Company: IBACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010982
Chunk: 30

Company: IB Acquisition Corp.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 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 six months ended March 31, 2025, cash used in operating activities was $1,119,424. Net income of $1,731,194 was affected by the interest
and dividends earned on cash and investments held in Trust Account of $2,621,671 and change in operating assets and liabilities which
used $228,947 of cash for operating activities.

For
the six months ended March 31, 2024, cash used in operating activities was $181,868. Net loss of $282,137 was affected by the change
in operating assets and liabilities that provided $100,269 of cash for operating activities.

13

As
of March 31, 2025, we held cash and investments held in Trust Account of $120,299,544. 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 Act, which invest only in direct U.S. government treasury obligations. We may withdraw interest
from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any
amounts representing interest earned on the Trust Account (less taxes payable), to complete our initial Business Combination. To the
extent that our capital stock