Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 51

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 the Chief Financial Officer a sum of $5,000 per month commencing at the time of
the Initial Public Offering closing. The agreement further specified that upon completion of the initial business combination or the
liquidation, the Company will cease paying these monthly fees.

For
the three months ended December 31, 2024, the Company incurred $15,000 in fees for these services, of which $15,000 is recorded as accounts
payable and accrued expenses in the balance sheets as of December 31, 2024. For the three months ended December 31, 2023, the Company
incurred $15,000 in fees for these services, of which $5,000 is recorded as accounts payable and accrued expenses in the balance sheets
as of December 31, 2023.  

 10 

IB
ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

(Unaudited)

NOTE
6. COMMITMENTS AND CONTINGENCY

Registration
Rights

The
holders of the Founder Shares, Private Placement Units (and their underlying securities) any Units that may be issued upon conversion
of the Working Capital Loans (and underlying securities), and Representative Shares are entitled to registration rights pursuant to a
registration rights agreement signed on the effective date of the Initial Public Offering requiring the Company to register such securities
for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company
register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration
statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such
securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated damages or other
cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred
in connection with the filing of any such registration statements.

Underwriting
Agreement and Business Combination Marketing Agreement

The
Company engaged I-Bankers to act as Underwriters on the Initial Public Offering of the Company’s Units, for $115,000,000 and the
simultaneous listing on the Nasdaq Global Market. The Underwriters had a 30-day option to purchase up to an additional 1,500,000 Units
to cover over-allotments at the Initial Public Offering price, less the