IX Acquisition Corp. Files Definitive Proxy Statement for Shareholder Meeting Seeking Extension

Rhea-AI Summary

On March 23, 2023, IX Acquisition Corp. (NASDAQ: IXAQ) announced the filing of a definitive proxy statement with the SEC to seek shareholder approval for a 12-month extension to finalize its initial business combination, moving the deadline from April 12, 2023, to April 12, 2024. Each month of extension requires the sponsor to deposit $160,000 or $0.04 per public share into a trust account, potentially overfunding it by $1,920,000. The meeting for votes is scheduled for April 10, 2023. Additionally, as a Cayman Islands company, any share redemptions will not be subject to the Excise Tax established by the Inflation Reduction Act of 2022.

Positive

• Extension allows more time for a business combination, potentially leading to better acquisition opportunities.
• Overfunding the trust account by $1,920,000 may enhance shareholder value.

Negative

• The need for an extension may signal challenges in finding a viable business combination.

News Market Reaction – IXAQ

-0.19%

1 alert

-0.19% News Effect

On the day this news was published, IXAQ declined 0.19%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

LONDON, March 23, 2023 /PRNewswire/ -- IX Acquisition Corp. (NASDAQ: IXAQ) (the "Company"), a blank check company incorporated as a Cayman Islands exempted company, today announced that it filed a definitive proxy statement with the SEC to seek shareholder approval to, among other proposals, (1) extend the period of time the Company will have to consummate its initial business combination by up to 12 months from the current deadline of April 12, 2023 until April 12, 2024 (the "Extension") as a series of twelve one-month extensions. For each month of Extension, IX Acquisition Sponsor LLC, the Company's sponsor will deposit additional funds into the trust account in an amount equal to the lesser of (x) $160,000 or (y) $0.04 per public share multiplied by the number of public shares outstanding. If all 12 one-month Extensions are approved, the Sponsor will have overfunded the trust by $1,920,000. The contributions will be placed in the Company's trust account with JPMorgan Securities and are expected to be invested in U.S. government securities. In order to mitigate the risk of being viewed as operating an unregistered investment company, the Company will, on or prior to the 24-month anniversary of the effective date of the registration statement relating to its initial public offering, hold all funds in the trust account in an interest-bearing demand deposit account, which is currently expected to earn approximately 3.5% interest.

IXAQ files definitive proxy with SEC announcing vote to extend up to 12 months while overfunding trust up to $1,920,000.

Because the Company is domiciled in the Cayman Islands, any redemption of its ordinary shares would not be subject to the Excise Tax established by the Inflation Reduction Act of 2022. If the Company were to become subject to the Excise Tax in the future, whether in connection with the consummation of a business combination with a U.S. company (including if the Company were to redomicile as a U.S. corporation in connection therewith) or otherwise, whether and to what extent the Company would be subject to the Excise Tax on a redemption of its ordinary shares would depend on a number of factors.  If the Company were to become a covered corporation in the future, the per-share redemption amount payable from the Trust Account (including any interest earned on the funds held in the Trust Account) to our public stockholders in connection with a redemption of our stock is not expected to be reduced by any Excise Tax imposed on us.

The extraordinary general meeting will be held in person at 11:00 a.m. Eastern Time on April 10, 2023 at the offices of White & Case LLP, located at 1221 Avenue of the Americas, New York, New York 10020. The Company encourages its shareholders to vote in favor of the Extension and each other proposal described in the definitive proxy statement.

The Company's shareholders of record at the close of business on the record date, March 13, 2023, are entitled to vote the ordinary shares owned by them at the extraordinary general meeting. Every shareholder's vote is very important, regardless of the number of shares held, and the Company requests the prompt submission of votes. 

Shareholders may vote online at https://www.cstproxy.com/ixacq/2023 by following the instructions on their provided proxy card. If the shares are held in an account at a brokerage firm or bank, shareholders must instruct their respective broker or bank how to vote the shares, or the shareholders may cast their vote online at www.cstproxyvote.com by obtaining a proxy from the respective brokerage firm or bank.

About IX Acquisition Corp. 

IX Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. For more information, please visit https://www.ixacq.com.

Additional Information and Where to Find It

The Company urges investors, shareholders and other interested persons to read the definitive proxy statement dated March 23, 2023 (the "Extension Proxy Statement"), as well as other documents filed by the Company with the SEC, because these documents contain important information about the Company and the Extension. The Extension Proxy Statement is being mailed to shareholders of the Company as of a record date of March 13, 2023, on or about March 23, 2023. Shareholders may obtain copies of the Extension Proxy Statement, without charge, at the SEC's website at www.sec.gov or by directing a request to: https://www.ixacq.com.

Participants in Solicitation

The Company and its directors, executive officers and other members of their management may be deemed to be participants in the solicitation of proxies of the Company's shareholders in connection with the proposals described therein. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company's directors and officers in the Extension Proxy Statement, which may be obtained free of charge from the sources indicated above.

Non-Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Extension and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of the Company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, to which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating the Company's shareholder approval of the Extension, the Company's inability to complete an initial business combination within the required time period, and other risks and uncertainties indicated from time to time in filings with the SEC, including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 under the heading "Risk Factors," the Extension Proxy Statement under the heading "Risk Factors" and other documents the Company has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

View original content:https://www.prnewswire.com/news-releases/ix-acquisition-corp-files-definitive-proxy-statement-for-shareholder-meeting-seeking-extension-301779481.html

SOURCE IX Acquisition Corp.

FAQ

What is IX Acquisition Corp.'s recent proxy filing about?

IX Acquisition Corp. filed a proxy statement with the SEC to extend the deadline for its initial business combination by 12 months.

What date is the extraordinary general meeting for IXAQ?

The extraordinary general meeting is scheduled for April 10, 2023.

How much will IX Acquisition Corp. overfund the trust account?

If all extensions are approved, the trust account may be overfunded by $1,920,000.

Why is the extension important for IXAQ shareholders?

The extension allows IXAQ to explore better acquisition options without rushing into a deal.

Will share redemptions be subject to the Excise Tax for IX Acquisition Corp.?

No, as a Cayman Islands company, share redemptions will not be subject to the Excise Tax established by the Inflation Reduction Act.