Boca Raton, Florida, March 28, 2024 (GLOBE NEWSWIRE) -- IB Acquisition Corp. (NASDAQ: IBACU) (the “Company”) announced today the closing of its initial public offering of 11,500,000 units, which included the full exercise of the underwriters' over-allotment option, at a price to the public of $10.00 per unit. The units began trading on the Nasdaq Global Market under the symbol “IBACU” on March 26, 2024.
Each unit consists of one share of common stock and one right. Each right entitles the holder to receive one-twentieth (1/20) of one share of common stock upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the common stock and rights are expected to be traded on the Nasdaq Global Market under the symbols “IBAC” and “IBACR,” respectively.
I-Bankers Securities, Inc. and IB Capital LLC acted as joint book-running managers of the offering.
ArentFox Schiff LLP acted as counsel to the Company and Ellenoff Grossman & Schole LLP acted as counsel to the underwriters.
The offering was made only by means of a prospectus. Copies of the prospectus related to this offering may be obtained from I-Bankers Securities, Inc. at 1200 N Federal Highway, Suite 215, Boca Raton, FL 33432.
A registration statement relating to the securities was declared effective by the Securities and Exchange Commission (“SEC”) on March 25, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About IB Acquisition Corp.
IB Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. The Company intends to focus its initial search on target businesses in North America, Europe, or Asia, with an enterprise value of approximately $500 million. The proceeds of the offering will be used to fund such business combination.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in the risk factors section of the prospectus used in connection with the Company’s initial public offering. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Contact:
Al Lopez
IB Acquisition Corp.
1200 N Federal Highway
Suite 215
Boca Raton, FL 33432
lopez.al@mac.com
(214) 687-0020
