Financing Activities - The company completed its Initial Public Offering on October 12, 2021, raising total gross proceeds of $230 million from the sale of 23 million Units at $10.00 per Unit[210]. - The company also generated gross proceeds of $7.15 million from the sale of 7.15 million Private Placement Warrants at $1.00 per warrant[211]. - AERKOMM is expected to secure a minimum PIPE Investment Amount of at least $45 million, with a total target of $65 million[224]. - The company has entered into a Capital Markets Advisory Agreement for a private placement of approximately $30 million, with Benchmark receiving a fee of 5% of gross proceeds[229]. - The underwriters fully exercised the over-allotment option to purchase an additional 3,000,000 Units at an offering price of $10.00 per Unit, generating additional gross proceeds of $30,000,000[302]. - The total deferred underwriting commissions originally agreed upon was $12,100,000, of which $8,100,000 was forfeited under the Fee Reduction Agreement, resulting in a remainder of $4,000,000[304]. - The cash underwriting discount paid to underwriters upon the closing of the Initial Public Offering was $4,000,000, with additional deferred fees totaling $12,100,000[303]. Merger and Acquisition Activities - The company entered into a Merger Agreement with AERKOMM Inc. on March 29, 2024, with customary representations and warranties[213]. - The company has amended the Merger Agreement to change the percentage of Founder Shares treated as escrowed from 50% to 25%[216]. - The SAFE Agreements will automatically convert upon the closing of the merger at $11.50 per share, potentially resulting in the issuance of 735,423 additional shares[228]. - The Company plans to address liquidity concerns through the initial business combination, with a deadline of October 12, 2026, for completion[298]. Trust Account and Cash Management - The Company has placed $231.15 million from the IPO proceeds in a Trust Account, which will be held in an interest-bearing demand deposit account until the completion of the initial business combination[212]. - As of September 30, 2025, the Company had approximately $19.8 million in cash held in the Trust Account, intended for the initial business combination[297]. - Shareholders redeemed 18,336,279 Class A ordinary shares at approximately $10.31 per share, totaling around $189 million, leaving approximately $48 million in the Trust Account[245][269]. - The sponsor agreed to deposit $160,000 into the Trust Account for each month of extension from April to November 2023, totaling $1.28 million[270]. Business Combination Extensions - The Company extended the Deadline Date for business combinations multiple times, with the latest extension announced on October 12, 2023, moving the date to November 12, 2023[252]. - The Company approved the Second Extension Amendment, allowing the board to extend the deadline for a Business Combination up to ten times until October 12, 2024, with a monthly contribution of $50,000 required[272]. - The Fourth Extension Amendment Proposal was approved, allowing the Board to extend the business combination deadline monthly up to twelve times until October 12, 2026[263]. - The Company made twelve deposits of $48,311 each for extension contributions to maintain the business combination deadline until October 12, 2025[276]. Financial Performance - For the three months ended September 30, 2025, the Company reported a net loss of approximately $771,000, primarily due to a $1.3 million change in fair value of derivative warrant liability[287]. - The Company incurred a net loss of approximately $1 million for the nine months ended September 30, 2025, with significant contributions from cash held in the Trust Account[288]. - The Company reported a working capital deficit of approximately $6.7 million as of September 30, 2025[294]. 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[279]. - The Company successfully requested a hearing before the Nasdaq Hearings Panel, resulting in continued listing on the Nasdaq Global Market on August 5, 2024[282]. Accounting and Financial Reporting - The Company does not anticipate any material impact from the adoption of ASU 2023-09 on its financial statements[315]. - The Company is currently evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories[316]. - Management does not believe there are any material recently issued accounting standards that would significantly affect the financial statements[317].
IX Acquisition Corp.(IXAQU) - 2025 Q3 - Quarterly Report