IX Acquisition Proxy: Sponsor Loans, Redemption Rights and Potential Liquidation Explained
IX Acquisition Corp. is soliciting shareholder approval at an extraordinary general meeting to (i) amend its memorandum and articles to permit a fourth extension of the deadline to complete a business combination beyond October 12, 2025, (ii) ratify CBIZ CPAs P.C. as its independent auditor for 2025, and (iii) permit adjournment if additional solicitation is needed.
The Proxy Statement explains that Public Shareholders may elect to redeem their Class A Ordinary Shares for a pro rata portion of the Trust Account if the Fourth Extension is approved. The Sponsor has agreed to make monthly, non‑interest bearing loans to the Trust Account if the Fourth Extension is approved. If the Fourth Extension is not approved and the Company cannot complete a business combination within the Combination Period, the Company will wind up, redeem Public Shares from the Trust Account and liquidate; warrants would expire worthless.
Positive
- Sponsor committed to monthly loan contributions to the Trust Account if the Fourth Extension is approved, providing incremental funding to pursue a Business Combination
- Public Shareholder redemption rights retained upon approval of the Fourth Extension, allowing investors to elect cash-out based on the Trust Account per-share amount
- Auditor continuity: Ratification of CBIZ CPAs P.C. aims to maintain auditing continuity following Marcum's resignation
Negative
- Redemptions will reduce the Trust Account, potentially leaving limited cash to complete a Business Combination and requiring additional funding that may not be available
- Warrants will expire worthless upon liquidation if the Company fails to complete a Business Combination within the Combination Period
- Insider voting alignment (Sponsor, officers, directors, Anchor Investors plan to vote in favor) may affect independence of outcome and influence approval
Insights
TL;DR: Extension request is material to shareholders because it determines whether the SPAC liquidates or proceeds to seek a business combination.
The Proxy Statement discloses a proposed Fourth Extension that would allow the Board to extend the Combination Period beyond October 12, 2025, subject to shareholder approval and redemptions. The filing details sponsor monthly loan contributions (non‑interest bearing and repayable upon closing) and outlines redemption mechanics that will reduce the Trust Account if exercised. Voting thresholds (2/3 for the extension, simple majority for ratification/adjournment) and insider voting intentions are disclosed, which affect approval probabilities. The document also clarifies liquidation consequences, including warrants expiring worthless.
TL;DR: Approval of the Fourth Extension materially preserves the ability to consummate a transaction; it keeps deal optionality alive.
The Proxy Statement provides that approval would permit additional time to negotiate and close a business combination without monthly board renewals and would trigger Sponsor loan contributions to support transaction pursuit. It specifies redemption rights that protect public investors while acknowledging the Trust Account reduction risk. The filing frames the extension as necessary to complete the remaining transactional steps: definitive agreements, proxy preparations, record date setting and shareholder vote. These are material milestones for successful M&A execution.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Securities Exchange Act of 1934
53 DAVIES STREET
LONDON, W1K 5JH
UNITED KINGDOM
| | [•], 2025 | | | By Order of the Board of Directors | |
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/s/ Noah Aptekar
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Noah Aptekar
Chief Executive Officer |
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53 DAVIES STREET
LONDON, W1K 5JH
UNITED KINGDOM
| | [•], 2025 | | | By Order of the Board of Directors | |
| | | | |
/s/ Noah Aptekar
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| | | | |
Noah Aptekar
Chief Executive Officer and Director |
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Page
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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| | | | 1 | | |
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QUESTIONS AND ANSWERS ABOUT THE MEETING
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| | | | 2 | | |
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RISK FACTORS
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| | | | 15 | | |
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THE MEETING
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| | | | 18 | | |
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PROPOSAL ONE — THE FOURTH EXTENSION AMENDMENT PROPOSAL
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| | | | 23 | | |
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PROPOSAL TWO — THE AUDITOR RATIFICATION PROPOSAL
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| | | | 28 | | |
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PROPOSAL THREE — THE ADJOURNMENT PROPOSAL
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| | | | 30 | | |
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BACKGROUND
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| | | | 31 | | |
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BENEFICIAL OWNERSHIP OF SECURITIES
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| | | | 34 | | |
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FUTURE SHAREHOLDER PROPOSALS
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| | | | 35 | | |
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HOUSEHOLDING INFORMATION
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| | | | 35 | | |
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WHERE YOU CAN FIND MORE INFORMATION
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| | | | 35 | | |
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ANNEX A — PROPOSED AMENDMENT TO THE AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION OF IX ACQUISITION CORP.
