IXAQF Q1 Net Income $1.96M; Delisted from Nasdaq, Pursues AERKOMM Merger
IX Acquisition Corp. reported a net income of $1.96 million for the three months ended March 31, 2026, a substantial increase from $0.24 million in the prior year, primarily driven by a positive change in the fair value of derivative warrant liabilities. The blank check company continues to pursue a business combination with AERKOMM Inc. under a merger agreement from March 2024, having extended its deadline multiple times, now until October 12, 2026. The company was delisted from Nasdaq on June 6, 2025, and its securities are now quoted on the OTC Market. Management has identified a going concern uncertainty due to its liquidity condition and the mandatory liquidation if a business combination is not consummated by the extended deadline.
Key Highlights
- Net income for Q1 2026 was $1,961,883, significantly up from $242,125 in Q1 2025.
- Basic and diluted net income per share was $0.30 for Q1 2026, compared to $0.03 in Q1 2025.
- Cash held in the Trust Account increased to $8,926,816 as of March 31, 2026.
- The company was delisted from Nasdaq on June 6, 2025, and now trades on the OTC Market under IXAQF.
- A Merger Agreement with AERKOMM Inc. was entered into on March 29, 2024.
- The business combination deadline has been extended multiple times, now until October 12, 2026.
- Management noted a going concern uncertainty due to liquidity and potential mandatory liquidation.
- A positive change in the fair value of derivative warrant liabilities contributed $1,865,000 to income.
Price Impact
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