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IB Acquisition Corp. is amending and restating its definitive proxy to correct the amount held in its trust account as of the record date and is calling a virtual special meeting on September 22, 2025. Stockholders of record on September 3, 2025, when 15,749,090 common shares were outstanding, can vote.
Investors will consider three items: an Extension Proposal to push the SPAC’s business-combination deadline from September 28, 2025 by up to six monthly extensions to March 28, 2026; a matching Trust Amendment; and an Adjournment Proposal to allow more time if needed.
Public stockholders may redeem their shares in connection with the extension for cash equal to their pro rata portion of the trust, which held approximately $121.862 million as of the record date, implying an expected redemption price of about $10.59 per public share. Sponsor and related parties’ 3,593,590 shares, including 3,243,590 founder shares and 350,000 representative shares, are not redeemable under the extension vote.
IB Acquisition Corp. is asking stockholders to approve several proposals at a virtual special meeting on September 22, 2025. The key item is an Extension Proposal to amend its charter so the SPAC can extend the deadline to complete an initial business combination beyond September 28, 2025, with monthly extensions potentially running as late as September 28, 2026, funded by sponsor loans into the trust account per non-redeemed share. If the extension is not approved and no deal is completed by September 28, 2025, the company would liquidate, redeem all public shares from the trust, and dissolve.
Stockholders may redeem their public shares for cash in connection with the extension, with detailed instructions and a redemption deadline of 5:00 p.m. Eastern Time on September 18, 2025. A related Trust Amendment Proposal would modify the investment management trust agreement to permit the same extension structure, while an Adjournment Proposal would allow the board to adjourn the meeting if more time is needed to solicit votes. The proxy also describes sponsor and insider ownership, potential Nasdaq listing risks if many shares are redeemed, tax considerations of redemptions, and standard SPAC risk factors.
IB Acquisition Corp. is a blank check company that held $121,553,746 in a trust account and $486,018 in cash as of June 30, 2025. The company has not commenced operating revenues and generated $2,549,804 of net income for the nine months ended June 30, 2025, primarily from $3,875,873 of interest and dividends earned on trust investments while incurring $512,136 of general and administrative expenses.
Substantive liquidity context matters: public shares subject to possible redemption were recorded at $121,028,301, the working capital surplus was $74,216, and management disclosed substantial doubt about going concern absent a business combination. The report also notes that disclosure controls and procedures were not effective, and the company expects to rely on completing a business combination or sponsor support to address its liquidity needs.
TD Securities (USA) LLC reports beneficial ownership of 806,352 shares of IB Acquisition Corp, representing 5.1% of the class (CUSIP 44934N116). The filing is a Schedule 13G joint submission by TD Securities, Toronto Dominion Holdings (USA) Inc., TD Group US Holdings LLC and Toronto Dominion Bank. TD Securities states it has sole voting and sole dispositive power over the reported shares, while the parent entities note indirect interests and disclaim direct ownership except to the extent of pecuniary interest.
This disclosure shows an institutional holder crossing the 5% threshold that triggers public reporting; the filing classifies the reporting entity as a bank and indicates the ownership is held in the ordinary course of business.