Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 65

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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 increases in oil prices, inflation, fluctuations in interest rates, increases in tariffs, supply chain disruptions,
declines in consumer confidence and spending, public health considerations, and geopolitical instability, such as the military conflicts
in Ukraine and the Middle East. We cannot at this time predict the likelihood of one or more of the above events, their duration or magnitude
or the extent to which they may negatively impact our business and our ability to complete an initial Business Combination.

Liquidity
and Capital Resources

On
March 28, 2024, we completed the Initial Public Offering of 11,500,000 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.
Simultaneously with the closing of the Initial Public Offering, we completed the sale of 610,500 Units at a price of $10.00 per Unit
in a private placement to the Sponsor, generating gross proceeds of $6,105,000.

Transaction
costs amounted to $7,755,845 consisting of the fair value amount of $3,867,050 related with the issued representative shares, $3,450,000
of cash underwriting discount, and $438,795 of other offering costs.

For
the nine months ended June 30, 2025, cash used in operating activities was $1,260,781. Net income of $2,594,804 was affected by the interest
and dividends earned on cash and investments held in Trust Account of $3,875,873 and change in operating assets and liabilities which
used $65,288 of cash for operating activities.

For
the nine months ended June 30, 2024, cash used in operating activities was $767,109. Net income of $831,330 was affected by the interest
earned on marketable securities held in trust account of $1,504,700 and change in operating assets and liabilities which used $93,739
of cash for operating activities.

14

As
of June 30, 2025, we held cash and investments held in Trust Account of $121,553,746. The Trust Account can only be invested in U.S.
government treasury obligations with a maturity of 185 days or less or interests in money market funds meeting certain conditions under
Rule 2a-7 under the Investment Company