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IX Acquisition Corp. (IXAQF0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial position, including assets totaling $18,993,995 and liabilities amounting to $13,649,933. The company reported a working capital deficit of approximately $6.4 million.
The report highlights the company's ongoing efforts to complete a business combination with AERKOMM Inc., a Nevada corporation. The merger agreement, initially signed on March 29, 2024, has undergone amendments to address various conditions and obligations.
IX Acquisition Corp. has extended its combination period multiple times, with the current deadline set for October 12, 2025. The extensions have been supported by monthly contributions from the sponsor.
The company reported a net loss of $2,274,976 for the year ended December 31, 2024, compared to a net income of $4,018,393 in the previous year. The loss was primarily due to operating and formation expenses.
The filing indicates that the company has not commenced any operations and has not generated any revenues. Its activities have been focused on identifying and evaluating potential business combination targets.
The report also discusses the company's warrant liabilities, which are classified as derivative liabilities and are subject to re-measurement at each reporting date.
IX Acquisition Corp. acknowledges the challenges and uncertainties it faces in completing a business combination, including potential delisting from Nasdaq and the need to secure additional financing.
The filing outlines the company's strategic agreements, including the PIPE Investment and SAFE Investment, which are intended to support the business combination with AERKOMM.
The company has identified substantial doubt about its ability to continue as a going concern, citing the need to complete a business combination within the specified period or face liquidation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IX Acquisition Corp. annual 10-K report dated April 3, 2025. To report an error, please email earnings@qz.com.