IX Acquisition Corp. reported a net income of approximately $1.96 million for the three months ended March 31, 2026, a significant increase from the $242,000 reported in the same period of the previous year. This growth was primarily driven by a $1.87 million gain from the change in the fair value of derivative warrant liabilities, compared to a $373,000 gain in the prior year. The company also generated $61,470 in income from cash held in its Trust Account, down from $150,613 in the previous year. The basic and diluted net income per share for Class A ordinary shares was $0.30, up from $0.03 in the prior year.
In terms of financial position, IX Acquisition Corp. reported total assets of $9.5 million as of March 31, 2026, an increase from $9.16 million at the end of 2025. Current assets rose to $573,202, driven by an increase in cash to $373,452 from $178,975 at the end of the previous year. The company’s total liabilities decreased to $14.26 million from $15.89 million, largely due to a reduction in derivative warrant liabilities, which fell to $932,500 from $2.8 million.
Strategically, IX Acquisition Corp. is in the process of completing a merger with AERKOMM Inc., which was formalized through a Merger Agreement on March 29, 2024. The company has been actively working to secure additional funding through private investments, with a target of raising at least $15 million through simple agreements for future equity (SAFE Agreements). As of March 31, 2026, the company had recorded a receivable of $3.45 million related to a target delay charge from AERKOMM, with a full allowance for credit loss recognized.
Operationally, IX Acquisition Corp. has faced challenges, including a working capital deficit of approximately $6.7 million as of March 31, 2026. The company has been extending its business combination period, with the latest extension allowing until October 12, 2026, to complete the merger. The company has made monthly deposits into its Trust Account to facilitate these extensions, with a total of $28,042 deposited for each month from April to August 2026. Management has expressed uncertainty regarding the ability to complete the business combination within the specified timeframe, raising concerns about the company's ability to continue as a going concern.
Looking ahead, IX Acquisition Corp. aims to finalize its merger with AERKOMM and secure the necessary funding to support its operations. However, the company acknowledges the risks associated with market conditions and the potential for further delays in completing the business combination. The management's plans to address these uncertainties hinge on the successful execution of the merger and the ability to generate sufficient capital to support ongoing operations.
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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