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Polar Asset Management Partners Inc. filed an amended Schedule 13G indicating it no longer beneficially owns any Class A ordinary shares of IX Acquisition Corp. As of December 31, 2025, it reports ownership of 0 shares, representing 0% of the class. The firm, a Canadian investment adviser and registered investment fund manager, states the securities it previously reported were held in the ordinary course of business and not for the purpose of influencing control of IX Acquisition Corp.
IX Acquisition Corp. reported a net loss of $770,658 for the quarter and $1,044,686 for the nine months ended September 30, 2025, as it continues to seek a business combination. The loss was driven in part by a $1,678,500 non‑cash charge from the change in fair value of derivative warrant liabilities, partially offset by $462,276 of interest income on cash held in the trust account.
As of September 30, 2025, the company held $19,846,616 in its trust account and had a working capital deficit of about $6.7 million, leading management to conclude there is substantial doubt about its ability to continue as a going concern. Heavy redemptions have reduced public shares to 1,610,373, and the company has repeatedly extended its deadline to complete the AERKOMM merger, now potentially to October 12, 2026, while its securities have been delisted from Nasdaq and are quoted on the OTC market.
IX Acquisition Corp., a Cayman Islands special purpose acquisition company, reported a Q2 2025 net loss of $516,153, narrowing from $1,317,884 a year earlier. For the first six months of 2025, net loss was $274,028 versus $2,039,626 in the prior-year period. The company’s results mainly reflect operating and formation expenses, interest income on trust assets, and changes in the fair value of warrant liabilities.
As of June 30, 2025, total assets were $20,166,015, including $19,544,573 of cash in the trust account and $581,815 of cash outside the trust. Current liabilities were $7,553,981, non‑current liabilities were $7,542,000, and shareholders’ deficit was $14,474,539, reflecting the SPAC capital structure and redemption features.
The company is pursuing its initial business combination with AERKOMM Inc. and has entered into SAFE agreements totaling up to $8,997,200 that would convert into common stock at closing. Management discloses a working capital deficit of about $6.9M and states that mandatory liquidation if no deal is completed by October 12, 2026 raises substantial doubt about continuing as a going concern. The company’s securities have been delisted from Nasdaq and are now quoted on the OTC Market under new symbols.
IX Acquisition Corp. filed a Form 12b-25 (NT 10-Q) for the quarter ended September 30, 2025, notifying a late filing of its Quarterly Report on Form 10-Q.
The company cites two reasons: its Quarterly Report for the quarter ended June 30, 2025 has not yet been filed, and the financial statements for the September quarter were not completed in time to obtain required reviews and signatures before the due date. The company checked the box indicating the September 2025 Form 10-Q will be filed on or before the fifth calendar day following the prescribed due date.
It also indicated it does not anticipate any significant change in results of operations from the corresponding period of the prior year in the report to be filed.
IX Acquisition Corp. (IXAQF) reported new financing tied to its pending merger with AERKOMM Inc. The company entered into additional Simple Agreements for Future Equity (SAFE), bringing total SAFEs to $8,997,200 as of this filing. New agreements were signed on September 5, 2025 and October 23, 2025.
Under the merger terms, the SAFEs will automatically convert upon the closing of the merger at $11.50 per share of Parent Common Stock. If converted at closing, the SAFEs would convert into 782,365 shares of Parent Common Stock, plus up to an additional 735,423 Incentive Shares to be held in escrow and released based on milestone events described in the Incentive Merger Consideration section.
The Merger Agreement obligated the target to secure at least $15,000,000 of SAFE investments; the company has currently entered into $8,997,200. The filing also includes a form of the SAFE as an exhibit and standard forward‑looking statement, additional information, and solicitation disclosures.
IX Acquisition Corp. (IXAQF) reported shareholder approvals tied to its SPAC timeline. On October 8, 2025, the company convened and adjourned its extraordinary general meeting to later that day, where shareholders voted and approved the Fourth Extension Amendment Proposal and the Auditor Ratification Proposal.
As of September 15, 2025, there were 5,612,494 C Class A ordinary shares and 1,747,879 Class B ordinary shares entitled to vote. A quorum of 5,309,756 ordinary shares, or approximately 72.14% of outstanding, was present. The extension proposal received 5,309,656 votes FOR, 100 AGAINST, 0 ABSTAIN; the auditor ratification received 5,309,756 FOR, 0 AGAINST, 0 ABSTAIN. In connection with the vote, 909,330 shares were tendered for redemption, reducing public share count and potentially narrowing the free float.
IX Acquisition Corp. is soliciting shareholder approval at an extraordinary meeting on October 8, 2025 to (1) amend its memorandum and articles to permit a one-year extension (monthly, up to 12 months) of the deadline to complete a business combination to October 12, 2026, (2) ratify CBIZ CPAs P.C. as auditor for 2025, and (3) approve an adjournment option. If approved, public shareholders may elect to redeem shares for a pro rata portion of the trust account before the meeting; the trust held approximately $19.8 million on September 19, 2025, implying about $12.31 per public share. Sponsor contributions of up to the lesser of $40,000 or $0.03 per outstanding public share per month would be made as interest-free loans if the extension is approved. If the extension fails and no business combination occurs, the company will wind up and redeem public shares from the trust.