IX Acquisition Corp. (NASDAQ: IXAQ) (he “Company”), a blank check company incorporated as a Cayman Islands exempted company, today announced that it filed a definitive proxy statement with the SEC to seek shareholder approval to, among other proposals, (1) extend the period of time the Company will have to consummate its initial business combination by up to 12 months from the current deadline of April 12, 2023 until April 12, 2024 (the “Extension”) as a series of twelve one-month extensions. For each month of Extension, IX Acquisition Sponsor LLC, the Company’s sponsor will deposit additional funds into the trust account in an amount equal to the lesser of (x) $160,000 or (y) $0.04 per public share multiplied by the number of public shares outstanding. If all 12 one-month Extensions are approved, the Sponsor will have overfunded the trust by $1,920,000. The contributions will be placed in the Company’s trust account with JPMorgan Securities and are expected to be invested in U.S. government securities. In order to mitigate the risk of being viewed as operating an unregistered investment company, the Company will, on or prior to the 24-month anniversary of the effective date of the registration statement relating to its initial public offering, hold all funds in the trust account in an interest-bearing demand deposit account, which is currently expected to earn approximately 3.5% interest.
Because the Company is domiciled in the Cayman Islands, any redemption of its ordinary shares would not be subject to the Excise Tax established by the Inflation Reduction Act of 2022. If the Company were to become subject to the Excise Tax in the future, whether in connection with the consummation of a business combination with a U.S. company (including if the Company were to redomicile as a U.S. corporation in connection therewith) or otherwise, whether and to what extent the Company would be subject to the Excise Tax on a redemption of its ordinary shares would depend on a number of factors. If the Company were to become a covered corporation in the future, the per-share redemption amount payable from the Trust Account (including any interest earned on the funds held in the Trust Account) to our public stockholders in connection with a redemption of our stock is not expected to be reduced by any Excise Tax imposed on us.
The extraordinary general meeting will be held in person at 11:00 a.m. Eastern Time on April 10, 2023 at the offices of White & Case LLP, located at 1221 Avenue of the Americas, New York, New York 10020. The Company encourages its shareholders to vote in favor of the Extension and each other proposal described in the definitive proxy statement.
The Company’s shareholders of record at the close of business on the record date, March 13, 2023, are entitled to vote the ordinary shares owned by them at the extraordinary general meeting. Every shareholder’s vote is very important, regardless of the number of shares held, and the Company requests the prompt submission of votes.
Shareholders may vote online at https://www.cstproxy.com/ixacq/2023 by following the instructions on their provided proxy card. If the shares are held in an account at a brokerage firm or bank, shareholders must instruct their respective broker or bank how to vote the shares, or the shareholders may cast their vote online at www.cstproxyvote.com by obtaining a proxy from the respective brokerage firm or bank.
About IX Acquisition Corp.
IX Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. For more information, please visit https://www.ixacq.com.
Additional Information and Where to Find It
The Company urges investors, shareholders and other interested persons to read the definitive proxy statement dated March 23, 2023 (the “Extension Proxy Statement”), as well as other documents filed by the Company with the SEC, because these documents contain important information about the Company and the Extension. The Extension Proxy Statement is being mailed to shareholders of the Company as of a record date of March 13, 2023, on or about March 23, 2023. Shareholders may obtain copies of the Extension Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: https://www.ixacq.com.
Participants in Solicitation
The Company and its directors, executive officers and other members of their management may be deemed to be participants in the solicitation of proxies of the Company’s shareholders in connection with the proposals described therein. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company’s directors and officers in the Extension Proxy Statement, which may be obtained free of charge from the sources indicated above.
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Extension and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of the Company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.