Noah Aptekar
About Noah Aptekar
Noah Aptekar serves as Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, and Director of IX Acquisition Corp. (IXAQF), and was appointed CEO in 2024 following the prior CEO’s resignation; he was also named Chairman by October 8, 2025 . He is 36 and has a technology/telecom operations and finance background, including SpaceX (2016–2020) and Colorado’s Office of Economic Development (2012–2014); he is principal of Next Century Innovations and an officer of Flamingo Investments Sponsor LLC, with a BA (University of Pennsylvania) and MBA (Yale) plus graduate coursework at Georgia Tech . IX Acquisition is a SPAC; executive/director cash compensation has not been paid to date (pre-business combination), so traditional TSR/revenue/EBITDA-linked pay-for-performance structures are not applicable pre-merger .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| SpaceX | Production Division finance lead (FPA/cost/budget) incl. Starlink User Terminal program | 2016–2020 | Drove financial discipline for nine-figure opex/capex; implemented operational efficiencies; supported new consumer electronics manufacturing facility |
| State of Colorado (OEDIT) | Office of the Governor — economic development | 2012–2014 | Co-created $100M+ Advanced Industries fund; set diligence and investment committee processes |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Next Century Innovations | Principal | Current | Global consulting company |
| Flamingo Investments Sponsor LLC | Officer | Current | Independent sponsor entity |
| IX Acquisition Sponsor LLC | Managing Member/Signatory | 2025 (as signatory) | Signed transaction agreements on behalf of Sponsor |
Fixed Compensation
| Component | FY 2023 | FY 2024 | YTD/FY 2025 | Notes |
|---|---|---|---|---|
| Base Salary | $0 | $0 | $0 (no cash comp disclosed) | SPAC policy: no officer/director cash comp prior to business combination |
| Target/Actual Bonus | N/A | N/A | N/A | None disclosed pre-business combination |
| Other cash | N/A | N/A | N/A | Company pays $10,000/month to IX Acquisition Services LLC for admin/support (affiliate), not to executives personally |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable pre-business combination | — | — | — | — | No incentive plan disclosed; Compensation Committee primarily active upon de‑SPAC |
Equity Ownership & Alignment
| Holder/Vehicle | Security | Amount | % Out. | Key terms / notes |
|---|---|---|---|---|
| Noah Aptekar (through IX Acquisition Sponsor LLC) | Founder shares (Class B) | 4,002,121 | 54% | Sponsor is record holder; Sponsor Manager LLC (with Mr. Aptekar as sole member) designated officers with voting/investment discretion; officers disclaim beneficial ownership except pecuniary interest; Class B converts 1:1 into Class A at/after business combination |
| IX Acquisition Sponsor LLC | Private Placement Warrants | 6,150,000 | N/A | Purchased for $6,150,000; expire worthless if no business combination |
| Shares outstanding (Record Date) | Ordinary shares (A+B) | 7,360,373 | 100% | 5,612,494 Class A; 1,747,879 Class B |
- Pledging/hedging: No pledging or hedging disclosures identified for Mr. Aptekar in available filings .
- Insider control context: Sponsor, officers, directors, and anchor investors collectively controlled ~78.12% of voting power at the 2025 meeting record date .
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment/tenure | Appointed CEO in 2024; also CFO, COO, and Director; Chairman as of Oct 8, 2025 |
| Contract term/auto-renewal | Not disclosed in available filings |
| Severance/Change-of-control | Not disclosed; no executive employment or CoC terms found in recent 8‑Ks/proxy |
| Non-compete/non-solicit/garden leave | Not disclosed |
| Clawback provisions | Not disclosed |
| Ownership guidelines | Not disclosed |
| Say-on-Pay | As an EGC, IXAQF is exempt from holding advisory say-on-pay votes pre‑combination |
Board Governance (director service, committees, dual-role implications)
- Roles: Director and Chairman; combined CEO/Chairman structure as of Oct 8, 2025 .
- Committee structure: Compensation Committee members are Shannon Grewer (Chair) and Eduardo Marini; charter covers CEO and officer compensation review and equity plans; practical activity expected around de‑SPAC .
- Attendance/lead independent director: Not disclosed in available documents.
