Financial Performance - For the three months ended March 31, 2022, the company reported a net income of $3,667,570, primarily from a gain of $4,059,500 due to changes in fair value of derivative warrant liabilities[126] - The company incurred $431,268 in operating and formation expenses during the three months ended March 31, 2022[126] IPO and Fundraising - The company raised total gross proceeds of $230 million from the Initial Public Offering (IPO) by issuing 23 million Units at $10.00 per Unit[115] - An additional $30 million was generated from the underwriters' full exercise of the over-allotment option to purchase 3 million additional Units[131] - The Trust Account holds $231,150,000 from the net proceeds of the IPO and Private Placement Warrants, invested in U.S. government treasury obligations[117] Financial Position - As of March 31, 2022, the company had $402,607 in cash held outside of the Trust Account and a working capital deficit of $137,308[120] - The company has no off-balance sheet arrangements as of March 31, 2022[128] Business Combination - The company has until April 12, 2023, to consummate a Business Combination, or it will face mandatory liquidation[120] - The company has not yet selected a Business Combination target and has not initiated substantive discussions with any potential targets[114] Risks and Uncertainties - There are significant uncertainties regarding the impact of the COVID-19 pandemic and geopolitical events on the company's financial condition and operations[123][124]
IX Acquisition (IXAQ) - 2022 Q1 - Quarterly Report