IX Acquisition Corp. Reports Net Income Turnaround and Merger Plans with AERKOMM Inc.

IX Acquisition Corp. reported a net income of approximately $919,774 for the three months ended June 30, 2026, a significant turnaround from a net loss of $516,153 during the same period in 2025. For the six months ended June 30, 2026, the company recorded a net income of $2,881,657, compared to a loss of $274,028 in the prior year. The improved financial performance was primarily driven by a gain of $559,500 from the change in fair value of derivative warrant liabilities and income from cash held in the Trust Account, which totaled $116,774 for the six-month period.

The company’s total assets increased to $9,630,680 as of June 30, 2026, up from $9,160,696 at the end of 2025. This growth was attributed to an increase in cash held in the Trust Account, which rose to $9,066,245 from $8,781,221. However, IX Acquisition Corp. also reported a working capital deficit of approximately $6.5 million, indicating ongoing liquidity challenges. The company had approximately $104,000 in cash outside of the Trust Account as of the end of the reporting period.

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, signed on March 29, 2024, includes provisions for a PIPE investment of $35 million at $11.50 per share, alongside commitments to secure additional funding through SAFE agreements totaling $15 million. As of June 30, 2026, the company had entered into SAFE agreements for an aggregate of $8,997,200, which will convert into shares upon the closing of the merger.

Operationally, IX Acquisition Corp. has faced challenges, including a significant reduction in its customer base, as evidenced by the redemption of 18,336,279 Class A ordinary shares for cash at an approximate price of $10.31 per share, totaling around $189 million. This redemption reduced the balance in the Trust Account to approximately $48 million. The company has also been proactive in addressing compliance issues with Nasdaq, having received a notice regarding its total shareholder count, which it successfully addressed to maintain its listing.

Looking ahead, IX Acquisition Corp. has until October 12, 2026, to complete its business combination, with the potential for further extensions. However, the company’s management has expressed uncertainty regarding its ability to consummate the merger within this timeframe, raising concerns about its future viability. The company plans to utilize the funds in the Trust Account to facilitate the merger and cover operational costs, but there is no assurance that these plans will be successful.