IXQWF Proxy: Vote to Extend SPAC Deadline to Oct 2026; Sponsor Loan Cap $0.03/Share
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.
Positive
- Allows additional time for management to complete a Business Combination through October 12, 2026 if approved
- Provides redemption rights so Public Shareholders can elect to receive their pro rata portion of the Trust Account upon approval
- Sponsor commits to monthly contributions (loans up to the lesser of $40,000 or $0.03 per remaining public share) to support extension
- Maintains audit continuity by ratifying CBIZ CPAs P.C. as independent registered public accounting firm for 2025
Negative
- Redemptions will reduce the Trust Account, potentially leaving significantly less cash to fund a Business Combination
- Sponsor contributions are capped and interest-free, which may be insufficient to fund larger transactions or address shortfalls
- Sponsor and insiders control ~78.12% of voting power, which may enable approval despite public shareholder opposition
- Warrants will expire worthless if no Business Combination is completed within the Combination Period
Insights
TL;DR: Extension shifts dilution and liquidity risks to public shareholders while preserving sponsor control and potential upside of a delayed business combination.
The proposed Fourth Extension Amendment transfers the timing decision to the Board for up to 12 additional monthly extensions and conditions monthly sponsor loans on shareholder approval. This preserves the SPAC's ability to complete a transaction beyond the current deadline but materially changes the timing rights of public holders by enabling redemptions now that will reduce trust funds available for a deal. Sponsor voting power (founder shares and anchor holdings) is substantial and appears sufficient to carry the proposals if they vote in favor. The structure includes typical protections for public holders (redemption right) but creates execution risk: reduced trust balances post-redemption and capped, interest-free sponsor loans may be insufficient, increasing the chance of needing further financing or abbreviated deal economics. Ratification of CBIZ appears routine to maintain audit continuity.
TL;DR: The extension preserves optionality but likely lowers per-share cash available for post-redemption shareholders and raises liquidity concerns.
The trust held ~$19.8 million as of 9/19/2025, implying ~$12.31 redemption value per public share pre-tax. If many public shareholders redeem, remaining cash could be substantially reduced, increasing reliance on sponsor loans capped at the lesser of $40,000 or $0.03 per remaining public share per month. That contribution rate is modest relative to typical SPAC monthly top-ups and may limit the company’s ability to pursue larger targets without additional financing. Sponsor and insiders control ~78.12% of voting power on the record date, which materially increases the likelihood of approval absent large broker vote dynamics. Auditor ratification to CBIZ supports reporting continuity and is unlikely to be controversial.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Securities Exchange Act of 1934
53 DAVIES STREET
LONDON, W1K 5JH
UNITED KINGDOM
| | September 23, 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
| | September 23, 2025 | | | By Order of the Board of Directors | |
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/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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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 October 8, 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 twelve (12) times to October 12, 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) | | ||||||
FAQ
What is IXQWF voting on at the October 8, 2025 meeting?
How much was in the Trust Account and what is the implied redemption price?
If the extension is approved, can I redeem my IXQWF public shares now?
What will the sponsor contribute if the extension is approved?
What happens if the extension fails and no business combination is completed?