Financial Performance - The company reported a net loss of $4,395 for the three months ended September 30, 2021, resulting from operating and formation costs [94]. - Cumulative net loss from inception (March 1, 2021) through September 30, 2021, amounted to $15,572, attributed to operating and formation costs [95]. - Net cash used in operating activities was $12,542, primarily due to the net loss and changes in prepaid expenses [96]. - The company does not expect to generate operating revenues until after completing its initial business combination [93]. Financing Activities - The company generated $29,323 in net cash from financing activities, driven by $156,742 in proceeds from a Promissory Note, offset by offering costs of $127,419 [97]. - The Initial Public Offering (IPO) on October 12, 2021, raised gross proceeds of $230,000,000 from the sale of 23,000,000 units at $10.00 per unit [98]. - An additional $30,000,000 was generated from the underwriters' full exercise of the over-allotment option for 3,000,000 units at the same offering price [107]. - The company placed $231,150,000 from the IPO net proceeds into a trust account for future business combinations [100]. - The outstanding balance of the Promissory Note was $168,242 as of September 30, 2021, which was repaid on October 12, 2021 [106]. Off-Balance Sheet Arrangements - As of September 30, 2021, the company had no off-balance sheet arrangements [104].
IX Acquisition (IXAQ) - 2021 Q3 - Quarterly Report