Ocean Tomo’s role as financial and technical advisor on this transaction involved a multi-disciplinary approach which allowed Ocean Tomo to provide comprehensive advisory services to Churchill IX, including a valuation under multiple scenarios and a fairness opinion to the board of directors.  The engagement began with a detailed assessment of Plus Automation’s AI-based virtual driver software technology, focusing on its performance capabilities, safety features, regulatory requirements, and integration with trucking OEMs and value chains.  This assessment also included benchmarking Plus Automation’s technology against other autonomous driving solutions, trucking industry participants, and emerging competitors in the Physical AI space.  Ocean Tomo’s team also included complex securities experts from J.S. Held which conducted Black Scholes and Monte Carlo analyses to value various contingent claims and assess their impact on the ultimate fairness of the transaction to the shareholders of Churchill IX.

The Plus Automation transaction is a clear demonstration of Ocean Tomo, a part of J.S. Held’s multi-disciplinary approach to client engagements, combining financial, technical, and intellectual property expertise to provide best in class technical and financial advisory services.

Ocean Tomo, a part of J.S. Held, served as financial and technical advisor to Churchill Capital Corp IX and issued a fairness opinion supporting the business combination with Plus Automation.  The transaction valued Plus Automation at a pre-money equity value of $1.2 billion and is expected to provide up to $300 million in gross proceeds to support the commercial launch of Plus Automation’s autonomous trucks.  The combined company will operate as PlusAI and the transaction is anticipated to close in the fourth quarter of 2025.