Aerkomm signs merger agreement with IX Acquisition Corp. in $400M SPAC deal

Aerkomm Inc.

Merger agreement values Aerkomm at up to $400M enterprise value; closing consideration in Parent Class A shares at $11.50/share.
PIPE investment of at least $30M required; Company to use reasonable best efforts to secure $45M minimum (net of SAFE agreements).
SAFE agreements for at least $15M in additional funding, converting at $11.50/share at closing.
Closing expected by Oct 12, 2024, extendable by 6 months if S-4 not effective; termination fees: $5M (cause) or $12M (non-cause).
Post-closing board: 7-9 directors; Company designates 4-5, Sponsor designates 2, remainder mutually agreed.

item 1.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

Aerkomm Inc. entered into Merger Agreement with IX Acquisition Corp. and AKOM Merger Sub Inc. (effective 2024-03-29).

Action: entry
Agreement: merger
Counterparty: IX Acquisition Corp. and AKOM Merger Sub Inc.
Effective: 2024-03-29

Exact text from the filing

On March 29, 2024, Aerkomm Inc., a Nevada corporation (the “ Company ”), entered into a Merger Agreement (as it may be amended and/or restated from time to time, the “ Merger Agreement ”) by and among the Company, IX Acquisition Corp. (“ Parent ”), a Cayman Islands exempted company (which will de-register from the Register of Companies in the Cayman Islands by way of continuation out of the Cayman Islands and into the State of Delaware so as to migrate to and domesticate as a Delaware corporation prior to the Closing Date (as defined below)), and AKOM Merger Sub Inc., a Nevada corporation and a wholly owned subsidiary of Parent (“ Merger Sub ”).

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Source: SEC EDGAR

accession 0001213900-24-030488

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