IXAQFOTCCommunications Services, NECUS GAAP · USD

IX Acquisition Corp.

IX Acquisition Corp. is a blank check company formed to complete a merger, acquisition, or similar business combination with an operating business. Since inception, its activities have centered on raising capital, holding funds in trust, and negotiating a de-SPAC transaction, including a proposed combination with AERKOMM.

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Operating profit (EBIT)-0.2m USD
+92.5 %y/y
Net income-0.8m USD
+63.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-3-2-10m USD2021: EBIT -0.62 m USD20212022: EBIT -1.4 m USD20222023: EBIT -1.0 m USD20232024: EBIT -2.7 m USD20242025: EBIT -0.20 m USD2025-0.20
RevenueOperating profit (EBIT)
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Business

Share of revenue
SPAC capital vehicle100 %

Capital raised in the IPO and held in trust to fund a future business combination.

Transaction structuring and execution0 %

Merger agreement work, sponsor support, and closing-related transaction activities.

Public equity and warrant instruments0 %

Class A shares, rights, and warrants issued to investors as part of the SPAC structure.

Customers

The company does not sell products or services to end customers in the normal operating sense. Its investors are public shareholders, warrant holders, and sponsor-related parties who provide capital and participate in the SPAC structure while management searches for a target business. The eventual customer base depends entirely on the operating company acquired in the business combination.

Public investors

Buy units, shares, rights, and warrants for exposure to a future business combination and redemption rights.

Sponsor and affiliates

Provide seed capital, administrative support, and transaction execution support to complete a merger.

Target company owners

Would exchange their business for public-company equity if the proposed merger closes.

Strategy

The company’s core strategy is to complete an initial business combination before the liquidation deadline and use trust proceeds to fund the combined company. Recent filings show active work on the AERKOMM merger, including multiple amendments to the merger agreement and Nasdaq listing-related steps.

Close the initial business combinationShort term

The company has no operating business or revenue until a merger closes, so deal completion is existential.

Maintain listing and transaction readinessShort term

Nasdaq review, delisting, and OTC quotation affect market access and the ability to close a public-company transaction.

Preserve liquidity and extension capacityShort term

The company needs enough cash and time to fund transaction costs and avoid liquidation.

Geography

IX Acquisition Corp. is a U.S.-focused capital markets vehicle, although it was incorporated as a Cayman Islands exempted company. Its business activity is centered on U.S. securities markets and Nasdaq/OTC trading venues, while the target search can extend globally depending on the merger candidate.

Risks

The company faces classic SPAC execution risk: if it cannot close a business combination by the deadline, it must liquidate. It also faces regulatory and market-structure risk from delisting, potential Investment Company Act issues, and the possibility that the proposed merger fails or is delayed.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Mandatory liquidation if no business combination closes by deadline1Going concern uncertainty2Investment Company Act classification risk3Merger execution and counterparty risk4Market and geopolitical volatility5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Mandatory liquidation if no business combination closes by deadlineImpact: CriticalLikelihood: High

    The company has no operating business and depends on completing a merger before the combination period expires.

    Exposure: All equity holders and warrant holders

  2. Going concern uncertaintyImpact: HighLikelihood: High

    Management disclosed substantial doubt because the company may need additional financing and faces a liquidation deadline.

    Exposure: Corporate liquidity and transaction completion

  3. Investment Company Act classification riskImpact: HighLikelihood: High

    If deemed an investment company, the SPAC could be forced to abandon the merger process and liquidate.

    Exposure: Trust account structure and business combination plan

  4. Merger execution and counterparty riskImpact: HighLikelihood: High

    The AERKOMM transaction requires amendments, closing conditions, and regulatory steps that may not be satisfied.

    Exposure: Proposed initial business combination

  5. Market and geopolitical volatilityImpact: MediumLikelihood: Medium

    Conflict and broader market disruption can make target valuation and financing more difficult.

    Exposure: Target sourcing and deal terms

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Accounting

Judgemental items
Redeemable equity classification

Public shares contain redemption features that require classification outside permanent equity under ASC 480.

Impact: Affects balance sheet equity and redemption value adjustments

Warrant liability fair value

Public and private warrants are treated as derivatives and remeasured each period.

Impact: Can create non-cash gains or losses in the statement of operations

Trust account interest and redemption accounting

Interest income and changes in redemption value affect the amount available for a future merger or liquidation.

Impact: Impacts liquidity presentation and equity classification

Deferred underwriting fees

Fees are payable only if a business combination closes, so accounting depends on transaction outcome.

Impact: Affects closing costs and cash available from the trust

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Last updated: 24/09/2026