Thu, Apr 3, 9:15 PM (24 days ago)
**IX Acquisition Corp. (IXAQ) - Summary** **Financial Performance:** - **Revenue:** No revenue generated as the company has not completed its initial business combination. - **Net Income:** Net loss of approximately $2.3 million for the year ended December 31, 2024, primarily due to operating and formation expenses. - **Operating Expenses:** $2.7 million in operating and formation expenses for 2024. - **Earnings per Share (EPS):** Basic and diluted net loss per share of $0.27 for Class A ordinary shares subject to redemption. **Strategic Overview:** - **Business Model:** IX Acquisition Corp. is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. - **Initial Public Offering (IPO):** Completed on October 12, 2021, raising $230 million. - **Trust Account:** $19 million held in the Trust Account as of December 31, 2024. **Future Outlook:** - **Business Combination:** The company is in the process of completing a business combination with AERKOMM Inc., subject to shareholder approval and other conditions. - **Extensions:** The combination period has been extended multiple times, with the current extension allowing for the combination period to extend to October 12, 2025. **Risk Factors:** - **Market Risks:** The company's ability to complete a business combination is subject to market conditions, regulatory approvals, and shareholder votes. - **Financial Risks:** The company has incurred significant costs in pursuit of its acquisition plans and has a working capital deficit of approximately $6.4 million. **Financial Condition:** - **Liquidity:** The company has approximately $3,500 in cash held outside of the Trust Account. - **Debt:** The company has a working capital deficit and has incurred debt through promissory notes and other financing arrangements. **Market Position Changes:** - **Nasdaq Listing:** The company's securities were suspended from trading on Nasdaq and are expected to trade over-the-counter. - **Shareholder Redemptions:** Shareholders have exercised their right to redeem shares, reducing the number of outstanding shares and the amount in the Trust Account.