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IX Acquisition Corp.(IXAQU) - 2023 Q1 - Quarterly Report
IXAQUIX Acquisition Corp.(IXAQU)2023-05-22 21:03

Financial Overview - The company raised total gross proceeds of 230millionfromtheInitialPublicOfferingof23,000,000Unitsat230 million from the Initial Public Offering of 23,000,000 Units at 10.00 per Unit [108]. - As of March 31, 2023, the company had approximately 236.5millionincashheldintheTrustAccount,intendedfortheinitialBusinessCombination[114].−ForthethreemonthsendedMarch31,2023,thecompanyreportedanetincomeofapproximately236.5 million in cash held in the Trust Account, intended for the initial Business Combination [114]. - For the three months ended March 31, 2023, the company reported a net income of approximately 1.5 million, driven by 2.1millioninincomefrominvestmentsheldintheTrustAccount[120].−Thecompanyincurredaworkingcapitaldeficitofapproximately2.1 million in income from investments held in the Trust Account [120]. - The company incurred a working capital deficit of approximately 996,000 as of March 31, 2023 [112]. - The underwriters fully exercised their over-allotment option, generating an additional 30millioningrossproceeds[124].−Thecompanyhasincurredoperatingandformationexpensesofapproximately30 million in gross proceeds [124]. - The company has incurred operating and formation expenses of approximately 278,000 for the three months ended March 31, 2023 [120]. - The company has no off-balance sheet arrangements as of March 31, 2023 [122]. - The company has entered into a Fee Reduction Agreement, reducing deferred underwriting commissions by approximately 8.1million[126].BusinessCombinationandRedemption−ThecompanyhasuntilApril12,2024,toconsummateaBusinessCombination,oritwillfacemandatoryliquidation[115].−ThecompanyplanstousesubstantiallyallfundsintheTrustAccountfortheinitialBusinessCombinationandsubsequentoperations[114].−Holdersof18,336,279ClassAordinarysharesredeemedtheirsharesforcashatapproximately8.1 million [126]. Business Combination and Redemption - The company has until April 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation [115]. - The company plans to use substantially all funds in the Trust Account for the initial Business Combination and subsequent operations [114]. - Holders of 18,336,279 Class A ordinary shares redeemed their shares for cash at approximately 10.30 per share, totaling an aggregate redemption amount of approximately 189million[138].−Afterredemptions,thebalanceintheTrustAccountwasapproximately189 million [138]. - After redemptions, the balance in the Trust Account was approximately 48 million [138]. - The Sponsor advanced 160,000forthefirstContributiononApril13,2023,andsubsequentlydepositedanother160,000 for the first Contribution on April 13, 2023, and subsequently deposited another 160,000 into the Trust Account on May 12, 2023 [141]. - On April 10, 2023, shareholders approved the Extension Proposal, Redemption Limitation Amendment Proposal, and Founder Share Amendment Proposal [136]. - Following the Founder Conversion on May 9, 2023, there were 8,665,842 Class A ordinary shares and 1,747,879 Class B ordinary shares issued and outstanding [142].