Mon, Aug 19, 8:28 PM (148 days ago)
For the quarter ended June 30, 2024, IX Acquisition Corp. reported a net loss of approximately $1.3 million, driven by operating expenses of $729,679 and a significant loss of $932,500 related to the change in fair value of warrant liabilities. This contrasts sharply with a net income of $1.7 million for the same quarter in 2023, highlighting a marked decline in performance. The company’s cash position showed approximately $7,655 outside the Trust Account and $32.4 million held in the Trust Account, a slight increase from the previous quarter. However, the working capital deficit stood at about $5 million, raising concerns about liquidity. The company is in the process of a merger with AERKOMM Inc., with a PIPE investment of $35 million expected. Extensions for the business combination deadline have been made until September 12, 2024, but uncertainties remain regarding the completion of the merger. The company faces risks from market volatility and regulatory compliance, particularly concerning the Investment Company Act. The overall outlook indicates significant operational challenges and a reliance on successful merger execution to improve financial stability.