IX Acquisition filed a definitive proxy statement and scheduled an April 10 meeting to seek shareholder approval for a merger deadline extension for up to 12 months until April 12, 2024.
For each month required, the SPAC’s sponsor will deposit the lesser of $160,000 or 4 cents a share. If all 12 one-month extensions are approved, the sponsor will have sweetened the trust by $1.92 million.
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 SPAC were to become subject to the excise tax in the future, whether in connection with a business combination with a U.S. company, whether and to what extent the IX would be subject to the tax on a redemption of its shares would depend on several factors. If the company were to become a covered corporation in the future, the per-share redemption amount payable from the trust is not expected to be reduced by any excise tax.
IX raised $230 million in an October 2021 IPO with plans to focus on companies in the TMT and Information and Communication Technology industries. Read more.
