IX Acquisition Corp. Faces Delisting Notice
Ticker: IXQWF · Form: 8-K · Filed: Aug 5, 2024 · CIK: 1852019
Sentiment: bearish
Topics: delisting, listing-rules, regulatory
Related Tickers: IXAC
TL;DR
IXAC might get delisted, big trouble for shareholders.
AI Summary
IX Acquisition Corp. filed an 8-K on August 5, 2024, to report a notice of delisting or failure to satisfy continued listing rules. The company, incorporated in the Cayman Islands with principal offices in London, United Kingdom, is subject to these reporting requirements.
Why It Matters
This filing indicates potential delisting from an exchange, which could significantly impact the liquidity and valuation of IX Acquisition Corp.'s securities.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.
Key Players & Entities
- IX Acquisition Corp. (company) — Registrant
- August 5, 2024 (date) — Date of earliest event reported
- Cayman Islands (jurisdiction) — State or other jurisdiction of incorporation
- London, United Kingdom (location) — Address of principal executive offices
FAQ
What specific listing rule or standard has IX Acquisition Corp. failed to satisfy?
The filing does not specify the exact listing rule or standard that IX Acquisition Corp. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is August 5, 2024.
Where is IX Acquisition Corp. incorporated?
IX Acquisition Corp. is incorporated in the Cayman Islands.
What is the address of IX Acquisition Corp.'s principal executive offices?
The address of IX Acquisition Corp.'s principal executive offices is 53 Davies Street, London, W1K 5JH, United Kingdom.
What is the SEC file number for IX Acquisition Corp.?
The SEC file number for IX Acquisition Corp. is 001-40878.
Filing Stats: 665 words · 3 min read · ~2 pages · Grade level 14.9 · Accepted 2024-08-05 17:25:20
Key Financial Figures
- $0.0001 — ng of Class A ordinary share, par value $0.0001 per share, and one-half of one redeemab
- $11.50 — ary share, each at an exercise price of $11.50 per share IXAQW The Nasdaq Stock Ma
Filing Documents
- tm2418348d1_8k.htm (8-K) — 30KB
- 0001104659-24-085915.txt ( ) — 250KB
- ixaqu-20240805.xsd (EX-101.SCH) — 4KB
- ixaqu-20240805_def.xml (EX-101.DEF) — 27KB
- ixaqu-20240805_lab.xml (EX-101.LAB) — 36KB
- ixaqu-20240805_pre.xml (EX-101.PRE) — 25KB
- tm2418348d1_8k_htm.xml (XML) — 6KB
01 Notice of Delisting or Failure
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On October 9, 2023, IX Acquisition Corp, a Cayman Islands exempted company (the "Company"), received a written notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(2), which requires the Company to maintain at least 400 total holders for continued listing on the Nasdaq Global Market (the "Minimum Total Holders Rule"). The Company had until April 8, 2024 (the "Extension Period") to regain compliance with the Rule. On April 30, 2024, the Company received a notice (the "Notice") from Nasdaq indicating that the Company did not regain compliance with the Minimum Total Holders Rule during the Extension Period. Pursuant to the Notice, unless the Company requests a hearing before the Nasdaq Hearings Panel (the "Panel") by May 7, 2024, the Company's securities would be subject to suspension and delisting from the Nasdaq Global Market at the opening of business on May 9, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on Nasdaq. The Company timely requested a hearing before the Panel and the hearing was held on June 18, 2024. On August 5, 2024, the Panel granted the Company's request for continued listing on the Nasdaq Global Market and confirmed that the Company was in compliance with the Minimum Total Holders Rule. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IX Acquisition Corp Date: August 5, 2024 By: /s/ Noah Aptekar Name: Noah Aptekar Title: Chief Financial Officer and Chief Operations Officer