Company: IBACR
Filing Date: 2025-08-29
Form Type: PRE 14A
Source: 0001641172-25-025976
Chunk: 7

Company: IB Acquisition Corp.
Filing Date: 2025-08-29
Form: PRE 14A
Chunk 7
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 which the Company has to consummate a business combination monthly for up to [______] additional months at the election of the Company, ultimately until as late as [_______] 28, 2026 (the “Extended Date”), to allow the Company more time to complete its initial business combination (the “Extension Proposal”).

The purpose of this proposal is to allow the Company additional time to complete an initial business combination.

If the Extension Proposal is approved, commencing September 28, 2025, our Sponsor, or its designees, in their sole discretion, may provide us with loans each month to extend monthly for up to [___] additional months in the amount equal to $[____] for each redeemable public share that is not redeemed in connection with this Special Meeting for each of the [___] subsequent calendar months commencing on September 28, 2025, that is needed by us to complete an initial business combination. Assuming the Extension Proposal is approved, each monthly contribution will be deposited in the Trust Account on or before the 28 thday of such calendar month.

The contributions are conditioned upon the implementation of the Extension Proposal. The contributions will not occur if the Extension Proposal is not approved or the Extension is not completed. The amount of the contributions will not bear interest and will be repayable by the Company to our Sponsor or its designees upon consummation of an initial business combination. A copy of the proposed amendment to the charter of the Company is attached to this Proxy Statement as Annex A.

Whether or not the Extension Proposal is approved, the Company’s public stockholders will have an opportunity to have their public shares redeemed in accordance with the Company’s charter either upon enactment of the Extension Amendment, upon consummation of the initial business combination or in connection with the winding up of the Company. See “Redemption Rights” below.

Reasons for the Extension Proposal

The Company’s charter provides that the Company has until September 28, 2025 to complete the purposes of the Company including effecting a business combination under its terms. The purpose of the Extension Amendment is to allow the Company more time to complete its initial business combination.

The Board currently believes that there will not be sufficient time before September 28, 2025 to complete an initial business combination. Accordingly, the Board believes that, in order to be able to consummate an initial business combination, we will need to obtain the Extension and that, without the Extension, we would be forced to liquidate even if our stockholders are otherwise