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IB Acquisition Corp. (IBAC+0.05%) has filed its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's status as a blank check company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
IB Acquisition Corp. completed its initial public offering on March 28, 2024, raising $115 million through the sale of 11,500,000 units, each consisting of one share of common stock and one right.
The company has not yet identified a target for its initial business combination and has until September 28, 2025, to complete a transaction, or it will be required to liquidate.
As of September 30, 2024, the company reported total assets of $119.8 million, with $118.6 million held in a trust account for the purpose of completing a business combination.
IB Acquisition Corp. reported a net income of $1,867,387 for the year ended September 30, 2024, primarily due to interest income earned on the trust account.
The company has identified certain risk factors, including the possibility of not completing a business combination within the required timeframe, which would necessitate liquidation and result in the return of funds to public stockholders.
IB Acquisition Corp. is classified as an emerging growth company and is taking advantage of certain exemptions from reporting requirements available to such companies.
The company's management and directors have not received any cash compensation, but the Chief Financial Officer is paid $5,000 per month for administrative services.
The filing also outlines potential conflicts of interest, as the company's officers and directors may have fiduciary duties to other entities that could compete with IB Acquisition Corp. for business combination opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IB Acquisition Corp. annual 10-K report dated December 26, 2024. To report an error, please email earnings@qz.com.