Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 9

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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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 incorporation provides that a public stockholder, together with
any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as
defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from
redeeming its shares with respect to more than an aggregate of 15% of the Public Shares.

The
Company will have until 18 months from the closing of the Initial Public Offering (the “Combination Period”) to complete
a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days
thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including interest earned (less up to $100,000 of interest to pay dissolution expenses, which shall be
net of taxes payable), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’
rights as stockholders (