IBAC SEC filings, in plain English
Everything IB Acquisition has filed with the SEC that we hold — 40 filings, newest first, 40 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: IB Acquisition Corp. filed a DEF 14A proposing to extend its business combination deadline from September 28, 2026, to March 28, 2027, via a special meeting on September 24, 2026; the filing details redemption rights for public shares at approximately $10.93 per share based on a Trust Account balance of approximately $8.3 million as of the August 27, 2026 record date. Why it matters: Investors must vote by September 22, 2026, to redeem their shares or face continued exposure to extension risks and potential Nasdaq delisting if redemptions reduce stockholders' equity below listing requirements.
What changed vs 2026-02-23deadline 2027-03-25 → 2027-03-28combination deadline1 moved
- Combination deadline
- 2027-03-252027-03-28
SpacBrain reads this as 3 days later than the previous record.
The clause …“100% of the Offering Shares if the Corporation has not consummated an initial Business Combination by March 28, 2027 or (b) with respect to any other material provisions of these Amended and Restated Articles relating to stockholders’”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: IB Acquisition Corp. filed a preliminary proxy (PRE 14A) on August 25, 2026, seeking stockholder approval to extend its business combination deadline by six (6) months, from September 28, 2026 to March 28, 2027. The special meeting is scheduled for September 24, 2026 at 10:00 a.m. Eastern Time, held virtually. The record date is August 27, 2026. Three proposals are presented: Proposal 1 (the Extension Amendment to the charter), Proposal 2 (amendment to the Investment Management Trust Agreement dated March 25, 2024 with Continental Stock Transfer & Trust Company), and Proposal 3 (adjournment proposal, if needed). Proposal 1 requires the affirmative vote of 65% of outstanding shares; Proposal 2 requires a majority of outstanding shares; Proposal 3 requires a majority of shares present in person or by proxy. Broker non-votes and abstentions count as votes against on Proposals 1 and 2. Public stockholders may redeem shares in connection with the Extension, with a redemption deadline of 5:00 p.m. Eastern Time on September 22, 2026 (two business days before the Special Meeting), by submitting a written request and tendering shares (physically or via DWAC) to Continental Stock Transfer & Trust Company. The per-share redemption price will equal the aggregate amount in the Trust Account, including interest (net of taxes payable), divided by the number of then-outstanding public shares; the exact dollar figure is left as a placeholder in the filing. The filing states that 3,613,590 shares are not subject to redemption, including 3,243,590 Founder Shares and 370,000 representative shares held by I-Bankers. The Sponsor, I-Bankers, and independent directors collectively beneficially own approximately 63.0% of outstanding shares. The filing notes that the Company will not proceed with the Extension if redemptions cause net tangible assets to fall below $5,000,001. If the Extension is approved, the Company has agreed to waive its right to withdraw up to $100,000 of interest from the Trust Account for dissolution expenses, meaning that amount will remain in the Trust Account for public shareholders if the Company ultimately liquidates. The Sponsor has agreed to indemnify the Company to ensure Trust Account proceeds are not reduced below $10.05 per public share in the event of liquidation. The filing also notes that none of the officers or directors has received cash compensation, and that the Sponsor's aggregate investment in Founder Shares was $3,000. The Company's sponsor is I-B Good Works 4, LLC, which holds 2,837,576 Founder Shares (56.7% of outstanding). I-Bankers Securities, Inc. holds 370,000 shares (7.4%), and James Michael McCrory holds 1,016,514 shares (20.3%) distributed to him directly by the Sponsor on February 28, 2024. The filing references a Form 10-K filed December 29, 2025. No specific target company, business combination terms, or deal progress is disclosed in this filing. Why it matters: This is a critical deadline event for IBAC investors. The current business combination deadline is September 28, 2026 — just over one month after this filing — and the Company's Board explicitly states it does not expect to complete a deal by that date. If the Extension is not approved, the Company will liquidate, redeem all public shares at the Trust Account value, and Founder Shares will expire worthless. The redemption deadline of September 22, 2026 at 5:00 p.m. Eastern is the key date for any public stockholder who wishes to exit before the vote. The 65% supermajority threshold for Proposal 1 is notable: with insiders holding approximately 63.0% of shares, the Sponsor cannot unilaterally approve the Extension without at least some additional public stockholder support, making this a genuinely contested vote. The filing also reveals that the Sponsor may purchase shares in the open market or in private transactions in connection with the Extension vote, which could affect the vote outcome. The waiver of the $100,000 dissolution expense carve-out is a modest concession to public stockholders. The $5,000,001 net tangible assets floor means that heavy redemptions could block the Extension from being implemented even if it passes. No business combination target or deal terms are disclosed, meaning investors must weigh the Extension purely on trust value and time, without visibility into a pending transaction.
