PlusAI nears SPAC debut; Zoomcar, Jack Nathan restructure

PlusAI advances toward February SPAC listing with SEC clearance

Autonomous trucking software company PlusAI is preparing to become publicly traded in February 2026 following progress on its merger with special purpose acquisition company Churchill Capital Corp IX. Chief executive David Liu said the companies secured effectiveness of their S-4 registration statement in late January after a roughly six‑month Securities and Exchange Commission review, clearing the way for a shareholder vote scheduled on Feb. 3.

The June 2025 merger agreement with Churchill Capital is described as a major milestone in PlusAI’s decade‑long effort to commercialize autonomous trucking technology. The 800‑page S‑4 filing details PlusAI’s business plan, financials and regulatory disclosures required for a public market debut. Liu noted the SEC process typically spans about three months plus roughly four weeks of final preparations before trading begins.

PlusAI has been validating its technology through partnerships with Volkswagen’s Traton Group, including the International truck brand in the United States and Scania and MAN in Europe. The company is targeting 2027 as the year when autonomy‑enabled trucks will be available to customers, describing 2026 as an “inflection point” as it transitions into the public markets.

Governance moves at PlusAI aim to bolster public‑company readiness

Ahead of its public listing, PlusAI has strengthened its board with two appointments announced Jan. 7. Technology veteran David C. Peterschmidt, a former chief operating officer of Sybase and chief executive of Inktomi, is joining the board, with Liu highlighting his experience scaling a company from a small team to over 2,000 people and taking it public.

Harry J. Harczak Jr., a former senior partner at PricewaterhouseCoopers and former chief financial officer of CDW, will serve as audit committee chair once the listing is effective. Liu said their addition underscores PlusAI’s focus on “robust governance and financial stewardship” as it enters the public equity markets. Both appointments become effective upon completion of the listing.

Zoomcar launches warrant exchange and bridge financing

Indian peer‑to‑peer car‑sharing platform Zoomcar Holdings has opened a voluntary offer to exchange several series of its outstanding warrants for common stock, while simultaneously commencing a private placement of up to $5 million in bridge financing. The company said the warrant exchange is intended to simplify its capital structure by reducing the number of warrant instruments and consolidating its equity capitalization.

The exchange offer, filed on Schedule TO with the SEC on Jan. 23, 2026, covers multiple warrant classes at specified exchange ratios and relies on the Section 3(a)(9) exemption from registration. Participation requires holders to tender warrants before the offer’s expiration, and tendered warrants may be withdrawn prior to that time. Any shares issued in exchange will be subject to contractual lock‑up restrictions on transfer, described in the offer materials.

Concurrently, Zoomcar is marketing up to $5 million of securities in a Rule 506(c) private placement, with a minimum raise of $2 million. Each $1,000 unit consists of one share of Series A Convertible Preferred Stock and a warrant to buy one common share. The preferred stock is initially convertible at $0.05 per share, and the accompanying warrants are exercisable at $0.0625 per share, both subject to adjustment. Net proceeds are earmarked for general corporate purposes, including working capital, balance sheet support and costs associated with a planned uplisting to a national securities exchange.

Jack Nathan Medical restructures leadership and balance sheet

Jack Nathan Medical Corp. has announced a CEO transition as part of a broader restructuring and balance sheet optimization program. The company said it has eliminated about $15 million in debt and cancelled roughly 140 million common shares that had been issuable under legacy debenture financing arrangements, actions it described as enhancing its capital structure and strategic flexibility.

Former co‑founder and chief operating officer Michael Di Cesare has been appointed interim chief executive officer and vice‑chairman, effective immediately, bringing what the company called operational continuity and strategic insight as it advances restructuring initiatives and evaluates new growth opportunities. Outgoing CEO and vice‑chairman Mike Marchelletta is stepping down to lead a prospective investor syndicate that is assessing a potential strategic transaction involving the company.

Jack Nathan said Marchelletta has agreed to governance and alignment measures, including voluntarily deferring executive compensation at zero interest to support operational priorities and temporarily assigning voting rights associated with certain shares to Di Cesare as trustee during a lock‑up period. The company emphasized there is no assurance any strategic transaction will be completed, citing customary conditions, definitive documentation and regulatory approvals.

Jack Nathan refocuses after divestitures and continues deal search

The leadership changes follow a series of structural moves by Jack Nathan in its clinical operations. The company previously operated one of the largest retail medical clinic networks in North America, with a significant footprint inside Walmart locations in Canada and Mexico. In December 2024, it restructured its Canadian medical operations via an asset sale to Well Health Technologies Corp. and ceased operations in Walmart Mexico in June 2025.

Post‑exit, Jack Nathan said it is exploring new reverse takeover and business opportunities, while Di Cesare focuses on strengthening the balance sheet and progressing what he described as “value‑accretive strategic initiatives.” The company reiterated it will provide further updates as developments warrant and included extensive forward‑looking statements language outlining risks related to markets, costs, regulation and operational execution.