IX Acquisition (IXAQ) - 2022 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2022, the company reported a net income of approximately $9.3 million, influenced by a$7.5 million gain from the change in fair value of derivative warrant liabilities[272][281]. - The company reported a net income of $9,286,803 for the year ended December 31, 2022, compared to a net income of$9,337,120 for the period from March 1, 2021, through December 31, 2021[316]. - Basic net income per share for Class A ordinary shares was $0.32 for the year ended December 31, 2022, and$0.84 for the period from March 1, 2021, through December 31, 2021[316]. - The allocation of net income for Class A ordinary shares was $7,429,442 and for Class B was$1,857,361 for the year ended December 31, 2022[369]. - For the year ended December 31, 2022, the basic net income per ordinary share for Class A was $0.32 and for Class B was also$0.32, while diluted net income per ordinary share was $0.32 for both classes[369]. Cash and Investments - 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[274]. - The company had approximately $234,364,451 in investments held in the Trust Account as of December 31, 2022, compared to$231,151,505 as of December 31, 2021[314]. - The company had a total cash balance of $70,236 at the end of 2022, down from$611,620 at the beginning of the period[323]. - The Company recorded a fair value of $234,364,451 for investments held in the Trust Account as of December 31, 2022, compared to$231,151,505 in 2021[402][403]. Business Combination and Operations - The company has until May 12, 2023, or April 12, 2024, if extensions are exercised, to complete a business combination, or it will face mandatory liquidation[275][276]. - The company has not yet selected a business combination target and has not initiated substantive discussions with any potential targets[265]. - The company plans to use substantially all funds in the Trust Account for the initial business combination and subsequent operations of the target business[274]. - The Company has until April 12, 2024, to complete a Business Combination, or it will cease operations and redeem Public Shares[335]. - The Company will proceed with a Business Combination if it has net tangible assets of at least $5,000,001 upon consummation[332]. Shareholder Activity - Shareholders redeemed 18,336,279 Class A ordinary shares at a redemption price of approximately$10.30 per share, totaling approximately $189 million[299]. - A total of 18,336,279 Class A ordinary shares were redeemed at approximately$10.30 per share, resulting in an aggregate redemption amount of approximately $189 million[412]. - After redemptions, the balance in the Company's Trust Account is approximately$48 million[412]. Liabilities and Expenses - The company incurred operating and formation expenses of approximately $1.4 million for the year ended December 31, 2022[281]. - The company incurred approximately$103,000 in administrative support expenses during the year ended December 31, 2022[288]. - The company had a working capital deficit of approximately $719,000 as of December 31, 2022[271]. - Total current liabilities increased to$1,022,731 as of December 31, 2022, from $396,793 as of December 31, 2021[314]. - The Company incurred significant costs in pursuit of its acquisition plans, raising substantial doubt about its ability to continue as a going concern[340]. Warrant and Share Information - As of December 31, 2022, there were 18,650,000 warrants outstanding, consisting of 11,500,000 Public Warrants and 7,150,000 Private Placement Warrants[386]. - The warrant liability for Public Warrants was$230,000 as of December 31, 2022, a significant decrease from $4,600,000 in 2021[402][403]. - The estimated fair value of Private Placement Warrants decreased from$3,289,000 at December 31, 2021 to $143,000 at December 31, 2022, reflecting a change of approximately 95.7$9.70 in 2021 to $10.14 in 2022, representing a growth of approximately 4.5%[408]. - The volatility of the Company's ordinary shares decreased from 9.2% in 2021 to 2.6% in 2022[408]. - The risk-free interest rate increased significantly from 1.30% in 2021 to 3.91% in 2022[408].