secwatch.observer — SEC 8-K summary
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Issuer:     IB Acquisition Corp. (IBAC)
CIK:        0001998781
Form:       8-K
Filed at:   2024-04-03T23:59:59+00:00
Accession:  0001493152-24-013043
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1998781/000149315224013043/0001493152-24-013043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1998781/000149315224013043/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-013043

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