IX Acquisition Corp. Files Q2 2024 10-Q Report

TL;DR

IX Acquisition Corp. filed its Q2 10-Q. All systems go from London.

AI Summary

IX Acquisition Corp. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, incorporated in the Cayman Islands, is based in London, United Kingdom, and operates in the Communication Services sector. Its principal executive offices are located at Arch 124, 53 Davies Street, London.

Why It Matters

This filing provides investors with an update on IX Acquisition Corp.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Numbers

• 06/30/2024 — Quarter End Date (Reporting period for the 10-Q)
• 001-40878 — Commission File Number (Identifier for the SEC filing)

Key Players & Entities

• IX Acquisition Corp. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• Cayman Islands (location) — Jurisdiction of incorporation
• London, United Kingdom (location) — Principal executive office location
• Arch 124, 53 Davies Street (address) — Principal executive office street address
• 001-40878 (company_id) — Commission File Number

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
• $11.39 — on, $0.0001 par value, at approximately $11.39 and $11.05 per share, respectively; 2,8
• $11.05 — par value, at approximately $11.39 and $11.05 per share, respectively; 2,846,071 shar
• $10.00 — f its over-allotment option in full, at $10.00 per Unit, generating total gross procee
• $230,000,000 — nit, generating total gross proceeds of $230,000,000 (see Note 3). Simultaneously with the
• $1.00 — e “warrants”) at a price of $1.00 per Private Placement Warrant in a priv
• $7,150,000 — n”), generating gross proceeds of $7,150,000 (the “Private Placement”) (
• $30,639,304 — Note 4). Transaction costs amounted to $30,639,304, consisting of $4,000,000 of underwriti
• $4,000,000 — amounted to $30,639,304, consisting of $4,000,000 of underwriting fees, $12,100,000 of de
• $12,100,000 — ing of $4,000,000 of underwriting fees, $12,100,000 of deferred underwriting fees (See Note
• $13,853,689 — difference on underwriting agreement), $13,853,689 for the excess of the fair value over t
• $685,615 — r Investors (as defined in Note 5), and $685,615 of other offering costs. Upon the clos
• $231,150,000 — ering on October 12, 2021, an amount of $231,150,000 from the net proceeds of the sale of th
• $10.05 — nt then in the Trust Account (initially $10.05 per Public Share, plus (x) any pro rata

Filing Documents

• tm2416975d3_10q.htm (10-Q) — 517KB
• tm2416975d3_ex31-1.htm (EX-31.1) — 11KB
• tm2416975d3_ex31-2.htm (EX-31.2) — 12KB
• tm2416975d3_ex32-1.htm (EX-32.1) — 5KB
• tm2416975d3_ex32-2.htm (EX-32.2) — 5KB
• 0001104659-24-090851.txt ( ) — 550KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Deficit for the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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. 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

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. IX ACQUISITION CORP. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash $ 7,655 $ 24,278 Prepaid expenses 41,505 30,030 Due from related party 4,380 Total current assets 53,540 54,308 Non-current assets: Cash held in the Trust Account 32,430,440 31,440,528 Total Assets $ 32,483,980 $ 31,494,836 Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: Current liabilities: Accounts payable $ 116,281 $ — Accrued expenses 1,836,656 1,256,667 Extension Promissory Note 3,103,268 1,889,768 Total current liabilities 5,056,205 3,146,435 Non-current liabilities: Derivative warrant liabilities 1,492,000 373,000 Deferred underwriting fee payable 6,050,000 6,050,000 Total non-current liabilities 7,542,000 6,423,000 Total Liabilities 12,598,205 9,569,435 Commitments and Contingencies (Note 6) Class A ordinary shares subject to possible redemption, $0.0001 par value, at approximately $11.39 and $11.05 per share, respectively; 2,846,071 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 32,430,440 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 June 30, 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 June 30, 2024 and December 31, 2023, respectively 174 174 Additional paid-in capital 776,644 1,766,556 Accumulated deficit (13,321,884 ) (11,282,258 ) Total shareholders’ deficit (12,544,665 ) (9,515,127 ) Total Liabilities, Class A Ordinary Shar

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