Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 9

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 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

JUNE
30, 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
below), Private Placement Shares (defined below) and any Public Shares they hold in connection with a stockholder vote to approve an
amendment to the Company’s amended and restated articles of incorporation (a) to modify the substance or timing of the Company’s
obligation to redeem 100% of the Public Shares if the Company does not complete the Business Combination within 18 months from the closing
of the Initial Public Offering or (b) with respect to any other provision relating to stockholders’ rights or pre-initial Business
Combination activity and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares
and Private Placement Shares if the Company fails to complete the Business Combination within 18 months from the closing of the Proposed
Public Offering. In addition, the Sponsor has agreed to vote any Private Placement Shares held by it in favor of the Business Combination.

Additionally,
each public stockholder may elect to redeem its Public Shares, irrespective of whether they vote for or against a proposed Business Combination.

Notwithstanding
the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the
tender offer rules, the Company’s amended and restated articles of