Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 20

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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. Each Private Unit will consist of one share of common stock
(“Private Placement Share”) and one right (“Private Placement Right”). Each Private Placement Right will entitle
the holder to receive one-twentieth of one share of common stock at the closing of a Business Combination. Certain proceeds from the
sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the
Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will
be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placements Units
and all underlying securities will expire worthless.

    9

IB
ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

MARCH
31, 2025

(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