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IX Acquisition (IXAQ) - 2023 Q3 - Quarterly Report
IXAQIX Acquisition (IXAQ)2023-11-15 22:20

Financial Performance - The company had a net income of approximately 477,000forthethreemonthsendedSeptember30,2023,consistingofapproximately477,000 for the three months ended September 30, 2023, consisting of approximately 646,000 in income from investments held in the Trust Account[145]. - For the nine months ended September 30, 2023, the company reported a net income of approximately 3.6million,whichincludedapproximately3.6 million, which included approximately 4.1 million in income from investments held in the Trust Account[147]. - The company incurred operating and formation expenses of approximately 673,000fortheninemonthsendedSeptember30,2023[147].−Thecompanyincurredexpensesofapproximately673,000 for the nine months ended September 30, 2023[147]. - The company incurred expenses of approximately 0 and 30,000foradministrativeservicesduringthethreemonthsendedSeptember30,2023and2022,respectively[164].CashandInvestments−AsofSeptember30,2023,thecompanyhadapproximately30,000 for administrative services during the three months ended September 30, 2023 and 2022, respectively[164]. Cash and Investments - As of September 30, 2023, the company had approximately 50.0 million in cash held in the Trust Account, intended for the initial Business Combination[155]. - The company redeemed approximately 189millioninClassAordinaryshares,resultinginabalanceofapproximately189 million in Class A ordinary shares, resulting in a balance of approximately 48 million in the Trust Account after redemptions[135]. - The underwriters fully exercised the over-allotment option to purchase an additional 3,000,000 Units at an offering price of 10.00perUnit,generatingadditionalgrossproceedsof10.00 per Unit, generating additional gross proceeds of 30,000,000[160]. Compliance and Regulatory Matters - 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[140]. - The company has until April 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation[156]. - The company has substantial doubt about its ability to continue as a going concern for a period of time within one year after the date of the unaudited condensed financial statements[157]. Business Combination and Extensions - The company extended its Combination Period to November 12, 2023, and subsequently to December 12, 2023, with a 160,000contributionfromtheSponsorforeachextension[141][143].−ThecompanyissuedanAmendedandRestatedPromissoryNotetotheSponsorwithaprincipalamountofupto160,000 contribution from the Sponsor for each extension[141][143]. - The company issued an Amended and Restated Promissory Note to the Sponsor with a principal amount of up to 2.5 million, which may be converted into warrants[137]. Shareholder and Equity Matters - All 23,000,000 Class A ordinary shares sold in the Initial Public Offering contain a redemption feature, classified outside of permanent equity[167]. - The company has not considered the effect of the exercise of the Public Warrants and Private Placement Warrants to purchase an aggregate of 18,650,000 shares in the calculation of diluted income per share[170]. - Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets[171]. - The underwriters agreed to forfeit 66.94% of the aggregate deferred underwriting commissions of 12,100,000,resultinginatotalreductionof12,100,000, resulting in a total reduction of 8,100,000[163]. Accounting and Reporting - The company does not have any off-balance sheet arrangements as of September 30, 2023[165]. - Management does not believe there are any material recently issued accounting standards that would have a material effect on the unaudited condensed financial statements[174]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[175].