IX Acquisition Corp. Reports Net Income Turnaround and Merger Progress in Q1 2025

IX Acquisition Corp. reported its financial results for the first quarter of 2025, revealing a net income of approximately $242,000, a significant turnaround from a net loss of about $721,000 in the same period last year. The company attributed this improvement to a reduction in operating and formation expenses, which decreased to $281,488 from $880,791 year-over-year. Additionally, the company recognized a gain of $373,000 from the change in fair value of derivative warrant liabilities, contributing to the overall positive financial performance.

As of March 31, 2025, IX Acquisition Corp. held total assets of approximately $19.3 million, up from $19.0 million at the end of 2024. The increase was primarily driven by cash held in the Trust Account, which rose to $19.2 million from $18.9 million. However, the company also reported a working capital deficit of approximately $6.9 million, indicating ongoing liquidity challenges. The company had cash of $3,750 outside the Trust Account, reflecting a slight increase from $3,527 at the end of the previous year.

Strategically, IX Acquisition Corp. is in the process of completing a merger with AERKOMM Inc., which is expected to serve as its initial business combination. The merger agreement has undergone several amendments, with the most recent changes made in April 2025 to adjust the closing date terms. The company has also been actively extending its business combination period, with the latest extension allowing until October 12, 2025, to finalize the merger. This extension is supported by contributions from the sponsor, which have been structured as loans to facilitate ongoing operations.

Operationally, IX Acquisition Corp. has not yet commenced any significant business activities, as it remains focused on the merger process. The company has engaged in discussions with potential business combination targets and is working to secure additional funding through private investment in public equity (PIPE) agreements. As of March 31, 2025, the company had entered into SAFE agreements for an aggregate of approximately $4.997 million, which will convert upon the closing of the merger at $11.50 per share.

Looking ahead, IX Acquisition Corp. faces substantial uncertainty regarding its ability to complete the merger by the extended deadline. The company has indicated that if it fails to consummate a business combination by October 12, 2025, it will face mandatory liquidation. Management is actively pursuing strategies to address liquidity concerns and ensure the successful completion of the merger, although there are no guarantees regarding the outcome.