10-K: IX Acquisition Corp. Files Annual Report, Details AERKOMM Merger

IX Acquisition Corp. has filed its Form 10-K for the fiscal year ended December 31, 2025, detailing its ongoing efforts to complete a business combination with AERKOMM Inc. and its financial status.

Summary

• IX Acquisition Corp. (IXAC) filed its annual report for the fiscal year ended December 31, 2025.
• The company is a blank check company focused on completing a business combination, with AERKOMM Inc. identified as the target.
• IXAC has not generated operating revenue and relies on interest income from its Trust Account.
• The company has experienced net losses in both 2025 ($842,099) and 2024 ($2,274,976).
• Significant extensions to the business combination deadline have been utilized, with the current deadline extended to October 12, 2026.
• The company's securities were delisted from the Nasdaq Stock Market and are now quoted on the OTC Market.
• Several amendments have been made to the merger agreement with AERKOMM, including changes to lock-up periods and escrow arrangements.
• The company has secured PIPE investments totaling $35 million and SAFE agreements totaling $8.997 million as of April 9, 2026.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as having a negative sentiment due to the company's lack of revenue, net losses, delisting from Nasdaq, and the substantial doubt raised about its going concern status, despite progress on the business combination.

Positives

• The company has entered into a definitive merger agreement with AERKOMM Inc., a satellite communication technology company.
• Significant progress has been made in securing funding for the business combination, with $35 million in PIPE investments and $8.997 million in SAFE agreements.
• The company's management has actively managed extensions to the business combination deadline, securing additional time to complete the transaction.
• The company's board of directors and management team possess extensive experience in relevant industries.
• The company has received continued support from its sponsor, including financial contributions for extensions.

Negatives

• The company has not generated any operating revenue and has incurred net losses in both 2025 and 2024.
• The company's securities have been delisted from the Nasdaq Stock Market, indicating potential liquidity and investor confidence issues.
• There is substantial doubt about the company's ability to continue as a going concern due to its lack of operations and reliance on completing the business combination by the deadline.
• The company has a working capital deficit of approximately $6.7 million as of December 31, 2025.
• The company has incurred significant transaction costs related to the IPO and ongoing business combination efforts.

Risks

• Failure to complete the business combination with AERKOMM by the October 12, 2026 deadline will result in the company's liquidation.
• The company faces substantial doubt regarding its ability to continue as a going concern.
• The delisting from Nasdaq may impact the liquidity and trading of the company's securities.
• The company is subject to risks associated with early-stage companies and the inherent uncertainties of pursuing a business combination.
• Potential conflicts of interest may arise from management's allocation of time to other businesses.
• The company may not be able to obtain additional financing to complete the business combination.
• The company's ability to identify and complete a suitable business combination may be hindered by competition from other entities.

Future Outlook

The company's future outlook is entirely dependent on the successful completion of its initial business combination with AERKOMM Inc. by the extended deadline of October 12, 2026. Failure to do so will result in liquidation. The company is actively pursuing this combination and has secured significant funding commitments.

Management Comments

• Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution of the Company raises substantial doubt about its ability to continue as a going concern.
• Management plans to address this uncertainty through the initial Business Combination.
• There is no assurance that the Company's plans to consummate the initial Business Combination will be successful or successful within the Combination Period.

Industry Context

StockSavvy.ai notes that IX Acquisition Corp. is a Special Purpose Acquisition Company (SPAC) operating in a market where many SPACs are facing challenges in completing their initial business combinations within the mandated timelines, often due to market conditions and regulatory scrutiny. The delisting from Nasdaq and the ongoing efforts to merge with AERKOMM Inc. are common themes observed in the current SPAC landscape.

Management Changes

Related Party Transactions

• The Sponsor purchased 5,750,000 Founder Shares for $25,000.
• The Sponsor transferred 1,747,879 Founder Shares to Anchor Investors for $6,992.
• The Sponsor, Cantor Fitzgerald & Co., and Odeon Capital Group, LLC purchased 7,150,000 Private Placement Warrants for $7,150,000.
• The company pays IX Acquisition Services LLC up to $10,000 per month for administrative services, though these fees were waived for 2024 and 2025.
• The Sponsor has provided loans to the company for working capital, with an outstanding principal of $3,955,175 as of December 31, 2025, under the Third Amended and Restated Convertible Promissory Note.
• The company covered $14,750 in expenses for its Sponsor as of December 31, 2025.

Stakeholder Impact

• Shareholders face uncertainty regarding the completion of the business combination and the potential for liquidation.
• The delisting from Nasdaq may negatively impact the liquidity and marketability of shares for existing shareholders.
• The sponsor's continued financial support and potential conversion of loans into warrants will impact future share structure.
• Creditors' claims are subject to Cayman Islands law in the event of liquidation.

Next Steps

• Complete the business combination with AERKOMM Inc. by October 12, 2026.
• Obtain necessary shareholder approvals for the merger.
• Satisfy other customary closing conditions for the merger.
• Continue to manage operations and finances until the business combination is consummated.

Key Dates

Recommendation

While the company has a clear path towards a business combination with AERKOMM and has secured significant funding, the substantial doubt about its going concern status, the recent delisting from Nasdaq, and the ongoing need for extensions suggest a high degree of risk. A 'hold' recommendation reflects the speculative nature of the investment, awaiting the successful completion of the merger and stabilization of the post-combination entity.

Keywords

IX Acquisition Corp., Form 10-K, AERKOMM Inc., Business Combination, SPAC, Merger Agreement, PIPE Investment, SAFE Agreements, Trust Account, Delisting, Going Concern