Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 36

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 36
---
 one share of the Company’s common stock, and one
right. Each right entitles the holder thereof to receive one-twentieth (1/20) of one share of common stock upon the consummation of the
Business Combination.

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 610,500 Units (the “Private Placement Units”)
at a price of $10.00 per Unit in a private placement to the Company’s sponsor, I-B Good Works 4, LLC (the “Sponsor”),
which is an affiliate of I-Bankers Securities, Inc. (“I-Bankers”). The Private Placement Units are identical to the units
sold in the Initial Public Offering. The Company’s management has broad discretion with respect to the specific application of
the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds
are intended to be applied generally toward completing a Business Combination.

Transaction
costs amounted to $7,755,845 consisting of the fair value amount of $3,867,050 related with the issued representative shares, $3,450,000
of cash underwriting discount, and $438,795 of other offering costs.

The
Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal
to at least 80% of the net assets held in the Trust Account (as defined below) (excluding any M&A fees (see note 6) held in the Trust
Account and taxes payable on the interest earned on the Trust Account) at the time of the agreement to enter into a Business Combination.
The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued
and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it
not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company
Act”). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the closing of the
Initial Public Offering, management has agreed that $10.05 per Unit sold in the Initial Public Offering, including proceeds of the sale
of the Private Placement Units, will be held in a trust account (“Trust Account”) and invested in U.S. government securities,
within the meaning set forth in Section