M&A - IB Acquisition Corp.

Form Type: 10-Q

Filing Date: 2025-02-13

Corporate Action: Acquisition

Type: New

Accession Number: 000149315225006426

Filing Summary: IB Acquisition Corp. filed its Form 10-Q for the quarter ending December 31, 2024, highlighting financial information and the company's ongoing operations. The filing indicates a total of 15,749,090 shares of common stock were outstanding by February 12, 2025. As a blank check company, IB Acquisition Corp. is structured to pursue a business combination, although no targets have been identified to date. The company generated a net income of $907,068 for the quarter and outlines its cash liquidity, holding approximately $910,193 as of December 31, 2024, although liquidity concerns are raised regarding sustaining operations for the next year due to expected significant costs in pursuit of acquisition plans. The registration statement for the company's initial public offering was declared effective on March 25, 2024, with the offering closing on March 28, 2024, raising $115 million. The company maintains a trust account for proceeds from the offering to be utilized towards a future business combination. There are also provisions for stockholder redemptions upon approving proposed business transactions, either by stockholder meeting or tender offer, reflecting a strategic approach to pursuing acquisitions without a specific sector focus.

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