IX Acquisition Corp.(IXAQU) - 2023 Q2 - Quarterly Report

Financial Performance - For the six months ended June 30, 2023, the company reported a net income of approximately $3.1 million, driven by$3.5 million in income from investments held in the Trust Account [132]. - For the three months ended June 30, 2023, the company reported a net income of approximately $1.7 million, including a gain of approximately$1.4 million from investments held in the Trust Account [131]. - Net income per ordinary share is calculated by dividing net income by the weighted-average number of ordinary shares outstanding, excluding the effect of 18,650,000 warrants in the diluted income per share calculation [145]. Initial Public Offering - The company raised total gross proceeds of $230 million from the Initial Public Offering of 23,000,000 Units at$10.00 per Unit, including an over-allotment option [118]. - The underwriters of the Initial Public Offering were paid a cash underwriting discount of $4 million upon closing [138]. - The company entered into a Fee Reduction Agreement, reducing the deferred underwriting commissions by approximately$8.1 million, contingent on the valuation of the Business Combination target [139]. Business Combination - The company has until April 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation [126]. - The company has incurred significant costs in pursuit of acquisition plans and has raised substantial doubt about its ability to continue as a going concern if a Business Combination is not completed [127]. - The company has not selected any Business Combination target and has not initiated substantive discussions with any potential targets [117]. Cash and Trust Account - As of June 30, 2023, the company had approximately $49 million in cash held in the Trust Account, intended for the initial Business Combination [125]. - 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 $189 million, leaving approximately$48 million in the Trust Account [153]. Shareholder Actions - As of April 10, 2023, shareholders approved the Extension Proposal, Redemption Limitation Amendment Proposal, and Founder Share Amendment Proposal during the 2023 Extraordinary Meeting [151]. - Following the Founder Conversion on May 9, 2023, the company had 8,665,842 Class A ordinary shares and 1,747,879 Class B ordinary shares issued and outstanding [157]. Financial Instruments and Reporting - The company evaluated its financial instruments and classified derivative warrant liabilities as non-current liabilities [146]. - There have been no changes to internal control over financial reporting that materially affected the company during the quarterly period ended June 30, 2023 [164]. - Management does not anticipate any material effect from recently issued accounting standards on the unaudited condensed financial statements [150]. Other Financial Activities - The company incurred operating and formation expenses of approximately $503,000 for the six months ended June 30, 2023 [132]. - The Sponsor advanced$160,000 for the first Contribution on April 13, 2023, and continued to deposit $160,000 for subsequent extensions, totaling five extensions by August 11, 2023 [156]. - The company issued the Extension Promissory Note with a principal amount of up to$1 million, which may be converted into warrants at a price of $1.00 per warrant [155]. Legal Matters - There is no pending or contemplated litigation against the company or its officers and directors [166].