Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 5

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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, initial public offering (the “Initial Public Offering” as further defined below) and subsequent to the Initial
Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until
after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income on cash and
cash equivalents in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected
September 30 as its fiscal year end.

The
registration statement for the Company’s Initial Public Offering was declared effective on March 25, 2024. On March 28, 2024, the
Company consummated the Initial Public Offering of 11,500,000 units (the “Units”), which includes the full exercise by the
underwriters of their over-allotment option in the amount of 1,500,000 Units, at a purchase price of $10.00 per Unit, generating gross
proceeds of $115,000,000, which is discussed in Note 3. Each Unit consists of one share of the Company’s common stock, and one
right. Each right entitles the holder thereof to receive one-twentieth (1/20) of one share of common stock upon the consummation of the
Business Combination.

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 610,500 Units (the “Private Placement Units”)
at a price of $10.00 per Unit in a private placement to the Company’s sponsor, I-B Good Works 4, LLC (the “Sponsor”),
which is an affiliate of I-Bankers Securities, Inc. (“I-Bankers”). The Private Placement Units are identical to the units
sold in the Initial Public Offering. The Company’s management has broad discretion with respect to the specific application of
the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds
are intended to be applied generally toward completing a Business Combination.

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.

The
Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal
to at least 80