IX Acquisition Corp. Reports $2.3 Million Net Loss for Fiscal Year 2024 Amid Merger Plans with AERKOMM Inc.

IX Acquisition Corp., a blank check company formed to pursue business combinations, reported a net loss of approximately $2.3 million for the fiscal year ending December 31, 2024. This loss was primarily attributed to operating and formation expenses totaling around $2.7 million, which were partially offset by $1.2 million in income from investments held in the Trust Account. In contrast, the previous fiscal year, 2023, saw a net income of approximately $4.0 million, driven by $4.7 million in income from investments and a gain on the forfeiture of deferred underwriting commissions. The company has not generated any revenue from operations, as it has yet to complete a business combination.

Significant changes in IX Acquisition Corp.'s financial position were noted, particularly in the Trust Account, which held approximately $19 million as of December 31, 2024. This represents a decrease from the previous year, where the Trust Account balance was significantly higher due to redemptions by shareholders. In April 2023, shareholders redeemed approximately $189 million worth of shares, leading to a substantial reduction in available funds. The company has since extended its business combination deadline multiple times, with the latest extension allowing until October 12, 2025, to complete a merger.

Strategically, IX Acquisition Corp. entered into a Merger Agreement with AERKOMM Inc., a satellite communication technology company, on March 29, 2024. This agreement is a pivotal development for the company, as it aims to leverage AERKOMM's proprietary technology to provide satellite broadband connectivity. The merger is contingent upon shareholder approval and the satisfaction of customary closing conditions. Additionally, the company has secured a PIPE investment of $35 million to support the merger, with efforts to raise a total of $65 million through private placements.

Operationally, IX Acquisition Corp. has maintained a minimal workforce, with only one officer, Noah Aptekar, overseeing operations. The company has not reported any significant customer counts or user statistics, as it remains in the pre-revenue stage. The company’s market presence has been affected by compliance issues with Nasdaq, where it faced potential delisting due to not meeting the minimum shareholder requirement. However, it successfully appealed this decision and was granted continued listing status.

Looking ahead, IX Acquisition Corp. faces challenges in completing its initial business combination within the extended timeframe. The management has expressed uncertainty regarding the ability to finalize the merger with AERKOMM and has highlighted various economic factors that could impact its operations, including market volatility and geopolitical instability. The company’s future financial health will largely depend on the successful execution of the merger and the effective utilization of the funds held in the Trust Account.