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

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 the Business Combination and will pay I-Bankers a cash fee for such marketing services upon the
consummation of the Business Combination in an amount equal to, in the aggregate, 3.5% of the gross proceeds of the Initial Public Offering
(the “M&A fee”) or $4,025,000 in the aggregate. If the Company doesn’t complete a business combination, no fee
will be due. In addition, the Company will pay the I-Bankers a finder fee equal to 1.0% of the consideration issued to a target if the
business combination is consummated with a target introduced by the I-Bankers.

On
the closing of the Initial Public Offering, pursuant to the underwriting agreement, the Company issued as compensation 395,000 shares
of common stock for no cash consideration (the “Representative Shares”).

Working
Capital Loan

On
September 16, 2024, the Company issued an unsecured promissory note in the principal amount of $150,000 to Su De Tang Global Corporation
(the “Working Capital Loan”). The principal balance of this Promissory Note represents the first of potentially three instalments
of the Working Capital Loan. The Working Capital Loan bears no interest and will be extinguished without any payment required at the
consummation of a Business Combination with Su De Tang Global Corporation. The Company has borrowed a total of $147,629 under the Working
Capital. As of June 30, 2025, the Company repaid an amount of $147,629. Borrowings under the note are no longer available.

NOTE
7. STOCKHOLDERS’ EQUITY

Preferred
Stock — The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001 per share with
such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. As of June
30, 2025 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 June 30, 2025 and September 30, 2024, there were 4,249,090 shares of common
stock issued and outstanding,