8-K
filed April 14, 2023, 7:59 PM ET
ticker IXAQF
CIK 0001852019
other material
confidence high
sentiment negative
materiality 0.75
IX Acquisition Corp. (IXAQF): debt financing — IX Acquisition shareholders approve extension; ~79% of shares redeemed for $189M, trust drops to $48M
IX Acquisition Corp.
- Shareholders approved extension of deadline from April 12 to May 12, 2023; Board may extend monthly up to April 2024.
- Redemptions: 18.3M shares at ~$10.30/share for ~$189M; trust drops to ~$48M from ~$237M.
- Sponsor advanced $160K for first month extension; issued up to $1M convertible note convertible into warrants at $1/warrant.
- Also approved elimination of $5M net tangible asset limit and conversion of founder shares to Class A ordinary shares.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
IX Acquisition Corp. incurred convertible notes of up to $1 million with Sponsor at no interest maturing upon the earlier of (a) the date of the consummation of the Company’s initial business combination, or (b) the date of the Company’s liquidation.
- Instrument
- convertible notes
- Principal
- up to $1 million
- Counterparty
- Sponsor
- Rate
- no interest
- Maturity
- upon the earlier of (a) the date of the consummation of the Company’s initial business combination, or (b) the date of the Company’s liquidation
- Event
- incurrence
Exact text from the filing
On April 13, 2023, the Sponsor advanced $160,000 to the Company for the first month of extension. In connection with the Contribution and advances the Sponsor may make in the future to the Company for working capital expenses, on April 13, 2023, the Company issued a convertible promissory note to the Sponsor with a principal amount up to $1 million (the “Note”).
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
IX Acquisition Corp.: Approved amendments to the Articles to extend the business combination deadline from April 12, 2023 to May 12, 2023 and allow further monthly extensions up to April 12, 2024, to remove the $5,000,001 net tangible asset redemption limitation, and to permit one-for-one conversion of Class B ordinary s (effective 2023-04-10).
- Change
- charter amendment
- Effective
- 2023-04-10
Exact text from the filing
the Company’s shareholders approved a proposal to amend the Company’s amended and restated memorandum and articles of association (the “Articles”) to provide the Company with the right to extend the date by which the Company must consummate its initial business combination (the “Extension”), from April 12, 2023 to May 12, 2023 (the “Extended Date”), and to allow the Company, without another shareholder vote, by resolution of the Board, to elect to further extend the Extended Date in one-month increments up to eleven additional times, or a total of up to twelve months total, up to April 12, 2024
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
IX Acquisition Corp. entered into Note with IX Acquisition Sponsor LLC valued at $1 million (effective 2023-04-13).
- Action
- entry
- Counterparty
- IX Acquisition Sponsor LLC
- Value
- $1 million
- Effective
- 2023-04-13
Exact text from the filing
On April 13, 2023, the Company issued a convertible promissory note to the Sponsor with a principal amount up to $1 million (the "Note").
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
IX Acquisition Corp. shareholders approved Founder Share Amendment Proposal to amend the Articles to allow conversion of Class B ordinary shares to Class A ordinary shares on a one-for-one basis prior to a business combination at the 2023-04-10 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-04-10
Exact text from the filing
Approval of Proposal 3-Founder Share Amendment Proposal Votes For Votes Against Abstentions 17,776,635 240,360 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
IX Acquisition Corp. shareholders approved Redemption Limitation Amendment Proposal to amend the Articles to eliminate the net tangible assets limitation on redemption at the 2023-04-10 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-04-10
Exact text from the filing
Approval of Proposal 2-Redemption Limitation Amendment Proposal Votes For Votes Against Abstentions 17,968,694 48,301 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
IX Acquisition Corp. shareholders approved Extension Proposal to amend the Articles to extend the deadline to consummate a business combination from April 12, 2023 to May 12, 2023, with potential further extensions up to April 12, 2024 at the 2023-04-10 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-04-10
Exact text from the filing
The vote tabulation for the Extension Proposal, Redemption Limitation Amendment Proposal and the Founder Share Amendment Proposal is set forth below. Approval of Proposal 1-Extension Proposal Votes For Votes Against Abstentions 17,777,136 239,859 0
View on SEC.gov
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