10-Q - IX Acquisition Corp. (0001852019) (Filer)

Wed, May 22, 9:16 PM (245 days ago)

IX Acquisition Corp., a blank check company, reported its financial performance for the quarter ended March 31, 2024. The company recorded a net loss of approximately $722,000, primarily driven by operating and formation expenses of $881,000 and a $187,000 loss from changes in the fair value of derivative warrant liabilities. These losses were partially offset by income from cash and investments held in the Trust Account, totaling $346,000. As of March 31, 2024, IX Acquisition had $31.9 million in cash held in the Trust Account and a working capital deficit of $4.1 million. The company has been extending its deadline to complete a business combination, with the latest extension pushing the deadline to June 12, 2024. The company has also entered into a Merger Agreement with AERKOMM Inc. and has secured $2 million in SAFE Investment. IX Acquisition faces substantial doubt about its ability to continue as a going concern due to its liquidity condition and mandatory liquidation if it fails to complete a business combination by the extended deadline. The company is also addressing compliance issues with Nasdaq listing requirements and has taken steps to mitigate risks associated with being deemed an investment company.