{"url_path":"/sec/ibac/10-q/2026/item-2","section_key":"item-2","section_title":"Item 2 Unregistered Sales of Equity Securities and Use of Proceeds.**","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1998781/0001493152-26-023743-index.html","accession_number":"0001493152-26-023743","cik":"0001998781","ticker":"IBAC","issuer_name":"IB Acquisition Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1998781/0001493152-26-023743-index.html","primary_entity_key":"0001998781","primary_entity_name":"IB Acquisition Corp."},"word_count":498,"has_tables":true,"body_markdown":"**Item\n2. Unregistered Sales of Equity Securities and Use of Proceeds.**\n\n \n\nOn\nMarch 28, 2024, the Company consummated the Initial Public Offering of 11,500,000 units, which includes the full exercise by the underwriters\nof 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\n$115,000,000. I-Bankers Securities, Inc. and IB Capital LLC acted as joint book-running managers of the Initial Public Offering. The\nsecurities in the offering were registered under the Securities Act on registration statement on Form S-1 (No. 333-275650). The Securities\nand Exchange Commission declared the registration statements effective on March 25, 2024.\n\n \n\nSimultaneously\nwith 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\nprice of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $6,105,000. The Private Placement Units are identical\nto the Units sold in the IPO except that the Private Placement Units are not transferable, assignable or salable until 30 days after\nthe completion of the Company’s initial business combination. No underwriting discounts or commissions were paid with respect to\nsuch sale. The issuance of the Private Placement Units was made pursuant to the exemption from registration contained in Section 4(a)(2)\nof the Securities Act of 1933, as amended.\n\n \n\n25\n\n \n\n \n\nA\ntotal 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\nPrivate Placement Units were placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting\nas trustee. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay\nits taxes, the funds held in the trust account will not be released from the trust account until the earliest of (i) the completion of\nthe Company’s initial business combination, (ii) the redemption of any shares of common stock included in the Units sold in the\nIPO properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation\nto modify the substance or timing of the Company’s obligation to redeem 100% of the public shares if the Company does not complete\nits initial business combination within 18 months from the closing of the IPO or with respect to any other material provisions relating\nto stockholders’ rights or pre-initial business combination activity and (iii) the redemption of the public shares if the Company\nis unable to complete an initial business combination within 18 months from the closing of the IPO, subject to applicable law.\n\n \n\nTransaction\ncosts amounted to $7,755,845 consisting of the fair value amount of $3,867,050 related with the issued representative shares, $3,450,000\nof cash underwriting discount, and $438,795 of other offering costs.\n\n \n\nFor\na description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Form 10-Q."}