IX Acquisition Corp. is a SPAC — a blank check company with no operations — that raised $230M in its October 2021 IPO at $10.00 per unit, with proceeds held in a Trust Account invested in U.S. government securities or money market funds. IX Acquisition's sole purpose is to merge with a private company to take it public, and it has signed a merger agreement with AERKOMM, a satellite broadband connectivity company that makes proprietary antennas and modems and positions itself as a carrier-neutral, multi-orbit satellite broadband infrastructure provider. The SPAC structure benefits the sponsor, IX Acquisition Services, which acquired 5,750,000 Founder Shares for $25,000 — a fraction of a cent per share — representing 20% of post-IPO shares, which convert to full market-value shares if the merger closes. Public shareholders, by contrast, hold a cash-like instrument and can redeem shares for their pro-rata share of Trust proceeds. The AERKOMM deal, signed in March 2024, has been amended four times, and the most recent outside closing date has already passed. Mass redemptions have reduced the Trust from roughly 23M shares to just ~700K shares and ~$8.8M. The merger also requires a PIPE of at least $45M-$65M that has not been secured, with SAFE agreements raising only ~$9M against a $15M target. The sponsor is making monthly deposits to extend the deadline to as late as October 2026 if all extensions are exercised.