Latest news with #ChurchillCapitalCorpIX
Yahoo
4 days ago
- Automotive
- Yahoo
Driverless-trucking developer Plus to go public via merger
Plus, an autonomous driving software provider, announced on Thursday it will become a publicly traded company through a merger with Churchill Capital Corp IX. The combined company will operate as PlusAI. 'This transaction provides access to capital and strategic support that will help us advance our product roadmap, execute our development and commercialization strategy, and deliver a transformative logistics solution to one of the world's largest and most essential industries,' David Liu, co-founder and CEO of Plus, said in a news release. Santa Clara, California-based Plus was founded by Liu and Stanford University classmate Shawn Kerrigan in 2016. The company develops AI-based virtual driver software for factory-built autonomous has deployed autonomous driving technology across the U.S., Europe and Asia, which has been used for more than 5 million miles of driving. The company provides autonomous software to global truck manufacturers Traton Group, Hyundai and Iveco. The company's self-driving system, known as SuperDrive is built to autonomously operate heavy commercial trucks. In April, Plus achieved a key driver-out safety validation milestone with SuperDrive and is currently conducting public road testing in Texas and Sweden, the company said. Additional customer fleet trials are scheduled for fall. SuperDrive will initially be targeted to truck manufacturers in the U.S. and then expand to Europe. Plus will market SuperDrive as a driver-as-a-service model, providing autonomous software to enable trucking firms with recurring per-mile valued at $1.2 billion pre-money equity value, will provide an attractive entry point for Churchill IX shareholders, officials said. 'After evaluating many opportunities, we knew Plus was the right partner,' Michael Klein, chairman and CEO of Churchill IX, said in a statement. 'Trucking is the backbone of the global economy, but the industry faces a persistent driver shortage that autonomous trucking has the potential to solve. Broad adoption depends on confidence in vehicle performance and safety and Plus stands out with its advanced virtual driver platform and a customer-centric commercialization model led by OEM partners.' Churchill IX is a so-called blank check company, formed for the purpose of targeting other firms for mergers. The transaction is expected to deliver $300 million in gross proceeds from cash held in Churchill IX's trust account, which is expected to fund Plus through its commercial launch of SuperDrive-enabled, factory-built autonomous trucks by 2027. It's not the first time that Plus was rumored to be in talks to go public. In April 2021, Plus was reportedly close to merging with Hennessy Capital Investment Corp. V, a special purpose acquisition company. The post Driverless-trucking developer Plus to go public via merger appeared first on FreightWaves.
Yahoo
17-05-2025
- Business
- Yahoo
Institutional investors own a significant stake of 41% in Churchill Capital Corp IX (NASDAQ:CCIX)
Institutions' substantial holdings in Churchill Capital Corp IX implies that they have significant influence over the company's share price The top 6 shareholders own 54% of the company 22% of Churchill Capital Corp IX is held by insiders Our free stock report includes 3 warning signs investors should be aware of before investing in Churchill Capital Corp IX. Read for free now. To get a sense of who is truly in control of Churchill Capital Corp IX (NASDAQ:CCIX), it is important to understand the ownership structure of the business. And the group that holds the biggest piece of the pie are institutions with 41% ownership. Put another way, the group faces the maximum upside potential (or downside risk). Because institutional owners have a huge pool of resources and liquidity, their investing decisions tend to carry a great deal of weight, especially with individual investors. Therefore, a good portion of institutional money invested in the company is usually a huge vote of confidence on its future. Let's delve deeper into each type of owner of Churchill Capital Corp IX, beginning with the chart below. View our latest analysis for Churchill Capital Corp IX Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index. As you can see, institutional investors have a fair amount of stake in Churchill Capital Corp IX. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Churchill Capital Corp IX's historic earnings and revenue below, but keep in mind there's always more to the story. It looks like hedge funds own 27% of Churchill Capital Corp IX shares. That catches my attention because hedge funds sometimes try to influence management, or bring about changes that will create near term value for shareholders. The company's CEO Michael Klein is the largest shareholder with 22% of shares outstanding. Meanwhile, the second and third largest shareholders, hold 7.9% and 7.7%, of the shares outstanding, respectively. We did some more digging and found that 6 of the top shareholders account for roughly 54% of the register, implying that along with larger shareholders, there are a few smaller shareholders, thereby balancing out each others interests somewhat. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. Our information suggests that there isn't any analyst coverage of the stock, so it is probably little known. The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group. Our information suggests that insiders maintain a significant holding in Churchill Capital Corp IX. It has a market capitalization of just US$416m, and insiders have US$90m worth of shares in their own names. It is great to see insiders so invested in the business. It might be worth checking if those insiders have been buying recently. With a 10% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Churchill Capital Corp IX. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies. It's always worth thinking about the different groups who own shares in a company. But to understand Churchill Capital Corp IX better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 3 warning signs for Churchill Capital Corp IX (of which 2 can't be ignored!) you should know about. Of course this may not be the best stock to buy. So take a peek at this free free list of interesting companies. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. 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