Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 53

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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 from time to time by the Company’s board of directors. As of December
31, 2024 and September 30, 2024, there were no shares of preferred stock issued or outstanding.

Common
Stock — The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001 per share. Holders
of common stock are entitled to one vote for each share. As of December 31, 2024 and September 30, 2024, there were 4,249,090 shares
of common stock issued and outstanding, excluding 11,500,000 shares of common stock subject to possible redemption.

NOTE
8. FAIR VALUE MEASUREMENTS

The
Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each
reporting period, and non-financial assets and liabilities that are-measured and reported at fair value at least annually.

The
fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would
have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction
between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company
seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable
inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is
used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and
liabilities:

    Level
    1:
    Quoted
    prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions
    for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

    Level
    2:
    Observable
    inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities
    and quoted prices for identical assets or liabilities in markets that are not active.

    Level
    3:
    Unobservable
    inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

As
of December 31, 2024, assets held in the Trust Account were