8-K
filed March 29, 2024, 7:59 PM ET
ticker IBAC
CIK 0001998781
other material
confidence high
sentiment neutral
materiality 0.70
IB Acquisition Corp. closes $115M SPAC IPO; trust funded with $115.575M
IB Acquisition Corp.
- Sold 11.5M units at $10/unit (including full over-allotment) for gross proceeds of $115M.
- Sponsor purchased 610,500 Private Placement Units at $10 each, grossing $6.105M.
- Net proceeds of $115.575M placed in trust; may be held until business combination or up to 18 months.
- Appointed John Joyce, Silvia Panigone, Jian Zhang as independent directors and committee chairs.
- Targets initial business combination with enterprise value of approx. $500M in North America, Europe, or Asia.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jian Zhang was appointed as Independent Director at IB Acquisition Corp..
- Action
- appointed
- Role
- Independent Director
Exact text from the filing
John Joyce, Silvia Panigone, and Jian Zhang were appointed to the board of directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Silvia Panigone was appointed as Independent Director at IB Acquisition Corp..
- Action
- appointed
- Role
- Independent Director
Exact text from the filing
John Joyce, Silvia Panigone, and Jian Zhang were appointed to the board of directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John Joyce was appointed as Independent Director at IB Acquisition Corp..
- Action
- appointed
- Role
- Independent Director
Exact text from the filing
John Joyce, Silvia Panigone, and Jian Zhang were appointed to the board of directors of the Company.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
IB Acquisition Corp. entered into Investment Management Trust Agreement with Continental Stock Transfer & Trust Company (effective 2024-03-25).
- Action
- entry
- Counterparty
- Continental Stock Transfer & Trust Company
- Effective
- 2024-03-25
Exact text from the filing
An Investment Management Trust Agreement, dated March 25, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as trustee
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
IB Acquisition Corp. entered into Rights Agreement with Continental Stock Transfer & Trust Company (effective 2024-03-25).
- Action
- entry
- Counterparty
- Continental Stock Transfer & Trust Company
- Effective
- 2024-03-25
Exact text from the filing
A Rights Agreement, dated March 25, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as rights agent
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
IB Acquisition Corp. entered into Underwriting Agreement with I-Bankers Securities, Inc. valued at $115,000,000 (effective 2024-03-25).
- Action
- entry
- Agreement
- underwriting
- Counterparty
- I-Bankers Securities, Inc.
- Value
- $115,000,000
- Effective
- 2024-03-25
Exact text from the filing
An Underwriting Agreement, dated March 25, 2024, by and between the Company and I-Bankers Securities, Inc., as representative of the several underwriters
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
IB Acquisition Corp. entered into Registration Rights Agreement with certain security holders (effective 2024-03-25).
- Action
- entry
- Counterparty
- certain security holders
- Effective
- 2024-03-25
Exact text from the filing
Registration Rights Agreement, dated March 25, 2024, by and among the Company and certain security holders, a copy of which is attached
View on SEC.gov
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