IX Acquisition Corp. is a Cayman Islands-based blank check company (SPAC) that has not engaged in any operational activities or revenue generation, focuses on identifying a business combination, and is currently in process of merging with AERKOMM Inc.

# Company Summary – IX Acquisition Corp.

- **Type of Company:** Blank check company (special purpose acquisition company, or SPAC) incorporated in the Cayman Islands on March 1, 2021.

- **Primary Purpose:** To effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.

- **Operations and Revenue:** 
  - Has **not** engaged in any operations or generated any revenue to date.
  - Activity has been limited to formation, preparing for initial public offering, and searching for a target business.
  - Generates **non-operating income** primarily in the form of interest income from funds held in the Trust Account.

- **Employees:** 
  - Currently has **one officer**: Noah Aptekar.
  - The officer does not have an obligated number of hours but intends to devote as much time as necessary until the initial business combination is completed.
  - No full-time employees are planned prior to completing a business combination.

- **Customer Base & Market Activity:** 
  - As a shell company with no operations, it has no customers, clients, or operational products/services.
  - The company’s securities are listed on OTC markets under symbols IXQUF (units), IXAQF (Class A shares), and IXQWF (warrants).
  - As of March 28, 2025, it had **one record holder of its units**, two record holders of its Class A ordinary shares, 32 record holders of its Class B ordinary shares, and four record holders of its warrants.

- **Financials (as of December 31, 2024):** 
  - **Total assets:** ~$19 million, mainly in the Trust Account.
  - **Net loss:** Approximately **$2.3 million** for the year ended December 31, 2024.
  - **Interest income:** About **$1.2 million** from funds in the Trust Account.
  - **Operating expenses:** About **$746,000** from changes in fair value of derivatives and other expenses.
  - **Cash and equivalents:** ~$3,500 outside the Trust Account; about **$19 million** in the Trust Account.

- **Key Activities to Date:** 
  - No operational activities or revenues.
  - Engaged mainly in searching for potential acquisition targets.
  - In the process of executing a business combination with AERKOMM Inc., a satellite communication technology company. 

- **Business Update:** 
  - Entered into a merger agreement with AERKOMM Inc. in March 2024.
  - The company’s activities are focused on completing this merger to effectuate its initial business combination.

Overall, IX Acquisition Corp. is a shell entity with no revenue, operations, or employees beyond its officer, and its primary activity has been preparing to identify and execute a merger with a target business—specifically, a satellite communication company (AERKOMM Inc.).

IX Acquisition Corp. is a blank check company that aims to merge with businesses in the Technology, Media and Telecommunications sectors.

# Company Overview: IX Acquisition Corp.

## Business Model
- **Type:** Blank check company (special purpose acquisition company - SPAC)
- **Incorporated:** March 1, 2021, as a Cayman Islands exempted company
- **Purpose:** To effectuate a merger, capital stock exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.

## Operations
- **Current Status:** The company has not engaged in any operations or generated revenue to date.
- **Assets:** Primarily consists of cash from the Initial Public Offering (IPO).
- **Business Activity:** Actively involved in identifying and evaluating suitable acquisition candidates, specifically targeting industries that align with management's expertise, including Technology, Media and Telecommunications (TMT) and Information and Communication Technology (ICT).

## Initial Public Offering (IPO)
- **Date:** October 12, 2021
- **Units Sold:** 23,000,000 units (including 3,000,000 units from the over-allotment option)
- **Gross Proceeds:** $230 million
- **Components of Each Unit:** 
  - One Class A ordinary share
  - One-half of one redeemable warrant (each whole warrant allows purchase of one Class A ordinary share at $11.50)
- **Founder Shares:** 5,750,000 Class B ordinary shares held by the sponsor, IX Acquisition Services LLC, purchased for $25,000 (approximately $0.004 per share).

## Financial Information
- **Trust Account:** Approximately $31 million in cash as of December 31, 2023.
- **Cash Held Outside Trust Account:** $24,278.
- **Monthly Contributions:** The sponsor commits $50,000 monthly to extend the business combination deadline as needed.

## Management Team
- **Employees:** Three officers (Guy Willner, Karen Bach, Noah Aptekar) - not full-time but intend to devote necessary time to business affairs.
- **Management Background:** Equipped with significant deal sourcing and operational expertise in the targeted sectors to identify and support potential acquisition targets.

## Target Markets
- **Industry Focus:** 
  - Telecommunications infrastructure
  - Internet and technology services
  - Digital services, including fintech, medtech, and digital media

## Customer Base
- As of now, there are no active customers as the company is in the process of identifying acquisition candidates.

## Risks
- **Lack of Operations:** The company currently holds no operations or revenue-generating assets.
- **Market Competition:** Competition from other SPACs and private equity funds poses challenges in identifying suitable acquisition targets.

## Conclusion
IX Acquisition Corp. is currently in its formative phase as a SPAC, with a focus on identifying profitable acquisition targets in high-growth sectors like technology and telecommunications. While it possesses substantial cash reserves for operations and future mergers, it has not yet realized revenue or a customer base.

IX Acquisition Corp.

10-K / April 3, 2025

10-K / March 28, 2024

10-K / April 3, 2025

Company Summary – IX Acquisition Corp.