Financial Performance - For the three months ended December 31, 2024, the company reported a net income of $907,068, driven by interest earned on marketable securities of $1,371,530, offset by operational costs of $176,441 and income tax provision of $288,021 [109]. - Cash used in operating activities for the three months ended December 31, 2024, was $375,235, while for the same period in 2023, cash used was $78,039 [112][113]. 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, including an over-allotment option [111]. - The company incurred transaction costs of $7,755,845 related to its Initial Public Offering, which included cash underwriting discounts and other offering costs [112]. - 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, totaling $4,025,000 [123]. Financial Position - As of December 31, 2024, the company held cash in the Trust Account amounting to $119,658,403, which is intended for the completion of its initial Business Combination [114]. - The company has no long-term debt or off-balance sheet arrangements as of December 31, 2024, and has not entered into any special purpose entities [119][120]. Future Plans and Concerns - The company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and conducting due diligence [115]. - Management has expressed substantial doubt about the company's ability to continue as a going concern due to anticipated significant costs in pursuing acquisition plans [118]. - The company does not believe it will need to raise additional funds to meet operating expenditures, but may require additional financing to complete its Business Combination [117].
IB Acquisition Corp.(IBAC) - 2025 Q1 - Quarterly Report