---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-012037"
form_type: "8-K"
ticker: "IBAC"
cik: "0001998781"
company_name: "IB Acquisition Corp."
filed_at: "2024-03-29T23:59:59+00:00"
generated_at: "2026-06-04T05:35:44.527438+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# IB Acquisition Corp. closes $115M SPAC IPO; trust funded with $115.575M

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-24-012037
- form_type: 8-K
- ticker: IBAC
- cik: 0001998781
- company_name: IB Acquisition Corp.
- filed_at: 2024-03-29T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/0001493152-24-012037-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-012037
- JSON: https://secwatch.observer/filing/0001493152-24-012037.json
- Plain text: https://secwatch.observer/filing/0001493152-24-012037.txt

## Key facts
- Executive change
  Jian Zhang was appointed as Independent Director at IB Acquisition Corp..
  - Action: appointed
  - Role: Independent Director
  source text: John Joyce, Silvia Panigone, and Jian Zhang were appointed to the board of directors of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/0001493152-24-012037-index.htm
- Executive change
  Silvia Panigone was appointed as Independent Director at IB Acquisition Corp..
  - Action: appointed
  - Role: Independent Director
  source text: John Joyce, Silvia Panigone, and Jian Zhang were appointed to the board of directors of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/0001493152-24-012037-index.htm
- Executive change
  John Joyce was appointed as Independent Director at IB Acquisition Corp..
  - Action: appointed
  - Role: Independent Director
  source text: John Joyce, Silvia Panigone, and Jian Zhang were appointed to the board of directors of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/0001493152-24-012037-index.htm
- Material Agreements
  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
  source text: An Investment Management Trust Agreement, dated March 25, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as trustee
  evidence_url: https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/0001493152-24-012037-index.htm
- Material Agreements
  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
  source text: A Rights Agreement, dated March 25, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as rights agent
  evidence_url: https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/0001493152-24-012037-index.htm
- Material Agreements
  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
  source text: An Underwriting Agreement, dated March 25, 2024, by and between the Company and I-Bankers Securities, Inc., as representative of the several underwriters
  evidence_url: https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/0001493152-24-012037-index.htm
- Material Agreements
  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
  source text: Registration Rights Agreement, dated March 25, 2024, by and among the Company and certain security holders, a copy of which is attached
  evidence_url: https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/0001493152-24-012037-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.