The company is pursuing an ongoing effort to complete a business combination between IX Acquisition Corp. and AERKOMM Inc. Heavy redemptions have reduced public shares to 1,610,373, and the company has repeatedly extended its deadline to complete the AERKOMM merger, now potentially to October 12, 2026, while its securities have been delisted from Nasdaq and are quoted on the OTC market.
Cyborg Score Rationale
As of September 30, 2025, the company held $19,846,616 in its trust account and had a working capital deficit of about $6.7 million, with management concluding there is substantial doubt about its ability to continue as a going concern. The SPAC has faced multiple merger delays, Nasdaq delisting, and significant shareholder redemptions.
Top Insights
(January 2026) SEC declared prior Form S-4 abandoned after more than nine months without amendment; company intends to file new registration in 2026
(September 2025) Net loss of $1,044,686 for nine months with $1,678,500 non-cash warrant liability charge and going concern doubt
(October 2025) Secured additional SAFE financing of $8,997,200 toward $15 million minimum capital requirement for merger
Delisted from Nasdaq to OTC market; remaining public float reduced to ~1.6 million shares due to shareholder redemptions
Named Competitors
AERKOMM Inc. — Pending merger target; aviation services company
Recent Developments
(January 2026) Merger Agreement Amendment No. 4: domestication from Cayman Islands to Delaware before AERKOMM business combination closes
(October 2025) Additional SAFE agreements signed, bringing total committed SAFE financing to ~$9 million
(September 2025) Reported net loss of $770,658 for Q3 2025 and going concern warning in 10-Q filing
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