IX Acquisition (IXAQ) - 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 for the three months ended September 30, 2022[122] Cash and Capital Structure - 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 and Strategy - The company has until April 12, 2023, to consummate a Business Combination, after which 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] - The company has a working capital strategy that includes using funds from the Trust Account for financing operations and potential acquisitions[107] Regulatory and Accounting Considerations - Recent accounting pronouncements discussed in the unaudited condensed financial statements[124] - The company qualifies as a smaller reporting company, thus certain market risk disclosures are not applicable[125]