IX Acquisition Corp. reported its financial results for the third quarter of 2025, revealing a net loss of approximately $770,658, compared to a net loss of $280,877 for the same period in 2024. The company's operating and formation expenses for the quarter were $177,733, a significant decrease from $630,844 in the prior year. The loss was primarily driven by a $1.3 million change in the fair value of derivative warrant liabilities, which was partially offset by $157,109 in income from cash held in the Trust Account and a $200,000 benefit from credit loss.
As of September 30, 2025, IX Acquisition Corp. reported total assets of $19.99 million, an increase from $18.99 million at the end of 2024. The Trust Account held approximately $19.8 million in cash, up from $18.9 million at the end of the previous year. The company’s current liabilities rose to $6.84 million, compared to $6.48 million at the end of 2024, while total liabilities increased to $15.69 million from $13.65 million. The shareholders' deficit also widened to $15.55 million from $13.61 million, reflecting ongoing operational losses.
Strategically, IX Acquisition Corp. is in the process of finalizing a merger with AERKOMM Inc., which is expected to serve as its initial business combination. The company has entered into several SAFE agreements to secure additional funding, with a total of $8.99 million in SAFE agreements executed as of the filing date. The merger agreement has undergone multiple amendments to address various operational and financial considerations, including adjustments to the definitions of indebtedness and working capital.
Operationally, IX Acquisition Corp. has faced challenges, including a working capital deficit of approximately $6.7 million as of September 30, 2025. The company has made several extensions to its business combination deadline, with the latest extension allowing until October 12, 2026, to complete the merger. The company has also been proactive in addressing compliance issues with Nasdaq, successfully regaining compliance with listing requirements after a temporary suspension.
Looking ahead, IX Acquisition Corp. remains focused on completing its merger with AERKOMM and addressing its liquidity challenges. The management has expressed uncertainty regarding the ability to consummate the business combination within the extended timeframe, which raises substantial doubt about the company's ability to continue as a going concern. The company plans to utilize the funds held in the Trust Account to facilitate the merger and support operational needs post-combination.
About IX Acquisition Corp.
IX Acquisition Corp. is a Cayman Islands-based blank check company focused on identifying and completing a business combination. It operates as a shell company with no current operations, raising funds through an initial public offering and private placements. Its strategy involves merging with or acquiring a target business, notably in the satellite communication sector, leveraging its capital to facilitate strategic acquisitions.
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