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| | | | A-1 | | |
1 State Street, 30th Floor
New York, New York 10004
Attn: SPAC Redemption Team
E-mail: spacredemptions@continentalstock.com
P.O. Box 10904
Yakima, WA 98909
Attn: Karen Smith
Toll Free Telephone: (877) 870-8565
Main Telephone: (206) 870-8565
E-mail: ksmith@advantageproxy.com
53 Davies Street
London, W1K 5JH
United Kingdom
Telephone: +44 (0) (203) 983-0450
1 State Street, 30th Floor
New York, New York 10004
Attn: SPAC Redemption Team
E-mail: spacredemptions@continentalstock.com
P.O. Box 10904
Yakima, WA 98909
Attn: Karen Smith
Toll Free Telephone: (877) 870-8565
Main Telephone: (206) 870-8565
E-mail: ksmith@advantageproxy.com
1 State Street, 30th Floor
New York, New York 10004
Attn: SPAC Redemption Team
E-mail: spacredemptions@continentalstock.com
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Name and Address of Beneficial Owner(1)
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Number of
Shares Beneficially Owned |
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Percentage of
Outstanding Ordinary Shares |
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All officers and directors as a group (seven individuals)
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| | | | 4,002,121 | | | | | | 54% | | |
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Noah Aptekar(2)
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| | | | 4,002,121 | | | | | | 54% | | |
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Eduardo Marini
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| | | | — | | | | | | — | | |
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Shannon Grewer
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| | | | — | | | | | | — | | |
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IX Acquisition Sponsor, LLC(2)(3)
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| | | | 4,002,121 | | | | | | 54% | | |
53 Davies Street
London, W1K 5JH
United Kingdom
Telephone: +44 (0) (203) 983-0450
53 Davies Street
London, W1K 5JH
United Kingdom
Telephone: +44 (0) (203) 983-0450
PO Box 10904
Yakima, WA 98909
Attn: Karen Smith
Toll Free Telephone: (877) 870-8565
Main Telephone: (206) 870-8565
E-mail: ksmith@advantageproxy.com
AMENDED AND RESTATED MEMORANDUM AND
ARTICLES OF ASSOCIATION
OF
IX ACQUISITION CORP.
53 DAVIES STREET
LONDON, W1K 5JH
UNITED KINGDOM
IN LIEU OF AN ANNUAL GENERAL MEETING
OF SHAREHOLDERS OF
IX ACQUISITION CORP.
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
Extraordinary General Meeting in Lieu of an Annual General Meeting of Shareholders
to be held on [•], 2025:
www.cstproxy.com/ .
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IX ACQUISITION CORP. — THE BOARD OF
DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSALS 1, 2, AND 3. |
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Please mark votes as ☒
indicated in this example |
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| | (1) The Fourth Extension Amendment Proposal — RESOLVED, as a special resolution, that the Amended and Restated Memorandum of Association and Articles of Association be amended in the form attached to the proxy statement as Annex A, with immediate effect, in order to extend the date by which the Company has to consummate a Business Combination from October 12, 2025 on a monthly basis up to [•] ([•]) times to [•], 2026 (or such earlier date as determined by the Company’s board of directors). | | |
FOR
☐ |
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AGAINST
☐ |
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ABSTAIN
☐ |
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| | (2) The Auditor Ratification Proposal — RESOLVED, as an ordinary resolution, that the appointment of CBIZ CPAs P.C. as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2025 be ratified, approved and confirmed in all respects. | | |
FOR
☐ |
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AGAINST
☐ |
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ABSTAIN
☐ |
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| | (3) The Adjournment Proposal — RESOLVED, as an ordinary resolution, that the adjournment of the extraordinary general meeting in lieu of an annual general meeting to a later date or dates, or indefinitely, to be determined by the chairman of the extraordinary general meeting in lieu of an annual general meeting, or indefinitely, if necessary or convenient, to permit further solicitation and vote of proxies be confirmed, ratified and approved in all respects. | | |
FOR
☐ |
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AGAINST
☐ |
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ABSTAIN
☐ |
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| | | | | Date: , 2025 | | ||||||
| | | | | Signature | | ||||||
| | | | | Signature (if held jointly) | | ||||||