Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 48

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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4

(Unaudited)

NOTE
5. RELATED PARTY TRANSACTIONS

Founder
Shares

On
September 2, 2020, the Sponsor subscribed to purchase an aggregate of 4,312,500 shares (the “Founder Shares”) for a subscription
price of $3,000. On October 26, 2023, the Sponsor agreed to surrender an aggregate of 1,068,910 shares of the Company’s common
stock for no consideration, which were cancelled, resulting in the Sponsor holding an aggregate of 3,243,590 Founder Shares. The subsequent
cancellation is retrospectively reflected in the financial statements from day one.

The
Company maintains the ownership of Founder Shares by the initial stockholders at 22.0% of the Company’s issued and outstanding
shares of common stock upon the consummation of the Initial Public Offering, not including the Private Placement Shares or the Representative
Shares. Up to 423,077 Founder Shares held by the initial stockholders are no longer subject to forfeiture due to the underwriters’
over-allotment option exercised in full at the Initial Public Offering.

The
initial stockholders and the officers and directors have agreed not to transfer, assign or sell any of the Founder Shares until the earlier
of (i) six months after the date of the consummation of the Business Combination or (ii) the date on which the Company completes a liquidation,
merger, stock exchange or other similar transaction after its initial business combination that results in all of its public stockholders
having the right to exchange their shares of common stock for cash, securities or other property.

Notwithstanding
the foregoing, if the last sale price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after its initial business combination, the Founder Shares will be released from the lock-up.

Due
to Sponsor

As
of December 31, 2024 and September 30, 2024, the Company had due to Sponsor in amount of $0 and $0, respectively. The Sponsor has purchased
an aggregate of 610,500 Private Placement Units at a price of $10.00 per Private Placement Unit from the Company in a private placement,
of which $50,000 was deposited to the Company as of September 30,