secwatch.observer — SEC 8-K summary
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Issuer:     IB Acquisition Corp. (IBAC)
CIK:        0001998781
Form:       8-K
Filed at:   2024-03-29T23:59:59+00:00
Accession:  0001493152-24-012037
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 3.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/0001493152-24-012037-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1998781/000149315224012037/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-012037

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer