Aerkomm Inc. entered into a definitive Business Combination Agreement to acquire IX Acquisition Corp. in a reverse merger transaction for $400 million.
The transaction is subject to SEC review,;approval by IXAQ and AERKOMM shareholders; IXAQ?s initial listing application being conditionally approved for listing on a national securities exchange; effectiveness of the Registration Statement; the domestication will have been consummated on the day that is at least one Business Day prior to the closing date; the size and composition of the post-Closing IXAQ Board of Directors will have been appointed; all applicable waiting periods, if any, under the HSR Act with respect to the merger shall have expired or been terminated; after giving effect to the transactions contemplated hereby, IXAQ shall have at least $5,000,001 of net tangible assets; execution and delivery of ancillary agreements including AERKOMM support agreement, the Sponsor Support Agreement, the Lock-Up Agreement, the Registration Rights Agreement, the Incentive Merger Consideration Escrow Agreement and the Restrictive Covenant Agreements; AERKOMM shall have delivered to IXAQ a resignation from AERKOMM of each director of AERKOMM listed; the PIPE Investment shall have been consummated; IXAQ Certificate of Incorporation shall have been filed with and declared effective;
and to the satisfaction of certain other customary closing conditions. The Board of Directors of each of Aerkomm and IXAQ have unanimously approved the merger agreement and resolved to recommend that their respective shareholders approve the merger. Completion of the transaction is expected in Q3 2024. Mitchell S. Nussbaum of Loeb & Loeb LLP acted as legal advisor to IXAQ. Edward ?Ted? Johnson of ZelusTech Law & Strategic Advisory advised AERKOMM Inc and David Case of Rimon advised on all intellectual property matters.