In This Story
IB Acquisition Corp. (IBAC-0.20%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing net income of $907,068, primarily due to interest earned on marketable securities held in the Trust Account amounting to $1,371,530, offset by general and administrative expenses of $176,441 and a provision for income taxes of $288,021.
As of December 31, 2024, the company reported total assets of $120,831,550, including $119,658,403 held in a trust account, and total liabilities of $846,324.
The company had cash of $910,193 as of December 31, 2024, and a working capital of $326,823. The company intends to use the funds held outside the Trust Account primarily for identifying and evaluating target businesses.
IB Acquisition Corp. is 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. The company has not yet selected any potential business combination target.
The company completed its Initial Public Offering on March 28, 2024, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units. Simultaneously, it completed a private placement of 610,500 units, generating additional gross proceeds of $6,105,000.
Transaction costs related to the IPO amounted to $7,755,845, including cash underwriting discounts and other offering costs.
The company has until 18 months from the closing of the Initial Public Offering to complete a business combination. If unable to do so, it will cease operations and redeem 100% of the outstanding public shares.
The company is classified as a shell company and has not commenced any operations. It will not generate any operating revenues until after the completion of its initial business combination.
The company is considered an emerging growth company and is taking advantage of certain exemptions from various reporting requirements applicable to other public companies.
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. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.