IB Acquisition signs $50M equity facility, up to $90M PIPE notes, amends GNQ Insilico merger

IB Acquisition Corp.

Entered equity purchase facility for up to $50M of new Class A shares; issued $675,000 convertible commitment note.
PIPE: initial $16,470,588 in 12% senior secured convertible notes, up to $90M total; conversion price $10/share.
Amended business combination agreement: removed Minimum Cash condition, issued 350,000 Class A shares to Buyer for bridge financing.
Sponsor support amended to release 610,500 private placement units from six-month lock-up.
Registration rights agreements require resale S-1 filed by SEC effectiveness of business combination registration statement.

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