PRNewswire/ -- Plus Automation Inc. ("Plus"), a Physical AI company commercializing AI-based virtual driver software for autonomous trucks, and Churchill Capital Corp IX (NASDAQ:CCIX) ("Churchill IX"), a special purpose acquisition company, announced today that they have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will operate as PlusAI.

Attractive Transaction Structure

The transaction values Plus at a pre-money equity value of $1.2 billion, providing an attractive entry point for Churchill IX shareholders.

The transaction is expected to deliver approximately $300 million in gross proceeds from cash held in Churchill IX's trust account, assuming no redemptions by Churchill IX shareholders and before payment of transaction expenses. Plus currently has a clean balance sheet with no debt, which will be further strengthened by the transaction. Thanks to the Company's capital-efficient business model and disciplined execution, the assumed net proceeds from the transaction are expected to fully fund Plus through the planned commercial launch of factory-built autonomous trucks in 2027.

The combined company's shareholders and management will all hold one-vote shares, except for certain existing PlusAI shareholders who will continue to hold low-vote shares for regulatory purposes. No existing Plus shareholders will receive cash consideration as part of the transaction. Additionally, all existing Plus shareholders and the Churchill IX sponsor will be subject to lock-up agreements ranging from 180 to 360 days following the close.

The transaction has been unanimously approved by the boards of directors of both Plus and Churchill IX, and is expected to close in the fourth quarter of 2025, subject to satisfaction of customary closing conditions, including approval by Churchill IX shareholders and Plus shareholders.

Upon closing of the transaction, the combined company will operate as PlusAI.