secwatch.observer — SEC 8-K summary
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Issuer:     IB Acquisition Corp. (IBAC)
CIK:        0001998781
Form:       8-K/A
Filed at:   2026-09-23T21:15:13+00:00
Accession:  0001493152-26-043952
Event type: other_material
Sentiment:  positive
Materiality: 0.80
Item codes: 3.02, 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IBAC secures $50M equity line, $16.5M PIPE for GNQ merger, amends deal to drop min cash
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- Equity Purchase Facility: up to $50M from ELOC investor; 36-month commitment period, $675K convertible commitment note at $10/share.
- PIPE: initial $16,470,588 senior secured convertible notes, up to $90M total; $10 conversion price, 12% interest.
- Amending Agreement removes Minimum Cash closing condition, issues 350,000 shares to Buyer, releases 610,500 units from Sponsor lock-up.
- All notes mature 12 months from issuance, convertible at $10 with 12% interest and 18% default rate, redemption at 130-135% premium.
- Commitment Note interest payable in shares or cash; GNQ guarantees obligations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1998781/000149315226043952/0001493152-26-043952-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1998781/000149315226043952/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-043952

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