Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 21

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company
register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration
statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such
securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated damages or other
cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred
in connection with the filing of any such registration statements.

Underwriting
Agreement and Business Combination Marketing Agreement

The
Company engaged I-Bankers to act as Underwriters on the Initial Public Offering of the Company’s Units, for $115,000,000 and the
simultaneous listing on the Nasdaq Global Market. The Underwriters had a 30-day option to purchase up to an additional 1,500,000 Units
to cover over-allotments at the Initial Public Offering price, less the underwriting discounts and commissions. On March 28, 2024, simultaneously
with the closing of the Initial Public Offering, the Underwriters elected to fully exercise the over-allotment option to purchase an
additional 1,500,000 Units at a price of $10.00 per Unit.

The
Underwriters were entitled to a cash underwriting discount of $0.30 per Unit, or $3,450,000 in the aggregate, paid upon the closing of
the Initial Public Offering. In addition, under a business combination marketing agreement, the Company engaged I-Bankers to provide
marketing services in connection with the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the
consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the Initial Public Offering
(the “M&A fee”) or $4,025,000 in the aggregate. If the Company doesn’t complete a business combination, no fee
will be due. In addition, the Company will pay the I-Bankers a finder fee equal to 1.0% of the consideration issued to a target if the
business combination is consummated with a target introduced by the I-Bankers.

On
the closing of the Initial Public Offering, pursuant to the underwriting agreement, the Company issued as compensation 395,