Tue, Aug 20, 8:24 PM (147 days ago)
IX Acquisition Corp. filed an amendment to its Form 10-Q for the quarter ending June 30, 2024, primarily to include XBRL documents and clarify certain disclosures. The company reported a net loss of approximately $1.3 million for Q2 2024, driven by $730,000 in operating expenses and a $932,000 loss from changes in warrant liabilities, partially offset by $344,000 in income from its Trust Account. For the six months ending June 30, 2024, the net loss totaled about $2 million. The company holds approximately $32.4 million in its Trust Account, with a working capital deficit of $5 million. Recent activities include securing an extension for its business combination deadline until September 12, 2024, supported by monthly contributions from its sponsor. The company faces uncertainties regarding its ability to complete a business combination and has disclosed substantial doubt about its going concern status. Additionally, it has been actively managing compliance with Nasdaq listing requirements, successfully maintaining its listing after addressing prior deficiencies. Future operations hinge on completing a business combination, and management acknowledges the potential for significant financial implications if not achieved by the deadline.