Financial Performance - For the three months ended March 31, 2023, the company reported a net income of approximately $1.5 million, driven by $2.1 million in income from investments held in the Trust Account[125]. - The company incurred approximately $278,000 in operating and formation expenses for the three months ended March 31, 2023[125]. - The company had a working capital deficit of approximately $996,000 as of March 31, 2023[116]. Initial Public Offering - 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[112]. - The underwriters of the Initial Public Offering fully exercised their over-allotment option, generating additional gross proceeds of $30 million[129]. Trust Account and Liquidity - As of March 31, 2023, the company had approximately $236.5 million in cash held in the Trust Account, intended for the initial Business Combination[119]. - The company plans to use substantially all funds in the Trust Account for the initial Business Combination and subsequent operations[119]. - The company has a liquidity condition that raises substantial doubt about its ability to continue as a going concern for one year after the issuance of its financial statements[121]. Business Combination - The company has until April 12, 2024, 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[111]. Shareholder Actions - On April 10, 2023, shareholders approved the Extension Proposal, Founder Share Amendment Proposal, and Redemption Limitation Amendment Proposal[141]. - 18,336,279 Class A ordinary shares were redeemed at approximately $10.30 per share, totaling an aggregate redemption amount of approximately $189 million, leaving approximately $48 million in the Trust Account[142]. Sponsor Contributions - The Sponsor agreed to deposit a loan of up to $1 million into the Trust Account, with the first contribution of $160,000 made on April 13, 2023[144][145]. - The Board of Directors extended the Extended Date from May 12, 2023, to June 12, 2023, and requested an additional drawdown of $160,000 under the Extension Promissory Note[145]. - The Sponsor converted 4,002,121 Class B ordinary shares into Class A ordinary shares, resulting in a total of 8,665,842 Class A ordinary shares and 1,747,879 Class B ordinary shares outstanding[146].
IX Acquisition (IXAQ) - 2023 Q1 - Quarterly Report