IX Acquisition Corp.

IX Acquisition Corp., a Cayman Islands blank-check company, filed its Q2 2026 10-Q. The company was delisted from Nasdaq in December 2024 and now trades on OTC Pink. Total assets stand at $9.6 million, including $9.1 million in the trust account. The company reported net income of $2.9 million for the six months ended June 30, 2026, driven almost entirely by a $2.4 million non-cash gain from the decline in derivative warrant liabilities. The probability of completing the AERKOMM business combination plummeted to 0.07% from 5.40% at December 31, 2025, based on the company's own Level 3 fair value inputs. The company has a working capital deficit with $7.1 million in current liabilities against just $564,435 in current assets, and a $3.8 million related-party promissory note outstanding.

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A SPAC assigning a 0.07% probability to its own merger is an extraordinary admission of near-certain failure, making this a case study in SPAC endgame dynamics.

This SPAC is in the terminal tail of the 2021-vintage SPAC cycle. With a 0.07% self-assessed deal probability, delisted status, and trust cash below liabilities, it joins the cohort of pre-deal SPACs that are effectively in runoff mode absent a miracle close.

The 0.07% business combination probability is the company's own Level 3 fair value input — not a hypothetical. If the AERKOMM deal fails, the trust's $9.1M must cover $6.05M in deferred underwriting fees and $7.1M in current liabilities before any shareholder distribution. The company acknowledges it may be deemed an investment company under the Investment Company Act, which would impose additional regulatory burdens.