IX Acquisition Corp. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period. The company, classified as a shell entity, has not yet commenced operations and is actively seeking a business combination.

As of September 30, 2024, IX Acquisition Corp. had total assets of approximately $32.96 million, an increase from $31.49 million at the end of 2023. However, total current assets decreased to $32.24 million from $54.31 million, primarily due to a reduction in cash, which fell from $24.28 million to $9,007. Total liabilities rose significantly to $13.36 million from $9.57 million, leading to a shareholders' deficit of $(13.33 million), up from $(9.52 million) in the previous period.

The company reported a net loss of $(280,877) for the three months ended September 30, 2024, compared to a net income of $476,784 for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $(2.32 million), a stark contrast to the net income of $3.61 million reported in the prior year. This decline in profitability was attributed to increased operating and formation expenses, which surged to $630,844 for the quarter and $2.24 million for the nine months, compared to $169,341 and $672,587, respectively, in the previous year.

Income from cash and investments held in the Trust Account also decreased significantly, with the company earning $349,967 for the three months ended September 30, 2024, down from $646,119 in 2023. For the nine-month period, income fell to $1.04 million from $4.13 million.

Strategically, IX Acquisition Corp. has extended its business combination deadline multiple times, with the latest extension allowing for monthly extensions until October 12, 2025. The company is in the process of completing a merger with AERKOMM Inc., which includes provisions for raising at least $15 million through SAFE agreements. As of August 12, 2024, the company had secured $2.6 million in SAFE investments.

The company has faced challenges with Nasdaq compliance, receiving notices regarding non-compliance with listing requirements. A hearing regarding potential delisting is scheduled for December 10, 2024. Additionally, the company has expressed substantial doubt about its ability to continue as a going concern within the next year, primarily due to its current financial position and the ongoing search for a business combination.