Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 21

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 of 3,243,590 Founder Shares. The subsequent
cancellation is retrospectively reflected in the financial statements from day one.

The
Company maintains the ownership of Founder Shares by the initial stockholders at 22.0% of the Company’s issued and outstanding
shares of common stock upon the consummation of the Initial Public Offering, not including the Private Placement Shares or the Representative
Shares. Up to 423,077 Founder Shares held by the initial stockholders are no longer subject to forfeiture due to the underwriters’
over-allotment option exercised in full at the Initial Public Offering.

The
initial stockholders and the officers and directors have agreed not to transfer, assign or sell any of the Founder Shares until the earlier
of (i) six months after the date of the consummation of the Business Combination or (ii) the date on which the Company completes a liquidation,
merger, stock exchange or other similar transaction after its initial business combination that results in all of its public stockholders
having the right to exchange their shares of common stock for cash, securities or other property.

Notwithstanding
the foregoing, if the last sale price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after its initial business combination, the Founder Shares will be released from the lock-up.

Due
to Sponsor

During
the period ended June 30, 2025, the Sponsor incurred travel expenses amounting to $2,788 which are reimbursable by Su De Tang Global
Corporation, the reimbursement was paid to the Company through the proceeds of the working capital loans. As of June 30, 2025 and September
30, 2024, the Company had due to Sponsor in the amount of $2,788 and $0, respectively.

Subscription
Agreements

From
October 2023 through January 2024, the Company’s Sponsor entered into six subscription agreements to sell membership interests
in the Sponsor to members of management, directors and director nominees. The membership interests represent the indirect equivalent
of 525,000 Founders Shares which equates to 16.19% of the 3,243,590 Founders Shares issued and outstanding. The total purchase price
paid for the membership interests was $2,500. The Company