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AQR Discloses 72,664-Share IBAC Sale; Retains 918,673 Shares

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

AQR-related entities reported sales of IB Acquisition Corp. (IBAC) common stock on 09/30/2025 at $10.51 per share. The Form 4 lists dispositions totaling 72,664 shares sold across multiple AQR funds and accounts, generating roughly $763,700 in proceeds at the reported price. After these transactions the listed AQR-managed vehicles collectively beneficially own 918,673 shares. The filing identifies AQR Capital Management, LLC and affiliated entities as investment manager/sub-advisor to the funds and discloses the corporate relationships that give rise to indirect ownership reporting. The Form is signed by an authorized AQR signatory on 10/02/2025.

Positive

  • Clear disclosure of fund relationships and general partner entities supporting traceable indirect ownership
  • Significant retained stake across AQR-managed vehicles totaling 918,673 shares after the reported sales

Negative

  • Aggregate dispositions of 72,664 shares sold on 09/30/2025 at $10.51 may be viewed negatively by some investors
  • Coordinated selling across multiple affiliated accounts could pressure liquidity or sentiment for IBAC in the short term

Insights

TL;DR: AQR funds executed modest coordinated disposals of IBAC shares at $10.51 on 09/30/2025.

The filing shows aggregate sales of 72,664 IBAC shares across multiple AQR-managed accounts, all reported with the same transaction date and price. Such block or coordinated fund-level selling can reflect portfolio rebalancing or liquidity management rather than company-specific information because the filing does not state a reason. It matters because aggregated insider/formal-affiliate disposals are visible to the market and can transiently affect trading liquidity or sentiment for a small-cap issuer.

TL;DR: AQR maintains sizable indirect stakes after the sales, with clear managerial and GP relationships disclosed.

The Form discloses that AQR Capital Management, LLC and affiliated entities act as manager or sub-advisor for the listed funds and that several GP entities control the limited partnerships, explaining indirect beneficial ownership reporting. Investors can see that despite the sales the aggregate beneficial ownership across the listed vehicles remains material at 918,673 shares, supporting continued alignment between these funds and the issuer.

