Company: IBACR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023510
Chunk: 20

Company: IB Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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-07 in its financial statements and related disclosures (see Note 9).

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

JUNE
30, 2025

(Unaudited)

NOTE
5. RELATED PARTY TRANSACTIONS

Founder
Shares

On
September 2, 2020, the Sponsor subscribed to purchase an aggregate of 4,312,500 shares (the “Founder Shares”) for a subscription
price of $3,000. On October 26, 2023, the Sponsor agreed to surrender an aggregate of 1,068,910 shares of the Company’s common
stock for no consideration, which were cancelled, resulting in the Sponsor holding an aggregate