--- schema_version: "secwatch.filing_event.v1" accession: "0001013762-24-000715" form_type: "8-K" ticker: null cik: "0001882963" company_name: "AIB Acquisition Corp" filed_at: "2024-07-24T23:59:59+00:00" generated_at: "2026-05-31T17:14:11.539295+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 0.9 calibrated_materiality_score: 0.9 confidence: "high" source: SEC EDGAR --- # AIB Acquisition Corporation completes business combination with PSI Group Holdings Ltd, begins trading as PSIG ## Summary - On July 18, 2024, AIB Acquisition Corp. closed its business combination with PSI Group Holdings, merging through First Merger Sub and Second Merger Sub. - Pubco ordinary shares began trading on Nasdaq under ticker PSIG on July 19, 2024. - 954,338 public shares of AIB were redeemed at the extraordinary general meeting on July 15, 2024. - New directors appointed to Pubco board: Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger, Eric Chen; Ko also named CEO and Chun Kit Tsui CFO. - A share escrow agreement for 2,000,000 Pubco ordinary shares was entered into with Continental Stock Transfer & Trust as escrow agent. ## SEC filing metadata - accession: 0001013762-24-000715 - form_type: 8-K - cik: 0001882963 - company_name: AIB Acquisition Corp - filed_at: 2024-07-24T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 0.9 - calibrated_materiality_score: 0.9 - confidence: high - sec_items: 1.01, 2.01, 3.03, 5.01, 5.02, 5.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/ea0209904-8k_aibacq.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001013762-24-000715 - JSON: https://secwatch.observer/filing/0001013762-24-000715.json - Plain text: https://secwatch.observer/filing/0001013762-24-000715.txt ## Key facts - Executive change Eric Chen was appointed as director at AIB Acquisition Corp. - Action: appointed - Role: director source text: Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Jie Gao resigned as director at AIB Acquisition Corp. - Action: resigned - Role: director source text: each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB. evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Hok Wai Alex Ko was appointed as director at AIB Acquisition Corp. - Action: appointed - Role: director source text: Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Zijian Tong was appointed as director at AIB Acquisition Corp. - Action: appointed - Role: director source text: Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Axel Hoerger resigned as director at AIB Acquisition Corp. - Action: resigned - Role: director source text: each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB. evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Hok Wai Alex Ko was appointed as Chief Executive Officer at AIB Acquisition Corp. - Action: appointed - Role: Chief Executive Officer source text: the board of directors of Pubco appointed the following officers: Hok Wai Alex Ko as Chief Executive Officer and Chun Kit Tsui as Chief Financial Officer. evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Yong Yao was appointed as director at AIB Acquisition Corp. - Action: appointed - Role: director source text: Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Lai Ping Chan was appointed as director at AIB Acquisition Corp. - Action: appointed - Role: director source text: Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change David Knower resigned as director at AIB Acquisition Corp. - Action: resigned - Role: director source text: each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB. evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change David Adelman resigned as director at AIB Acquisition Corp. - Action: resigned - Role: director source text: each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB. evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Axel Hoerger was appointed as director at AIB Acquisition Corp. - Action: appointed - Role: director source text: Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Eric Chen resigned as director at AIB Acquisition Corp. - Action: resigned - Role: director source text: each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB. evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Merry Tang resigned as director at AIB Acquisition Corp. - Action: resigned - Role: director source text: each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB. evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - Executive change Chun Kit Tsui was appointed as Chief Financial Officer at AIB Acquisition Corp. - Action: appointed - Role: Chief Financial Officer source text: the board of directors of Pubco appointed the following officers: Hok Wai Alex Ko as Chief Executive Officer and Chun Kit Tsui as Chief Financial Officer. evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm - M&A Transactions AIB Acquisition Corp underwent a change of control involving PSI Group Holdings Ltd 利航國際控股有限公司 for outstanding ordinary shares of PSI were converted into the right to receive Pubco Ordinary Shares; outstanding securities of AIB were converted into the right t (closed 2024-07-18). - Action: change of control - Counterparty: PSI Group Holdings Ltd 利航國際控股有限公司 - Consideration: outstanding ordinary shares of PSI were converted into the right to receive Pubco Ordinary Shares; outstanding securities of AIB were converted into the right t - Closing: 2024-07-18 source text: On July 18, 2024, AIB Acquisition Corporation, a Cayman Islands exempted company (“AIB”) and PSI Group Holdings Ltd 利航國際控股有限公司, a Cayman Islands exempted company (“PSI”) consummated (the “Closing”) their previously announced business combination (the “Business Combination”), pursuant to that certain Business Combination Agreement, dated as of December 27, 2023 (the “Business Combination Agreement”), by and among AIB, PSI, PS International Group Ltd., an exempted company incorporated with limited liability in the Cayman Islands (“Pubco”), PSI Merger Sub I Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of Pubco (“First Merger Sub”), PSI Merger Sub II Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of Pubco (“Second Merger Sub”), and AIB LLC, a Delaware limited liability company (“AIB LLC”). evidence_url: https://www.sec.gov/Archives/edgar/data/1882963/000101376224000715/0001013762-24-000715-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.