IB Acquisition Corp. Files 2024 10-K

TL;DR

IBAC filed its 2024 10-K. Financials look standard for a SPAC.

AI Summary

IB Acquisition Corp. filed its 10-K for the fiscal year ending September 30, 2024. The company, incorporated in Nevada, operates in the blank checks sector. Its principal executive offices are located at 2500 N Military Trail, Suite 160-A, Boca Raton, FL 33431. The filing details its financial structure, including common stock and additional paid-in capital.

Why It Matters

This 10-K filing provides a comprehensive overview of IB Acquisition Corp.'s financial health and operational status for the fiscal year 2024, crucial for investors assessing the company's performance and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report for a SPAC with no immediate red flags or significant financial distress indicated.

Key Numbers

• 2024-09-30 — Fiscal Year End (Reporting period for the 10-K)
• 2023-09-30 — Prior Fiscal Year End (Comparison point for financial data)
• 2022-09-30 — Previous Fiscal Year End (Further historical financial data)

Key Players & Entities

• IB Acquisition Corp. (company) — Filer of the 10-K
• 0001998781 (company) — Central Index Key for IB Acquisition Corp.
• NV (state) — State of Incorporation
• FL (state) — State of Business Address
• 214-687-0020 (phone_number) — Business Phone Number
• 001-41988 (company) — SEC File Number

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share IBAC The NASDAQ Stock Mar
• $500 million — a, with an enterprise value of at least $500 million. Our Management Team and Board of Dir
• $3,000 — our founder shares for an aggregate of $3,000, or approximately $0.0009 per founder s
• $0.0009 — n aggregate of $3,000, or approximately $0.0009 per founder share. As a result of the l

Filing Documents

• form10-k.htm (10-K) — 1336KB
• ex4-3.htm (EX-4.3) — 105KB
• ex19.htm (EX-19) — 86KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• ex97-1.htm (EX-97.1) — 19KB
• 0001493152-24-051972.txt ( ) — 5109KB
• ibac-20240930.xsd (EX-101.SCH) — 31KB
• ibac-20240930_cal.xml (EX-101.CAL) — 39KB
• ibac-20240930_def.xml (EX-101.DEF) — 154KB
• ibac-20240930_lab.xml (EX-101.LAB) — 278KB
• ibac-20240930_pre.xml (EX-101.PRE) — 235KB
• form10-k_htm.xml (XML) — 566KB

Business

Business 1 Item 1A. Risk Factors 17 Item 1B. Unresolved Staff Comments 50 Item 1C Cybersecurity 50 Item 2.

Properties

Properties 50 Item 3. Legal Proceedings 50 Item 4. Mine Safety Disclosure 50 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 51 Item 6. [RESERVED] 52 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 52 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 55 Item 8. Consolidated

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Change in and Disagreements with Accountants on Accounting and Financial Disclosures 55 Item 9A. Controls and Procedures 55 Item 9B. Other Information 56 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 56 PART III Item 10. Directors, Executive Officers and Corporate Governance 57 Item 11. Executive Compensation 65 Item 12. Security 66 Item 13. Certain Relationships and Related Transactions and Director Independence 67 Item 14. Principal Accountant Fees and Services 68 PART IV Item 15. Exhibits and Financial Statement Schedules 70 Item 16. Form 10-K Summary 70

Signatures

Signatures 71 i CERTAIN TERMS Unless otherwise stated in this Annual Report on Form 10-K (this "Report"), or the context otherwise requires, references to: "combination period" means the period following the completion of our initial public offering at the end of which, if we have not completed our initial business combination, we will redeem 100% of the public shares at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest, divided by the number of then outstanding public shares, subject to applicable law and certain conditions and as further described herein. The combination period ends on September 28, 2025, unless we amend our charter to further extend the period of time to consummate a business combination; "founder shares" are to shares of our common stock purchased by our sponsor in a private placement prior to our initial public offering; "I-Bankers" are to I-Bankers Securities, Inc.; "initial stockholders" are to the sponsor and other direct or indirect holders of our founder shares prior to our initial public offering; "management" or our "management team" are to our executive officers and directors; "private placement rights" are to the rights issued as part of the units in a private placement to our sponsor simultaneously with the closing of our initial public offering; "private placement shares" are to the shares of common stock included in the private placement units issued to our sponsor simultaneously with the closing of our initial public offering; "public shares" are to shares of our common stock sold as part of the units in our initial public offering (whether they were purchased in our initial public offering or thereafter in the open market); "public stockholders" are to the holders of our public shares, including our sponsor and management team to the extent our sponsor and/or members of our management team purchase public shares, provided that our spo

Business

Business Strategy & Acquisition Criteria We intend to focus on pursuing an acquisition of or merger with high-growth companies in a number of industries including but not limited to fintech, healthcare and life sciences, sports and entertainment, and consumer goods. For owners of high-quality businesses with growth capital needs, we can be a source of non-control capital. We believe a business combination with us may provide a significant monetization event for owners desiring liquidity as well as continued equity participation for those desiring continued ownership. Further, target companies can benefit from access to a public vehicle to support organic and inorganic growth initiatives by combining with us. Our investors can benefit from ownership in a well-capitalized growth-oriented business with a highly motivated management team. Following our initial business combination, we intend to assist the target company in creating stockholder value which may include through board and/or senior management representation. As a result of our team's experience, we believe we can add value post-transaction to ensure proper corporate governance and alignment of management incentives, develop an operational and financial strategy to pursue continued organic and inorganic growth initiatives and to assist with capital raising and capital structure optimization. We will focus our search on targets seeking an investor at a discount to intrinsic value and publicly-traded peers. We have identified the following additional general criteria and guidelines that we believe are important in evaluating prospective target businesses. We intend to use these criteria and guidelines in evaluating acquisition or merger opportunities, but we may ultimately enter into our initial business combination with a company that does not meet any of these criteria and guidelines. Enterprise Value: While our ability to raise additional capital from third-parties allows us to seek a much larger bu

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View this 10-K filing on SEC EDGAR