IX Acquisition Corp. (NASDAQ:IXAQ), a special purpose acquisition company, has secured $2.59 million through simple agreements for future equity (SAFEs) as it prepares for a merger with AERKOMM Inc. The agreements, which will convert to IX Acquisition Corp. common stock at $11.50 per share upon completion of the merger, were announced today.
The company, which operates in the communication services sector, entered into a new SAFE Agreement and amended an existing one on August 12, 2024, while canceling another previously established on May 13, 2024. Additionally, a new SAFE Agreement was signed on June 26, 2024. The cumulative investment from these SAFEs has now reached $2.58 million.
This funding is part of a larger plan outlined in a merger agreement dated March 29, 2024, which required AERKOMM Inc. to secure a minimum of $15 million in investment through the SAFE Agreements. The conversion of the SAFEs into common stock is contingent upon the successful closing of the merger between IX Acquisition Corp. and AERKOMM Inc.
The merger is expected to enhance IX Acquisition Corp.'s financial and operational capabilities and is a significant step in the company's growth strategy. The transaction details have been filed with the SEC and are based on a press release statement. The filing reaffirms the company's commitment to the merger and the conditions under which the SAFEs will convert, underscoring the material definitive agreement's importance to the ongoing business operations.
Investors and shareholders of IX Acquisition Corp. are advised to review the company's filings with the SEC for a comprehensive understanding of the financial implications and the transaction's progress. The company's business address is 53 Davies Street, W1K 5JH, United Kingdom, and its securities are listed under the symbols IXAQU, IXAQ, and IXAQW on The Nasdaq Stock Market LLC.
In other recent news, IX Acquisition Corp, a communication services company based in the Cayman Islands, has successfully regained compliance with Nasdaq's listing requirements. This development was confirmed in a recent 8-K filing with the U.S. Securities and Exchange Commission. The issue initially arose when Nasdaq informed the company that it didn't meet the Minimum Total Holders Rule, which necessitates at least 400 total holders for continued listing. The company was given a deadline to address the shortfall, but failed to regain compliance within the specified time, leading to a notice of potential suspension and delisting from Nasdaq. In response, IX Acquisition Corp requested a hearing before the Nasdaq Hearings Panel, which recently confirmed the company's compliance with the listing rule, allowing its securities to continue trading on the Nasdaq Global Market. These are recent developments that provide a snapshot of the company's current standing.
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