IPO and Fundraising - The company raised a total of $230 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 $7.15 million from the sale of 7,150,000 Private Placement Warrants at $1.00 per warrant[71] - Following the IPO, approximately $231.15 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 $10.31 per share[76] - The holders of 1,817,650 public shares redeemed their shares for approximately $19.99 million at a redemption price of $11.00 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 $50,000 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 $4.7 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 $3.1 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]
IX Acquisition Corp.(IXAQU) - 2023 Q4 - Annual Report