Company: IBACR
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006426
Chunk: 87

Company: IB Acquisition Corp.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 1A
Chunk 87
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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 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. I-Bankers Securities, Inc. and IB Capital LLC acted as joint book-running manager, of the Initial Public Offering. The
securities in the offering were registered under the Securities Act on registration statement on Form S-1 (No. 333-275650). The Securities
and Exchange Commission declared the registration statements effective on March 25, 2024.

Simultaneously
with the closing of the IPO, the Company completed the private sale of an aggregate of 610,500 units to I-B Good Works 4, LLC, at a purchase
price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $6,105,000. The Private Placement Units are identical
to the Units sold in the IPO except that the Private Placement Units are not transferable, assignable or salable until 30 days after
the completion of the Company’s initial business combination. No underwriting discounts or commissions were paid with respect to
such sale. The issuance of the Private Placement Units was made pursuant to the exemption from registration contained in Section 4(a)(2)
of the Securities Act of 1933, as amended.

 15 

A
total of $115,575,000 of the net proceeds from the IPO (including the full exercise of the over-allotment option) and the sale of the
Private Placement Units were placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting
as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay
its taxes, the funds held in the trust