LONDON, March 23,
2023 /PRNewswire/ -- IX Acquisition Corp.
(NASDAQ: IXAQ) (the "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.
IXAQ files definitive proxy with SEC
announcing vote to extend up to 12 months while overfunding trust
up to $1,920,000.
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.
Non-Solicitation
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.
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, to which could
cause actual results to differ from the forward-looking statements.
These forward-looking statements and factors that may cause such
differences include, without limitation, uncertainties relating the
Company's shareholder approval of the Extension, the Company's
inability to complete an initial business combination within the
required time period, and other risks and uncertainties indicated
from time to time in filings with the SEC, including the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2021 under the heading "Risk
Factors," the Extension Proxy Statement under the heading "Risk
Factors" and other documents the Company has filed, or to be filed,
with the SEC. Readers are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
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SOURCE IX Acquisition Corp.
