IB Acquisition Corp. completes IPO of 11.5M units at $10, raises $115M; auditor raises going concern doubt

IB Acquisition Corp.

IPO of 11,500,000 units at $10.00/unit, gross proceeds $115,000,000; includes full over-allotment.
Private placement of 610,500 units to sponsor I-B Good Works 4, LLC at $10.00/unit, gross proceeds $6,105,000.
Total of $115,575,000 deposited in trust account; shares redeemable at $10.05 per share.
Auditor reports substantial doubt about going concern; cash $1.66M and working capital $1.39M as of March 28, 2024.
Company has 18 months from IPO to complete a business combination; no target selected yet.

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