Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 8

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 account (“Trust Account”) and invested in U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended
investment company that holds itself out as a money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act,
as determined by the Company, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the funds
in the Trust Account to the Company’s stockholders, as described below.

The
Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a
Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means
of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender
offer will be made by the Company. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount held
in the Trust Account (initially $10.05 per share), calculated as of two business days prior to the completion of a Business Combination,
including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax
obligations. The shares of common stock were recorded at redemption value and classified as temporary equity upon the completion of the
Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities
from Equity.”

The
Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such completion
of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor
of the Business Combination.

    5

IB
ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

MARCH
31, 2025

(Unaudited)

If
the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders, which are holders of the
Founder Shares, have agreed to (i) waive their redemption rights with respect to their Private Placement Shares (as defined below) in
connection with the completion of the Business Combination, (ii) waive their redemption rights with respect to their Founder Shares (defined