Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 38

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 taxes, the funds held in the trust account will not be released from the trust account until the earliest of (i) the completion of
the Company’s initial business combination, (ii) the redemption of any shares of common stock included in the Units sold in the
IPO properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation
to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete
its initial business combination within 18 months from the closing of the IPO or with respect to any other material provisions relating
to stockholders’ rights or pre-initial business combination activity and (iii) the redemption of the public shares if the Company
is unable to complete an initial business combination within 18 months from the closing of the IPO, subject to applicable law.

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.

For
a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Form 10-Q.

Item
3. Defaults Upon Senior Securities

None

Item
4. Mine Safety Disclosures

None

Item
5. Other Information

During
the quarter ended March 31, 2025, no director or officer adopted or terminated any (i) “Rule 10b5-1 trading arrangement,”
as defined in Item 408(a) of Regulation S-K intending to satisfy the affirmative defense conditions of Rule 10b5–1(c) or (ii) “non-Rule
10b5-1 trading arrangement,” as defined in Item 408(c) of Regulation S-K.

Item
6. Exhibits

The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

    No.
     
    Description
    of Exhibit
  
    31.1*
     
    Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  
    31.2*
     
    Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted