Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $194,646, compared to a net loss of $48 for the same period in 2023, indicating a significant increase in operating costs [74]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans, raising concerns about its liquidity and ability to sustain operations for at least one year [81]. - Management has determined that the company currently lacks the liquidity needed to sustain operations, which raises substantial doubt about its ability to continue as a going concern [81]. Initial Public Offering - The company completed its Initial Public Offering on March 28, 2024, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units at $10.00 per Unit [75]. - The company incurred transaction costs of $7,755,845 related to the Initial Public Offering, including a cash underwriting discount of $3,450,000 [76]. - The company has engaged I-Bankers for marketing services related to the Business Combination, with a fee of 3.5% of the gross proceeds of the Initial Public Offering, amounting to $4,025,000 [85]. Cash and Liquidity - Cash held in the Trust Account as of March 31, 2024, amounted to $115,575,000, which is intended to be used for the initial Business Combination [77]. - As of March 31, 2024, the company had cash of $1,661,315 available for operational expenses and due diligence on prospective target businesses [78]. - The company plans to use substantially all funds in the Trust Account for the initial Business Combination, with any remaining proceeds allocated for working capital [77]. Risk Factors - The company disclosed that risk factors could materially affect its results of operations or financial condition [90]. - There have been no material changes to the risk factors since the final prospectus for the Initial Public Offering filed on March 27, 2024 [90]. Legal and Compliance - There were no changes in internal control over financial reporting during the three and six months ended March 31, 2024 [90]. - No legal proceedings are currently ongoing against the company [90]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024, indicating a clean balance sheet [82].
IB Acquisition Corp.(IBAC) - 2024 Q2 - Quarterly Report