IX Acquisition Corp. (NASDAQ: IXAQ) (the "Company"), a blank check company incorporated as a Cayman Islands exempted company, today announced that it has filed a supplement ("Supplement") to its definitive proxy statement (the "Proxy Statement") with the US Securities and Exchange Commission (the "SEC") on November 24, 2023, in connection with an extraordinary general meeting in lieu of an annual general meeting of the shareholders ("Meeting") to consider and vote on certain proposals, including an extension of the date by which the Company has to complete a business combination from December 12, 2023 on a monthly basis up to ten (10) times until October 12, 2024 (the "Second Extension"). The Supplement provides that the monthly loan amount that IX Acquisition Sponsor LLC (the "Sponsor") will contribute to the Company's trust account if the Second Extension is approved will increase from $0.015 to $0.025 for each public share that is not redeemed while retaining the $50,000 maximum monthly amount to be contributed by the Sponsor (each such monthly loan, a "Contribution"). The Company's shareholders previously approved an extension of the time the Company has to consummate a business combination from April 12, 2023 to May 12, 2023, and to allow the Company, without another shareholder vote, by resolution of the Board, to elect to further extend such deadline in one-month increments up to eleven additional times, until April 12, 2024 (the "First Extension").
The Contributions will be placed in the Company's trust account with Morgan Stanley. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act of 1940, as amended, on November 13, 2023, the Company instructed the trustee of the trust account to liquidate the investments held in the trust account and instead to hold the funds in the trust account in an interest-bearing demand deposit account, which is currently expected to earn approximately 4.5% interest. If the Second Extension is approved, the Contributions for December 12, 2023 to April 12, 2024 could be less than the per share amount holders of the public shares would receive in connection with the First Extension from December 12, 2023 to April 12, 2024 if the Second Extension is not approved.
Because the Company is domiciled in the Cayman Islands, any redemption of its ordinary shares would not be subject to the excise tax established ...