IX Acquisition Corp.(IXAQU) - 2022 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2022, the company reported a net income of approximately $9.3 million, which included a gain of approximately$7.5 million from the change in fair value of derivative warrant liabilities[340][349]. - The Company reported an accumulated deficit of $(13,192,169) as of December 31, 2022, compared to$(19,266,026) as of December 31, 2021[378]. - For the year ended December 31, 2022, the net income was $9,286,803, compared to$9,337,120 for the previous year[379]. - The total other income for the year ended December 31, 2022, was $10,729,865, an increase from$9,952,967 in the prior year[379]. - The basic net income per share for Class A ordinary shares was $0.32 for the year ended December 31, 2022, down from$0.84 in 2021[379]. Cash and Assets - As of December 31, 2022, the company had approximately $234.4 million in cash held in the Trust Account, intended for the initial business combination[342]. - The company had cash of$70,236 at the end of the period, a decrease from $611,620 at the beginning of the period[383]. - The balance in the Company's Trust Account after redemptions is approximately$48 million[364]. - The total number of Class B ordinary shares issued to the Sponsor was 5,750,000, with an aggregate payment of $25,000[431]. - The Company held investments in the Trust Account amounting to$234,364,451, an increase from $231,151,505 as of December 31, 2021, representing a growth of approximately 1.0$10.05[397]. Shareholder Actions and Redemptions - Approximately 18,336,279 Class A ordinary shares were redeemed for cash at a price of approximately $10.30 per share, totaling an aggregate redemption amount of approximately$189 million[364]. - The Company received shareholder approval for a redemption of 18,336,279 Class A ordinary shares at approximately $10.30 per share, totaling an aggregate redemption amount of approximately$189 million[469]. - Following the redemptions, the balance in the Company's Trust Account is approximately $48 million[469]. Liabilities and Financial Health - The company had a working capital deficit of approximately$719,000 as of December 31, 2022[339]. - The Company’s financial statements indicate substantial doubt about its ability to continue as a going concern due to insufficient cash and working capital[370]. - Total liabilities decreased from $20,385,793 in December 31, 2021, to$13,495,731 in December 31, 2022[377]. - The total liabilities as of December 31, 2022, were $373,000, which included public warrants liability of$230,000 and private placement warrants liability of $143,000[458]. Initial Public Offering (IPO) - The company raised total gross proceeds of$230 million from the Public Offering of 23 million Units at $10.00 per Unit, including$30 million from the full exercise of the underwriters' over-allotment option[333][352]. - The Initial Public Offering was completed on October 12, 2021, selling 23,000,000 Units at a price of $10.00 per Unit[428]. - The company incurred transaction costs of$30,639,304 related to the Initial Public Offering[388]. - The gross proceeds from the Initial Public Offering were $230,000,000, with offering costs allocated to Class A ordinary shares totaling$28,518,755[419]. Warrants and Derivative Liabilities - Derivative warrant liabilities were recorded as $373,000 as of December 31, 2022, down from$7,889,000 in the previous year[377]. - The fair value of the Private Placement Warrants decreased from $3,289,000 as of December 31, 2021, to$143,000 as of December 31, 2022, indicating a significant decline of approximately 95.7%[465]. - The Company recognized gains of approximately $7.5 million related to changes in the fair value of warrant liabilities for the year ended December 31, 2022[465]. - The estimated fair value of the Public Warrants was measured based on the listed market price under the ticker IXAQW starting November 2021[461]. Administrative and Operating Expenses - The company incurred operating and formation expenses of approximately$1.4 million for the year ended December 31, 2022[349]. - The company incurred approximately $103,000 in administrative support expenses during the year ended December 31, 2022[354]. - The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans[400].