IX Acquisition fled a proxy highlighting its proposed merger with AERKOMM, a satellite technology company providing multi-orbit broadband connectivity solutions.
The deal was announced in March at a $200 million enterprise value. Terms call for the issuance of 43,378,679 shares and 18,650,000 warrants. The parties have also raised $35 million in a private placement.
While the SPAC has said more capital may be raised to support the deal, there is no minimum cash condition to close.
The combined business will be called AKOM and listed shares are expected transfer from Euronext/OTCQX to the Nasdaq under the ticker AKOM. If the deal is approved, the combined business also plans to maintain a secondary listing on Euronext.
The deal also includes up to $200 million in earnout shares for AERKOMM shareholders, if certain milestones are achieved.
The companies are targeting a Q3 closing. Read more.
