Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 41

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 41
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NOTES
TO FINANCIAL STATEMENTS

JUNE
30, 2025

(Unaudited)

NOTE
1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

IB
Acquisition Corp. f/k/a I-B Good Works 4 Corporation (the “Company”) is a blank check company originally incorporated under
the laws of the State of Delaware on July 7, 2020 and which converted to a Nevada corporation on September 21, 2023 for the purpose of
effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses (the “Business Combination”). The Company has not selected any potential business combination target, and the
Company has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any potential business
combination target with respect to an initial business combination with the Company. The Company’s investment strategy is not specific
to any sector, however, the management team and board members believe there are compelling investment opportunities in a number of areas
including consumer goods, sports and entertainment, and healthcare technology. The Company anticipates targeting companies domiciled
in North America, Europe and Asia, with an enterprise value of at least $500 million.

As
of June 30, 2025, the Company had not yet commenced any operations. All activity through June 30, 2025, relates to the Company’s
formation, 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