IX Acquisition Corp. Releases Q2 2024 10-Q Report Highlighting Financial and Business Developments
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IX Acquisition Corp., a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, has released its Form 10-Q report for the second quarter of 2024. The report provides insights into the company's financial performance and ongoing efforts to secure a business combination.
Financial Highlights
- Operating and formation expenses: $1.61 million for the six months ended June 30, 2024, compared to $0.50 million for the same period in 2023, indicating an increase in operational costs.
- Loss from operations: $(1.61) million for the six months ended June 30, 2024, compared to $(0.50) million for the same period in 2023, reflecting higher operating expenses.
- Income from cash and investments held in the Trust Account: $0.69 million for the six months ended June 30, 2024, compared to $3.48 million for the same period in 2023, showing a decrease in income from investments.
- Change in fair value of derivative warrant liabilities: $(1.12) million for the six months ended June 30, 2024, compared to $(0.19) million for the same period in 2023, indicating a significant increase in liability valuation.
- Net (loss) income: $(2.04) million for the six months ended June 30, 2024, compared to $3.13 million for the same period in 2023, highlighting a shift from profit to loss.
- Basic and diluted net (loss) income per share, Class A ordinary shares: $(0.24) for the six months ended June 30, 2024, compared to $1.04 for the same period in 2023, reflecting a decrease in earnings per share.
Business Highlights
- Company Overview: IX Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company is not limited to a particular industry or geographic region for purposes of consummating a business combination.
- Business Combination Efforts: The company has been actively seeking a prospective initial business combination since its initial public offering on October 12, 2021. As of June 30, 2024, the company had not commenced any operations beyond its formation and the search for a business combination.
- Trust Account Management: To mitigate the risk of being deemed an investment company, IX Acquisition Corp. liquidated its investments held in the trust account and now holds funds in an interest-bearing demand deposit account.
- Extension of Business Combination Period: The company has extended its business combination period multiple times, with the current extension allowing until October 12, 2024, subject to monthly extension deposits.
- Merger Agreement with AERKOMM Inc.: On March 29, 2024, IX Acquisition Corp. entered into a merger agreement with AERKOMM Inc., marking a significant step towards its initial business combination.
- PIPE Investment and SAFE Agreements: The company is working to secure a PIPE investment of at least $45 million and has entered into SAFE agreements for additional funding, demonstrating proactive efforts to ensure sufficient capital for the business combination.
- Sponsor Support and AERKOMM Support Agreements: The company has secured support agreements with its sponsor and certain AERKOMM shareholders to facilitate the approval and completion of the merger agreement.
- Nasdaq Listing Compliance: IX Acquisition Corp. received a notice from Nasdaq regarding non-compliance with the minimum total holders rule but has since taken steps to address this issue and maintain its listing status.