Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 76

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 3
Chunk 76
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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 December 31, 2024, 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 three months ended December 31, 2024, covered
by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control
over financial reporting.

PART
II - OTHER INFORMATION

Item
1. Legal Proceedings

None

Item
1A. Risk Factors

Factors
that could cause our actual results to differ materially from those in this report include the risk factors described in our Annual Report
on Form 10-K filed with the SEC on December 26, 2024. As of the date of this Quarterly Report, there have been no material changes to
the risk factors disclosed in our Annual Report on Form 10-K filed with the SEC.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.

On
March 28, 2024, the Company consummated the Initial Public