- Independence: Mr. Aptekar is an executive director (CEO/CFO/COO); independence not claimed in filings .
Director Compensation
| Component | FY 2023 | FY 2024 | YTD/FY 2025 | Notes |
|---|---|---|---|---|
| Cash retainer | $0 | $0 | $0 (no cash comp disclosed) | No director cash fees pre‑business combination |
| Equity grants/DSUs | None disclosed | None disclosed | None disclosed | Founder shares/warrants are at Sponsor level; not director fees |
| Meeting/Committee fees | None disclosed | None disclosed | None disclosed | — |
Related Party Transactions (governance red flags to monitor)
| Item | Terms | Implication |
|---|---|---|
| Admin services agreement | $10,000/month to IX Acquisition Services LLC for office/admin/support | Routine SPAC practice; related-party spend monitored by Audit Committee |
| Extension Promissory Note | Convertible note(s) linked to extensions up to $4.5M; $4,435,175 outstanding as of June 30, 2025 | Creates dilution risk (conversion into warrants) and incentive to complete a transaction |
| Sponsor Trust contributions | Third Extension: $50,000/month; Fourth Extension: lesser of $40,000 or $0.03 per public share monthly as loan, repayable at de‑SPAC | Supports timelines; loans repaid if business combination closes; if not, sponsor at risk; incentivizes extensions/de‑SPAC |
Performance & Track Record (company-level markers during tenure)
| Marker | Data | Source |
|---|---|---|
| Delisting status | Nasdaq delisting completed; now trading on OTC Markets; potential liquidity and “penny stock” frictions | |
| Trust per-share vs market | Trust approx. $12.31 per share as of Sep 19, 2025; OTCM price $12.01 on Sep 21, 2025 | |
| Redemptions around vote | 909,330 shares tendered for redemption (Nov 6, 2025) |
Compensation Structure Analysis (alignment signals)
- No cash paid to executives/directors pre‑combination; compensation committee exists but is largely prospective for de‑SPAC packages .
- Sponsor economics dominate: 4,002,121 founder shares (Class B) and 6,150,000 private warrants expire worthless if no merger; extension loans and notes add incremental incentive to consummate a deal (potential dilution via conversion) .
- Combined CEO/Chairman role and high insider/anchor voting control (~78.12%) reduce governance checks and increase execution latitude .
Equity Ownership & Alignment (detail)
| Component | Detail |
|---|---|
| Beneficial ownership concentration | Mr. Aptekar is associated with Sponsor holdings of 4,002,121 founder shares (~54% of outstanding); Sponsor Manager officers (appointed by Mr. Aptekar) hold voting/investment discretion; they disclaim beneficial ownership except pecuniary interest |
| Vested vs unvested/vesting | Founder shares are not service‑vesting awards; convert 1:1 to Class A upon business combination |
| Options | No executive option awards disclosed; Sponsor holds private placement warrants (6,150,000) |
| Pledging | No pledging/hedging disclosure identified |
Say‑on‑Pay & Shareholder Feedback
- EGC status exempts IXAQF from advisory say‑on‑pay votes and certain compensation disclosures pre‑combination .
Expertise & Qualifications
- Degrees: BA (University of Pennsylvania), MBA (Yale), coursework towards MS (Georgia Tech) .
- Domain: High-tech operations/finance; terrestrial and space-based telecom; M&A/SPAC execution .
Investment Implications
- Alignment and dilution: Sponsor/founder equity and extension financing align management to complete a transaction but can create dilution upon de‑SPAC (convertible notes/warrants); monitor additional extension loans and any revisions to founder/warrant terms .
- Governance risk: Combined CEO/Chairman role and concentrated control (~78% at record date) enable execution but elevate independence concerns; committee oversight exists yet is limited pre‑combination .
- Trading/flow signals: Trust value ($12.31) vs OTC price ($12.01) highlights redemption/arb dynamics; recent 909,330-share redemptions tighten float and affect deal math; watch 8‑K updates on meeting outcomes and any 5.02 items for employment agreements or incentive plan adoption ahead of closing .
- Execution risk: Multiple extensions and OTC trading status imply timeline and liquidity risks; financing paths (e.g., SAFE agreements, sponsor loans) should be tracked for covenants and conversion mechanics .