Insider AQR Capital Management Holdings, LLC, AQR CAPITAL MANAGEMENT LLC, AQR Arbitrage LLC
Role 10% Owner | 10% Owner | 10% Owner
Sold 72,664 shs ($764K)
Type Security Shares Price Value
Sale Common Stock 29,734 $10.51 $313K
Sale Common Stock 12,097 $10.51 $127K
Sale Common Stock 8,649 $10.51 $91K
Sale Common Stock 6,440 $10.51 $68K
Sale Common Stock 5,690 $10.51 $60K
Sale Common Stock 5,405 $10.51 $57K
Sale Common Stock 2,235 $10.51 $23K
Sale Common Stock 1,349 $10.51 $14K
Sale Common Stock 488 $10.51 $5K
Sale Common Stock 349 $10.51 $4K
Sale Common Stock 228 $10.51 $2K
Holdings After Transaction: Common Stock — 375,916 shares (Indirect, AQR Global Alternative Investment Offshore Fund, L.P.)
Footnotes (1)
  1. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC. AQR Arbitrage, LLC is deemed to be controlled by AQR Capital Management, LLC. AQR Capital Management, LLC and AQR Arbitrage, LLC act as investment manager to each of AQR Global Alternative Investment Offshore Fund, L.P., AQR Corporate Arbitrage Master Account, L.P., AQR TA Global Alpha Fund, L.P., AQR Absolute Return Master Account, L.P., AQR Apex MS Master Account, L.P., AQR TA Legacy Fund, LLC, AQR DELTA Master Account, L.P., AQR Arbitrage MA Offshore Fund, L.P. AQR Capital Management, LLC serves as the investment manager, and AQR Arbitrage, LLC as sub-advisor, to the AQR Diversified Arbitrage Fund, an open-end registered investment company, to AQR UCITS Funds - AQR Apex UCITS Fund, and to AQR UCITS Funds - AQR Corporate Arbitrage UCITS Fund. AQR Capital Management GP Ltd. is the general partner of AQR Global Alternative Investment Offshore Fund, L.P. AQR Corporate Arbitrage GP, LLC is the general partner of AQR Corporate Arbitrage Master Account, L.P. AQR Tax Advantaged GP II, LLC is the general partner of AQR TA Global Alpha Fund, L.P. AQR Principal Global Asset Allocation, LLC is the general partner of AQR Absolute Return Master Account, L.P. AQR Apex MS GP, LLC is the general partner of AQR Apex MS Master Account, L.P. AQR Capital Management II, LLC is the general partner of AQR TA Legacy Fund, LLC. CNH Principal Partners I, LLC is the general partner of AQR Arbitrage MA Offshore Fund, L.P. AQR Capital Management III, LLC is the general partner of AQR DELTA Master Account, L.P.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
AQR Capital Management Holdings, LLC
(Last) (First) (Middle)
ONE GREENWICH PLAZA
SUITE 130
(Street)
GREENWICH CT 06830
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
IB Acquisition Corp. [ IBAC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/30/2025 S 29,734 D $10.51 375,916 I AQR Global Alternative Investment Offshore Fund, L.P.(1)(2)
Common Stock 09/30/2025 S 12,097 D $10.51 152,934 I AQR Diversified Arbitrage Fund(1)
Common Stock 09/30/2025 S 8,649 D $10.51 109,349 I AQR Absolute Return Master Account, L.P.(1)(2)
Common Stock 09/30/2025 S 6,440 D $10.51 81,413 I AQR Apex MS Master Account, L.P.(1)(2)
Common Stock 09/30/2025 S 5,690 D $10.51 71,937 I AQR TA Global Alpha Fund, L.P.(1)(2)
Common Stock 09/30/2025 S 5,405 D $10.51 68,335 I AQR Corporate Arbitrage Master Account, L.P.(1)(2)
Common Stock 09/30/2025 S 2,235 D $10.51 28,265 I AQR TA Legacy Fund, LLC(1)(2)
Common Stock 09/30/2025 S 1,349 D $10.51 17,057 I AQR UCITS Funds - AQR Apex UCITS Fund(1)
Common Stock 09/30/2025 S 488 D $10.51 6,162 I AQR DELTA Master Account, L.P.(1)(2)
Common Stock 09/30/2025 S 349 D $10.51 4,420 I AQR UCITS Funds - AQR Corporate Arbitrage UCITS Fund(1)
Common Stock 09/30/2025 S 228 D $10.51 2,885 I AQR Arbitrage MA Offshore Fund, L.P.(1)(2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
AQR Capital Management Holdings, LLC
(Last) (First) (Middle)
ONE GREENWICH PLAZA
SUITE 130
(Street)
GREENWICH CT 06830
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
AQR CAPITAL MANAGEMENT LLC
(Last) (First) (Middle)
ONE GREENWICH PLAZA
SUITE 130
(Street)
GREENWICH CT 06830
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
AQR Arbitrage LLC
(Last) (First) (Middle)
ONE GREENWICH PLAZA
SUITE 130
(Street)
GREENWICH CT 06830
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC. AQR Arbitrage, LLC is deemed to be controlled by AQR Capital Management, LLC. AQR Capital Management, LLC and AQR Arbitrage, LLC act as investment manager to each of AQR Global Alternative Investment Offshore Fund, L.P., AQR Corporate Arbitrage Master Account, L.P., AQR TA Global Alpha Fund, L.P., AQR Absolute Return Master Account, L.P., AQR Apex MS Master Account, L.P., AQR TA Legacy Fund, LLC, AQR DELTA Master Account, L.P., AQR Arbitrage MA Offshore Fund, L.P. AQR Capital Management, LLC serves as the investment manager, and AQR Arbitrage, LLC as sub-advisor, to the AQR Diversified Arbitrage Fund, an open-end registered investment company, to AQR UCITS Funds - AQR Apex UCITS Fund, and to AQR UCITS Funds - AQR Corporate Arbitrage UCITS Fund.
2. AQR Capital Management GP Ltd. is the general partner of AQR Global Alternative Investment Offshore Fund, L.P. AQR Corporate Arbitrage GP, LLC is the general partner of AQR Corporate Arbitrage Master Account, L.P. AQR Tax Advantaged GP II, LLC is the general partner of AQR TA Global Alpha Fund, L.P. AQR Principal Global Asset Allocation, LLC is the general partner of AQR Absolute Return Master Account, L.P. AQR Apex MS GP, LLC is the general partner of AQR Apex MS Master Account, L.P. AQR Capital Management II, LLC is the general partner of AQR TA Legacy Fund, LLC. CNH Principal Partners I, LLC is the general partner of AQR Arbitrage MA Offshore Fund, L.P. AQR Capital Management III, LLC is the general partner of AQR DELTA Master Account, L.P.
/s/ AQR CAPITAL MANAGEMENT HOLDINGS, LLC, /s/ Henry Parkin, Authorized Signatory 10/02/2025
/s/ AQR CAPITAL MANAGEMENT, LLC, /s/ Henry Parkin, Authorized Signatory 10/02/2025
/s/ AQR ARBITRAGE, LLC, /s/ Henry Parkin, Authorized Signatory 10/02/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did AQR report selling in the IBAC Form 4?

AQR-related funds reported disposals totaling 72,664 IBAC shares on 09/30/2025 at a price of $10.51 per share.

How many IBAC shares do AQR-managed vehicles own after the transactions?

The filing shows the listed AQR-managed accounts collectively beneficially own 918,673 shares following the reported sales.

Who signed the Form 4 for these transactions?

The Form 4s were signed by an authorized signatory, Henry Parkin, on behalf of AQR entities on 10/02/2025.

Which AQR entities are named as reporting persons on the Form 4?

The reporting persons include AQR Capital Management Holdings, LLC, AQR Capital Management, LLC, and AQR Arbitrage, LLC.

Was a reason for the sales disclosed in the Form 4?

No specific reason for the dispositions (such as rebalancing or tax-related sales) is provided in the Form 4; only the transactions and ownership relationships are disclosed.