Fundraising and Proceeds - The company raised total gross proceeds of $230 million from its Initial Public Offering by issuing 23 million Units at $10.00 per Unit[106]. - The company generated gross proceeds of $7.15 million from the sale of 7.15 million Private Placement Warrants at $1.00 each[107]. - The underwriters fully exercised their over-allotment option, generating additional gross proceeds of $30 million to the company[127]. Financial Position - As of June 30, 2022, the company had approximately $231.5 million in cash held in the Trust Account, intended for the initial Business Combination[113]. - As of June 30, 2022, the company had a working capital deficit of approximately $119,000[110]. Income and Expenses - For the six months ended June 30, 2022, the company reported a net income of approximately $5.4 million, primarily due to a gain of $5.8 million from the change in fair value of derivative warrant liabilities[122]. - The company incurred approximately $773,000 in operating and formation expenses for the six months ended June 30, 2022[122]. - The company incurred $30,000 in administrative support expenses for the three months ended June 30, 2022[129]. Business Combination Status - The company has until April 12, 2023, to consummate a Business Combination, after which mandatory liquidation may occur if not completed[114]. - The company has not selected any Business Combination target and has not initiated substantive discussions with any potential targets[105]. Accounting and Reporting - Recent accounting pronouncements discussed in the unaudited condensed financial statements[131]. - The company qualifies as a smaller reporting company, thus market risk disclosures are not applicable[132].
IX Acquisition (IXAQ) - 2022 Q2 - Quarterly Report