Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 47

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 47
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 how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate
resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and
entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing
segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024, with early adoption permitted.

Management
does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect
on the Company’s unaudited financial statements.

NOTE
3. INITIAL PUBLIC OFFERING

Pursuant
to the Initial Public Offering, the Company sold 11,500,000 Units, which includes a full exercise by the underwriter of their over-allotment
option in the amount of 1,500,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company’s
common stock, and one right. Each right entitles the holder thereof to receive one-twentieth (1/20) of one share of common stock upon
the consummation of the Business Combination.

NOTE
4. PRIVATE PLACEMENT

Simultaneously
with the closing of the Initial Public Offering, the Sponsor has purchased an aggregate of 610,500 Private Placement Units at a price
of $10.00 per Private Placement Unit from the Company in a private placement. Each Private Unit will consist of one share of common stock
(“Private Placement Share”) and one right (“Private Placement Right”). Each Private Placement Right will entitle
the holder to receive one-twentieth of one share of common stock at the closing of a Business Combination. Certain proceeds from the
sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the
Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will
be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placements Units
and all underlying securities will expire worthless.

 9 

IB
ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 202