IX Acquisition Corp. Enters into Simple Agreement for Future Equity

IX Acquisition Corp. (NASDAQ: IXAQU) recently disclosed in a Form 8-K filing its entry into a material definitive agreement, specifically a Simple Agreement for Future Equity (SAFE). The agreement, dated March 29, 2024, involved IX Acquisition Corp., AKOM Merger Sub Inc., and AERKOMM Inc. The document outlines that the Company entered into SAFE Agreements with certain investors, with investments in shares of the Company’s Common Stock totaling not less than $15,000,000.

As of December 4, 2024, IX Acquisition Corp. and the Company announced the completion of a new SAFE Agreement. With this addition, the total value of the SAFE Agreements reached $4,997,200. These SAFE Agreements are set to automatically convert into shares of Parent Common Stock at $11.50 per share upon the merger’s closing. Additionally, they are potentially convertible into an extra 94% of the number of Parent Common Stock shares, subject to Incentive Shares conditions outlined in the Merger Agreement.

The filing further included the announcement of the completion of a Registered Direct Offering of Common Stock by PSQ Holdings, Inc. (NYSE: PSQH), operating under the name PublicSquare. The offering involved the sale of 7,813,931 Class A common stock shares at a price of $4.63 per share, generating approximately $36.2 million in gross proceeds. The closing of this offering is anticipated on or about December 5, 2024, subject to customary closing conditions.

Roth Capital Partners has been appointed as the exclusive placement agent for the offering. The net proceeds from this offering are expected to be utilized by PublicSquare for general corporate purposes, including working capital requirements.

The filings reminded investors about the inherent risks and uncertainties associated with forward-looking statements. Forward-looking statements within the document conveyed expectations and intentions about the proposed transactions, integration plans, operational performance estimates, and synergies. However, the actual outcomes may differ due to various factors, as highlighted in the disclosure.

This news summary encapsulates crucial developments outlined in the recent SEC filing made by IX Acquisition Corp., shedding light on its strategic financial moves and agreements made to support its future objectives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read IX Acquisition’s 8K filing here.

About IX Acquisition

IX Acquisition Corp. does not have significant operations. The company intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It focuses on companies in the technology, media and telecommunications, and information and communication technology industries.