Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 83

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 83
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 reporting pursuant to Section 404, (ii) provide all of the compensation disclosure
that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii)
comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the independent
registered public accounting firm’s report providing additional information about the audit and the financial statements (auditor
discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation
and performance and comparisons of the CEO’s compensation to median employee compensation. These exemptions will apply for a period
of five years following the completion of our initial public offering or until we are no longer an “emerging growth company,”
whichever is earlier.

Item
3. Quantitative and Qualitative Disclosures About Market Risk

Not
required for smaller reporting companies.

Item
4. Controls and Procedures

Evaluation
of Disclosure Controls and Procedures

Disclosure
controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed
under the Exchange Act is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and
forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to
our management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding
required disclosure.

Under
the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting
officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter
ended June 30, 2025, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal
executive officer and principal financial and accounting officer have concluded that during the period covered by this report, our disclosure
controls and procedures were not effective at a reasonable assurance level, due to segregation of duties, lack of supervision and review
and limited documentation around controls, and, accordingly, provided reasonable assurance that the information required to be disclosed
by us in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms.

Changes
in Internal Control over Financial Reporting

There
was no change in our internal control over financial reporting that occurred during the