IX Acquisition, Aerkomm to Merge, Move to Nasdaq

Dow Jones03-29

By Chris Wack

IX Acquisition and Aerkomm have entered into a definitive business combination agreement and raised $35 million in a private placement.

The combined business will be called Akom, and its ordinary shares are expected to result in Aerkomm, a satellite technology company, transferring its listing from Euronext and over-the-counter to Nasdaq under the ticker "AKOM."

It is the intention of the combined business to also maintain a secondary listing on Euronext.

The transaction sees the adjusted enterprise value of Aerkomm at $200 million, plus up to $200 million of earnout shares for the Aerkomm shareholders, if certain milestones are achieved.

Existing Aerkomm shareholders are expected to roll 100% of their equity and will own about two-thirds of the new combined company. Completion of the transaction is expected in third quarter of 2024.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

March 29, 2024 10:24 ET (14:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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