Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 66

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 Act, which invest only in direct U.S. government treasury obligations. We may withdraw interest
from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any
amounts representing interest earned on the Trust Account (less taxes payable), to complete our initial Business Combination. To the
extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial Business Combination, the
remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses,
make other acquisitions and pursue our growth strategies.

As
of June 30, 2025, we had cash of $486,018. We intend to use the funds held outside the Trust Account primarily to identify and evaluate
target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar
locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of
prospective target businesses, and structure, negotiate and complete a Business Combination.

In
order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such working
capital loans may be convertible, at the option of the lender, into private placement-equivalent units at a price of $10.00 per unit.
The units would be identical to the private placement units. The terms of such working capital loans by our sponsor or its affiliates,
or our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans.

We
do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However,
if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination
are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business
Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated
to redeem a significant number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional
securities or incur debt in connection with such Business Combination.

Going
Concern

In
connection with the