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IX Acquisition Corp.(IXAQU) - 2023 Q4 - Annual Report
IXAQUIX Acquisition Corp.(IXAQU)2024-03-28 00:19

IPO and Fundraising - The company raised a total of 230millionfromitsInitialPublicOffering(IPO)byissuing23,000,000Unitsat230 million from its Initial Public Offering (IPO) by issuing 23,000,000 Units at 10.00 per Unit[70] - The company generated gross proceeds of 7.15millionfromthesaleof7,150,000PrivatePlacementWarrantsat7.15 million from the sale of 7,150,000 Private Placement Warrants at 1.00 per warrant[71] - Following the IPO, approximately 231.15millionwasplacedinaTrustAccount,initiallyinvestedinTreasuryobligations[72]ShareholderRedemptions−Shareholdersredeemed18,336,279ClassAordinarysharesforapproximately231.15 million was placed in a Trust Account, initially invested in Treasury obligations[72] Shareholder Redemptions - Shareholders redeemed 18,336,279 Class A ordinary shares for approximately 189 million at a redemption price of 10.31pershare[76]−Theholdersof1,817,650publicsharesredeemedtheirsharesforapproximately10.31 per share[76] - The holders of 1,817,650 public shares redeemed their shares for approximately 19.99 million at a redemption price of 11.00pershare[87]CombinationPeriodandExtensions−ThecompanyhasextendeditsCombinationPeriodmultipletimes,withthelatestextensionmovingthedeadlinetoDecember12,2023[85]−Thesponsorhascommittedtodeposit11.00 per share[87] Combination Period and Extensions - The company has extended its Combination Period multiple times, with the latest extension moving the deadline to December 12, 2023[85] - The sponsor has committed to deposit 160,000 into the Trust Account for each monthly extension of the Combination Period[90] - The company has the right to extend the Deadline Date up to 18 times for an additional month each time, potentially until October 12, 2024[88] - The company plans to continue extending the Deadline Date on a monthly basis, with the sponsor expected to deposit 50,000foreachextension[89]−ThecompanyapprovedaSecondExtensionAmendmentProposaltoextendthedateforconsummatingaBusinessCombinationuntilOctober12,2024[94]FinancialPerformance−FortheyearendedDecember31,2023,thecompanyreportedanetincomeofapproximately50,000 for each extension[89] - The company approved a Second Extension Amendment Proposal to extend the date for consummating a Business Combination until October 12, 2024[94] Financial Performance - For the year ended December 31, 2023, the company reported a net income of approximately 4.0 million, which included 4.7millioninincomefrominvestmentsheldintheTrustAccount[99]−Thecompanyincurredoperatingandformationexpensesofapproximately4.7 million in income from investments held in the Trust Account[99] - The company incurred operating and formation expenses of approximately 1.0 million for the year ended December 31, 2023[99] - As of December 31, 2023, the company had a working capital deficit of approximately 3.1million[104]−Thecompanyhadnetcashusedinoperatingactivitiesofapproximately3.1 million[104] - The company had net cash used in operating activities of approximately 605,000 for the year ended December 31, 2023[105] Liquidity and Compliance - The company plans to address liquidity concerns through the initial business combination, with a deadline of October 12, 2024, for consummating a business combination[108] - The company received a Total Shareholders Notice from Nasdaq on October 9, 2023, indicating non-compliance with the requirement of at least 400 total holders[97] - The company provided a plan to Nasdaq on November 24, 2023, to regain compliance with the listing rule, with a compliance deadline of April 6, 2024[97] Accounting and Reporting - As of December 31, 2023, the outstanding principal under the Amended and Restated Extension Promissory Note was $1,889,768[95] - The Company accounts for its promissory notes with conversion options according to ASC 815, requiring bifurcation of conversion options from host instruments[122] - Management does not anticipate any material impact from recently issued accounting standards on financial statements[123] - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[124]