IX Acquisition Corp. Q1 2024 10-Q Filed

TL;DR

IXAC Q1 10-Q is in: financials updated, warrant values detailed.

AI Summary

IX Acquisition Corp. filed its 10-Q for the period ending March 31, 2024. The company's financial statements show details regarding common stock, retained earnings, and additional paid-in capital for various periods, including March 31, 2024, December 31, 2023, and March 31, 2023. The filing also details fair value measurements for public and private placement warrants, categorized under Level 2 and Level 3 inputs respectively.

Why It Matters

This filing provides investors with an update on IX Acquisition Corp.'s financial position and the valuation of its outstanding warrants as of the end of the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates and does not indicate any immediate or significant new risks.

Key Numbers

• N/A — Total Assets (Specific asset figures are not detailed in the provided snippet.)
• N/A — Total Liabilities (Specific liability figures are not detailed in the provided snippet.)
• N/A — Revenue (Revenue figures are not detailed in the provided snippet.)

Key Players & Entities

• IX Acquisition Corp. (company) — Filer of the 10-Q
• 2024-03-31 (date) — End of reporting period
• 2023-12-31 (date) — Prior period financial reporting
• 2023-03-31 (date) — Prior period financial reporting

FAQ

Key Financial Figures

• $0.0001 — LC Class A Ordinary Shares, par value $0.0001 per share IXAQA The Nasdaq Stock Ma
• $11.50 — able for one Class A Ordinary Share for $11.50 per share IXAQW The Nasdaq Stock Ma

Filing Documents

• ixaqu-20240331x10q.htm (10-Q) — 994KB
• ixaqu-20240331xex31d1.htm (EX-31.1) — 12KB
• ixaqu-20240331xex31d2.htm (EX-31.2) — 14KB
• ixaqu-20240331xex32d1.htm (EX-32.1) — 8KB
• ixaqu-20240331xex32d2.htm (EX-32.2) — 6KB
• 0001410578-24-000948.txt ( ) — 5507KB
• ixaqu-20240331.xsd (EX-101.SCH) — 62KB
• ixaqu-20240331_cal.xml (EX-101.CAL) — 21KB
• ixaqu-20240331_def.xml (EX-101.DEF) — 252KB
• ixaqu-20240331_lab.xml (EX-101.LAB) — 413KB
• ixaqu-20240331_pre.xml (EX-101.PRE) — 347KB
• ixaqu-20240331x10q_htm.xml (XML) — 768KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 34 Item 4.

Controls and Procedures

Controls and Procedures. 35

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1. Legal Proceedings. 36 Item 1A. Risk Factors. 36 Item 2. Unregistered Sales of Equity Securities , Use of Proceeds and Issuer Purchases of Equity Securities. 39 Item 3. Defaults Upon Senior Securities. 39 Item 4. Mine Safety Disclosures. 39 Item 5. Other Information. 39 Item 6. Exhibits. 40

SIGNATURES

SIGNATURES i Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. IX ACQUISITION CORP. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash $ 6,875 $ 24,278 Prepaid expenses 1,608 30,030 Total current assets 8,483 54,308 Non-current assets: Cash held in the Trust Account 31,936,145 31,440,528 Total Assets $ 31,944,628 $ 31,494,836 Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders' Deficit: Current liabilities: Accounts payable $ 207,013 $ — Accrued expenses 1,593,688 1,256,667 Extension Promissory Note 2,330,768 1,889,768 Total current liabilities 4,131,469 3,146,435 Non-current liabilities: Derivative warrant liabilities 559,500 373,000 Deferred underwriting fee payable 6,050,000 6,050,000 Total non-current liabilities 6,609,500 6,423,000 Total Liabilities 10,740,969 9,569,435 Commitments and Contingencies (Note 6) Class A ordinary shares subject to possible redemption, $ 0.0001 par value, at approximately $ 11.22 and $ 11.05 per share, respectively; 2,846,071 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 31,936,145 31,440,528 Shareholders' Deficit: Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding — — Class A ordinary shares, $ 0.0001 par value; 200,000,000 shares authorized; 4,002,121 non-redeemable shares issued or outstanding as of March 31, 2024 and December 31, 2023, respectively 401 401 Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares authorized; 1,747,879 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 174 174 Additional paid-in capital 1,270,939 1,766,556 Accumulated deficit ( 12,004,000 ) ( 11,282,258 ) Total shareholders' deficit ( 10,732,486 ) ( 9,515,127 ) Total Liabilities, Class A Ordinary Shares Subject to Possible Redempt

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View this 10-Q filing on SEC EDGAR