Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 32

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such working
capital loans may be convertible, at the option of the lender, into private placement-equivalent units at a price of $10.00 per unit.
The units would be identical to the private placement units. The terms of such working capital loans by our sponsor or its affiliates,
or our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans.

We
do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However,
if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination
are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business
Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated
to redeem a significant number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional
securities or incur debt in connection with such Business Combination.

Going
Concern

In
connection with the Company’s assessment of going concern considerations in accordance with the authoritative guidance in Financial
Accounting Standard Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties
about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company currently lacks the
liquidity it needs to sustain operations for a reasonable period of time, which is considered to be at least one year from the date that
the unaudited financial statements are issued as it expects to continue to incur significant costs in pursuit of its acquisition plans.
These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management plans to address
this uncertainty through a Business Combination. There is no assurance that the Company’s plans to raise capital or to consummate
a Business Combination will be successful within the Combination Period. The unaudited financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

Off-Balance
Sheet Arrangements

We
have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2025. We do not