09:40 AM EDT, 06/05/2025 (MT Newswires) -- Churchill Capital IX (CCIX) and Plus Automation said Thursday they will merge in a deal that values the autonomous trucking software company at $1.2 billion ahead of its planned market debut.

The transaction is expected to provide about $300 million in gross proceeds, which is expected to fully fund Plus through the planned 2027 commercial launch of its factory-installed self-driving truck software, according to the companies.

The combined entity will operate as a publicly listed company named PlusAI following the merger, which is expected to close in Q4, the companies said.

All existing Plus shareholders and the Churchill sponsor have agreed to lock-up provisions, and no Plus shareholder will receive cash as part of the deal, they added.