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IX Acquisition (IXAQ) - 2023 Q1 - Quarterly Report
IXAQIX Acquisition (IXAQ)2023-05-22 21:03

Financial Performance - For the three months ended March 31, 2023, the company reported a net income of approximately 1.5million,drivenby1.5 million, driven by 2.1 million in income from investments held in the Trust Account[125]. - The company incurred approximately 278,000inoperatingandformationexpensesforthethreemonthsendedMarch31,2023[125].−Thecompanyhadaworkingcapitaldeficitofapproximately278,000 in operating and formation expenses for the three months ended March 31, 2023[125]. - The company had a working capital deficit of approximately 996,000 as of March 31, 2023[116]. Initial Public Offering - The company completed its Initial Public Offering on October 12, 2021, raising total gross proceeds of 230millionfromthesaleof23millionUnits[112].−TheunderwritersoftheInitialPublicOfferingfullyexercisedtheirover−allotmentoption,generatingadditionalgrossproceedsof230 million from the sale of 23 million Units[112]. - The underwriters of the Initial Public Offering fully exercised their over-allotment option, generating additional gross proceeds of 30 million[129]. Trust Account and Liquidity - As of March 31, 2023, the company had approximately 236.5millionincashheldintheTrustAccount,intendedfortheinitialBusinessCombination[119].−ThecompanyplanstousesubstantiallyallfundsintheTrustAccountfortheinitialBusinessCombinationandsubsequentoperations[119].−Thecompanyhasaliquidityconditionthatraisessubstantialdoubtaboutitsabilitytocontinueasagoingconcernforoneyearaftertheissuanceofitsfinancialstatements[121].BusinessCombination−ThecompanyhasuntilApril12,2024,toconsummateaBusinessCombination,oritwillfacemandatoryliquidation[120].−ThecompanyhasnotyetselectedaBusinessCombinationtargetandhasnotinitiatedsubstantivediscussionswithanypotentialtargets[111].ShareholderActions−OnApril10,2023,shareholdersapprovedtheExtensionProposal,FounderShareAmendmentProposal,andRedemptionLimitationAmendmentProposal[141].−18,336,279ClassAordinaryshareswereredeemedatapproximately236.5 million in cash held in the Trust Account, intended for the initial Business Combination[119]. - The company plans to use substantially all funds in the Trust Account for the initial Business Combination and subsequent operations[119]. - The company has a liquidity condition that raises substantial doubt about its ability to continue as a going concern for one year after the issuance of its financial statements[121]. Business Combination - The company has until April 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation[120]. - The company has not yet selected a Business Combination target and has not initiated substantive discussions with any potential targets[111]. Shareholder Actions - On April 10, 2023, shareholders approved the Extension Proposal, Founder Share Amendment Proposal, and Redemption Limitation Amendment Proposal[141]. - 18,336,279 Class A ordinary shares were redeemed at approximately 10.30 per share, totaling an aggregate redemption amount of approximately 189million,leavingapproximately189 million, leaving approximately 48 million in the Trust Account[142]. Sponsor Contributions - The Sponsor agreed to deposit a loan of up to 1millionintotheTrustAccount,withthefirstcontributionof1 million into the Trust Account, with the first contribution of 160,000 made on April 13, 2023[144][145]. - The Board of Directors extended the Extended Date from May 12, 2023, to June 12, 2023, and requested an additional drawdown of $160,000 under the Extension Promissory Note[145]. - The Sponsor converted 4,002,121 Class B ordinary shares into Class A ordinary shares, resulting in a total of 8,665,842 Class A ordinary shares and 1,747,879 Class B ordinary shares outstanding[146].