IX Acquisition Corp.(IXAQU) - 2022 Q3 - Quarterly Report

Financial Performance - For the nine months ended September 30, 2022, the company reported a net income of approximately $7.3 million, primarily due to a gain of approximately$7.0 million from the change in fair value of derivative warrant liabilities[115]. - The company incurred approximately $1.1 million in operating and formation expenses for the nine months ended September 30, 2022[115]. - The company incurred approximately$30,000 in administrative support expenses during the three months ended September 30, 2022[122]. Cash and Proceeds - The company raised total gross proceeds of $230 million from the Initial Public Offering of 23,000,000 Units at$10.00 per Unit[100]. - The underwriters fully exercised their over-allotment option, generating additional gross proceeds of $30 million to the company[120]. - The company had cash held in the Trust Account of approximately$232.6 million as of September 30, 2022, intended for the initial Business Combination[107]. - As of September 30, 2022, the company had approximately $235,000 in cash held outside of the Trust Account and a working capital deficit of approximately$353,000[104]. Business Combination - The company has until April 12, 2023, to consummate a Business Combination, after which a mandatory liquidation may occur if not completed[108]. - The company has not selected any Business Combination target and has not initiated substantive discussions with any potential targets[99]. Concerns and Risks - The company has significant costs expected in pursuit of acquisition plans, raising concerns about its ability to continue as a going concern[109]. - The company qualifies as a smaller reporting company, thus market risk disclosures are not applicable[125]. Accounting and Financial Statements - Recent accounting pronouncements discussed in the unaudited condensed financial statements[124].