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[211]. - The company also raised $7.15 million from the sale of 7.15 million Private Placement Warrants at $1.00 per warrant[212]. - The company has entered into a PIPE Investment agreement for $35 million at $11.50 per share of AERKOMM's common stock, with efforts to secure a minimum of $45 million in total PIPE investments[223][225]. - The company has engaged Benchmark as a non-exclusive PIPE placement agent for a private placement of approximately $30 million[230]. - 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[296]. - The total deferred underwriting commissions originally agreed upon was $12,100,000, with a reduction of $8,100,000 due to the Fee Reduction Agreement, resulting in a new total of $4,000,000[298]. - 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[297]. Business Combination and Extensions - The company has a Merger Agreement with AERKOMM, with amendments made to adjust lock-up periods and escrowed shares[214][217]. - The company has provisions in place to return funds held in the Trust Account to public shareholders if the initial business combination is not completed within the specified period[213]. - The company has the right to extend the Deadline Date for a total of up to 18 months, from April 12, 2023, to October 12, 2024[253]. - 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[267]. - The company announced an extension of the Combination Period from October 12, 2025, to November 12, 2025, with a sponsor deposit of $160,000[249]. - The Company plans to address liquidity concerns through the initial business combination, with a deadline of October 12, 2026, for consummating a business combination[292]. - The Company has raised substantial doubt about its ability to continue as a going concern if a business combination is not completed by the extended deadline[293]. Financial Performance - For the six months ended June 30, 2025, the Company reported a net loss of approximately $274,000, with operating and formation expenses of approximately $356,000[283]. - As of June 30, 2025, the Company had approximately $582,000 in cash held outside of the Trust Account and a working capital deficit of approximately $6.9 million[288]. - The Company had cash held in the Trust Account of approximately $19.5 million as of June 30, 2025, intended for the initial business combination[291]. - The Company incurred a net loss of approximately $2.0 million for the six months ended June 30, 2024, with significant expenses related to operating and formation costs[285]. Shareholder Activities - Shareholders redeemed 18,336,279 Class A ordinary shares for approximately $189 million at a redemption price of $10.31 per share[242]. - The holders of 1,817,650 public shares redeemed shares for approximately $19.99 million at a redemption price of $11.00 per share[254]. - The Company has 23,000,000 Class A ordinary shares subject to possible redemption, which are classified outside of permanent equity due to redemption provisions not solely within the Company's control[303]. 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[274]. - The Company successfully requested a hearing before the Nasdaq Hearings Panel, resulting in continued listing on the Nasdaq Global Market on August 5, 2024[277]. Accounting and Financial Reporting - The company has committed to filing its Form 10-K with the SEC by July 21, 2025, and its first quarter Form 10-Q by the same date[236]. - The Company entered into an agreement to pay up to $10,000 per month for administrative services, which will cease upon completion of a Business Combination or liquidation[299]. - The Company has no off-balance sheet arrangements as of June 30, 2025[300]. - The adoption of ASU 2023-07 had no material impact on the Company's condensed consolidated financial statements[308]. - The Company is evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories[310]. - The underwriters' deferred fee is payable only upon the completion of a business combination, subject to the terms of the Underwriting Agreement[298]. - The Company does not believe that any recently issued accounting standards will have a material effect on its financial statements[311].
IX Acquisition Corp.(IXAQU) - 2025 Q2 - Quarterly Report