IX Acquisition Corp. (IXAQF): debt financing — IX Acquisition extends business combination deadline to Oct 12; secures $2.5M sponsor note

IX Acquisition Corp.

Sixth monthly extension pushes Deadline Date from Sept 12 to Oct 12, 2023.
Sponsor deposits $160,000 into trust account for the extension.
Amended promissory note with sponsor up to $2.5M for working capital, bearing no interest.
Up to $1.5M of note principal may be converted into warrants at $1.00 per warrant.
Note due upon completion of business combination or liquidation.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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 loan of up to $2,500,000 with IX Acquisition Sponsor LLC at no interest maturing upon the earlier to occur of (i) the date on which the Company consummates its initial business combination and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: up to $2,500,000
Counterparty: IX Acquisition Sponsor LLC
Rate: no interest
Maturity: upon the earlier to occur of (i) the date on which the Company consummates its initial business combination and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

On September 8, 2023, IX Acquisition Corp. (the “Company”) issued an amended and restated promissory note (the “Note”) in the principal amount of up to $2,500,000 to IX Acquisition Sponsor LLC, the Company’s sponsor (the “Sponsor”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

IX Acquisition Corp. amended Amended and Restated Promissory Note with IX Acquisition Sponsor LLC valued at $2,500,000 (effective 2023-09-08).

Action: amendment
Counterparty: IX Acquisition Sponsor LLC
Value: $2,500,000
Effective: 2023-09-08

Exact text from the filing

On September 8, 2023, IX Acquisition Corp. (the “Company”) issued an amended and restated promissory note (the “Note”) in the principal amount of up to $2,500,000 to IX Acquisition Sponsor LLC, the Company’s sponsor (the “Sponsor”), to amend and restate the promissory note, dated April 13, 2023.

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IX Acquisition Corp. filing history →

Source: SEC EDGAR

accession 0001104659-23-100006

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