Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 57

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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 entered into an Administrative Services Agreement pursuant to which the Company agreed to pay the Chief Financial Officer a sum
of $5,000 per month commencing on October 1, 2023. Upon completion of the initial business combination or the liquidation, the Company
will cease paying these monthly fees. On January 22, 2024, the Company’s Chief Financial Officer resigned and the Administrative
Services Agreement was terminated.

On
January 22, 2024, the Company appointed a new Chief Financial Officer and entered into an Administrative Services Agreement dated January
24, 2024, pursuant to which the Company agreed to pay the Chief Financial Officer a sum of $5,000 per month commencing at the time of
the Initial Public Offering closing. The agreement further specified that upon completion of the initial business combination or the
liquidation, the Company will cease paying these monthly fees.

For
the three and six months ended March 31, 2025, the Company incurred $15,000 and $30,000 in fees for these services, of which $15,000
is recorded as accounts payable and accrued expenses in the balance sheets as of March 31, 2025. For the three and six months ended March
31, 2024, the Company incurred and paid $15,000 in fees for these services.

    10

IB
ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

MARCH
31, 2025

(Unaudited)

NOTE
6. COMMITMENTS AND CONTINGENCY

Registration
Rights

The
holders of the Founder Shares, Private Placement Units (and their underlying securities) any Units that may be issued upon conversion
of the Working Capital Loans (and underlying securities), and Representative Shares are entitled to registration rights pursuant to a
registration rights agreement signed on the effective date of the Initial Public Offering requiring the Company to register such securities
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