Financial Performance - The company reported a net income of $9,337,120 for the period from March 1, 2021, through December 31, 2021, primarily due to a gain on the change in the fair value of warrant liabilities amounting to $13,216,000[267]. - Net income for the period from March 1, 2021, to December 31, 2021, was $9,337,120, resulting in a basic net income per share of $0.84 for both Class A and Class B ordinary shares[313]. - The Company incurred operating and formation costs of $615,847, leading to a loss from operations of the same amount[313]. - Basic net income per share for Class A and Class B ordinary shares was $0.84, while diluted net income per share was $0.81 for the period from inception through December 31, 2021[359]. - As of December 31, 2021, the Company reported a net income of $9,337,120[319]. Cash and Financing - Total net cash used in operating activities was $710,467, influenced by a non-cash gain on the change in fair value of warrant liabilities[269]. - As of December 31, 2021, the company had cash of $611,620 held outside the Trust Account, with a working capital surplus of $502,916[280]. - The company may need to obtain additional financing to consummate its initial business combination or due to potential redemptions of public shares[278]. - The company raised total gross proceeds of $230,000,000 from its Initial Public Offering, which included 23,000,000 Units sold at $10.00 per Unit[323]. - The company placed $231,150,000 from the net proceeds of the Initial Public Offering into a Trust Account, which will be invested in U.S. government treasury obligations[326]. Initial Public Offering (IPO) - The company generated gross proceeds of $230,000,000 from the Public Offering of 23,000,000 units at $10.00 per unit[273]. - An additional $30,000,000 was generated from the underwriters' full exercise of the over-allotment option to purchase 3,000,000 additional units[284]. - Transaction costs for the Initial Public Offering amounted to $30,639,304, including $4,000,000 in underwriting fees and $12,100,000 in deferred underwriting fees[325]. - The Company recognized offering costs of $2,120,549, which were expensed in the statement of operations[313]. - The Company incurred offering costs of $30,639,304 related to the Initial Public Offering, with $28,518,755 charged to shareholders' equity and $2,120,549 expensed immediately[353]. Warrant Liabilities - The Company evaluated its warrant liabilities and concluded they should be recorded as derivative liabilities, measured at fair value[361]. - The Company has a warrant liability of $4,600,000 for Public Warrants and $3,289,000 for Private Placement Warrants, totaling $7,889,000 in liabilities[405]. - The fair value of Public Warrants was $0.40 per warrant as of December 31, 2021, based on observable market quotes[407]. - The estimated fair value of the Private Placement Warrant liabilities is determined using Level 3 inputs, with changes recognized in the statement of operations[408]. - The total change in fair value of warrant liabilities recognized was $13,216,000 from March 1, 2021, through December 31, 2021[409]. Business Operations and Future Outlook - The company does not expect to generate operating revenues until after the completion of its initial business combination[266]. - Management expressed substantial doubt about the Company's ability to continue as a going concern due to insufficient cash and working capital as of December 31, 2021[304]. - The Company has a deadline of April 12, 2023, to complete its initial Business Combination or return funds to public shareholders[326]. - The Company has until April 12, 2023, to complete a Business Combination, or it will cease operations and redeem Public Shares at a price based on the Trust Account balance[333]. - The Company has committed to loan up to $1,400,000 for working capital purposes, convertible into Private Placement Warrants at $1.00 per warrant[386]. Shareholder Information - The Company reported a total of 23,000,000 Class A ordinary shares subject to possible redemption at a redemption value of $10.05 per share, amounting to $231,151,505[311]. - The Class A ordinary shares subject to possible redemption totaled $231,151,505 as of December 31, 2021, after accounting for various adjustments[352]. - The company will provide public shareholders the opportunity to redeem their shares for a pro rata portion of the Trust Account, initially valued at $10.05 per Public Share[329]. - The Company has 23,000,000 Class A ordinary shares with a redemption feature, which are classified outside of permanent equity due to SEC guidance[349]. - The initial shareholders agreed to a lock-up period for Founder Shares until one year after a Business Combination or under certain price conditions[378]. Administrative and Operational Expenses - The company incurred expenses of $26,301 under an administrative support agreement for office space and services during the reporting period[286]. - The Company incurred additional operational expenses of $23,699 paid to IX Acquisition Services LLC during the same period[385]. - The Company has not commenced any operations as of December 31, 2021, with all activities related to its formation and Initial Public Offering[322]. - The company is subject to risks associated with being an early stage and emerging growth company[321]. - Management continues to assess the impact of the COVID-19 pandemic, which may negatively affect the Company's financial position and operations[339].
IX Acquisition (IXAQ) - 2021 Q4 - Annual Report