What changed: Quarterly report (Form 10-Q) for IB Acquisition Corp. for the quarterly period ended June 30, 2026. This 10-Q updates the financial position and results through June 30, 2026. The trust account declined to $8,261,479 from $15,890,194 at September 30, 2025, due to redemptions of $7,886,591 in March 2026 and tax withdrawals. The Company incurred a net loss of $567,166 for the three months ended June 30, 2026, versus net income of $818,610 in the prior-year quarter. The Company holds $30,161 in cash outside trust and has a working capital deficit of $2,190,878. Management discloses substantial doubt about the Company's ability to continue as a going concern. The Company entered into a Business Combination Agreement with GNQ Insilico Inc. on March 16, 2026. Subsequent to quarter-end, on August 5, 2026, the Company issued a $250,000 promissory note to the Sponsor. Why it matters: The Company's trust value has been severely reduced by redemptions, leaving only $8.2 million to fund a business combination. The Company has minimal cash outside trust ($30,161) and a significant working capital deficit, leading to a going concern warning. The deadline to complete a business combination is September 28, 2026. The BCA with GNQ Insilico is the sole path to avoid liquidation. The filing discloses that excise taxes on redemptions remain unpaid, with penalties and interest accruing. The Company's ability to consummate the deal within the remaining weeks is highly uncertain.
sponsor loans outstanding, trust account, combination deadline +2nothing moved · 5 with no prior record of ours
- Sponsor loans outstanding
- not previously extracted$148K
- Trust account
- $15.9M · unchanged
- Combination deadline
- 2026-09-28 · unchanged
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 759K · unchanged
The clause …“However, the proposed Business Combination was not consummated. The Company borrowed an aggregate of $ 147,629 under the Working Capital Loan. As of September 30, 2025, the Company had repaid $ 147,629 and no borrowings were available”…
The clause …“Trust Account in connection with redemption. As of September 30, 2025, assets held in the Trust Account were comprised of $ 15,890,194 in a money market fund that is invested primarily in U.S. Treasury Securities. For the year ended”…
The clause …“the Bridge Financing and potential PIPE investments, and consummating the Business Combination by September 28, 2026. If the Company is unable to consummate the Business Combination or another initial business combination within the”…
The clause …“significant costs in pursuit of its acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination.”…
The clause …“there were 4,249,090 shares of common stock issued and outstanding, excluding 759,139 and 1,490,880 shares of common stock subject to possible redemption, respectively. 17 IB ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS JUNE 30, 2026”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: S-4 registration statement (preliminary proxy statement/prospectus) filed by IB Acquisition Corp. (IBAC) with the SEC to register securities and solicit stockholder votes for the proposed business combination with GNQ Insilico Inc. Initial filing of the S-4 for the de-SPAC transaction, disclosing the full terms of the Business Combination Agreement dated March 16, 2026, including the structure, consideration, earnout provisions, voting proposals, redemption rights, and financial statements of both IBAC and GNQ. Why it matters: This filing provides the definitive terms for the merger: IBAC stockholders will vote on the deal; GNQ is valued at $500 million (subject to earnouts); trust account per-share value is approximately $10.85 (as of July 1, 2026); redemption deadline is 5:00 PM ET on the date two business days before the special meeting; the SPAC must close by September 28, 2026; the sponsor has conflicts of interest (founder shares purchased for $0.0009 per share); a fairness opinion from Marshall & Stevens was obtained; the deal requires a minimum of $15 million in available cash (including PIPE and bridge financing); and the combined entity will list on Nasdaq under 'GNQI'.
minimum cash conditionnothing moved · 1 with no prior record of ours
- Minimum cash condition
- not previously extracted$15.0M
SpacBrain reads this as the min-cash condition binds at $15,000,000.
The clause …“available in the Trust Account after deducting IBAC Share Redemptions) be no less than $15,000,000 (the “Minimum Cash Amount”). The closing of the PIPE Investment is contingent upon the substantially concurrent consummation of the”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2026. The Company held a second special meeting on March 25, 2026, approving an extension to September 28, 2026. In connection, 731,741 shares were redeemed for ~$7.9 million, reducing the trust to ~$8.2 million. On March 16, 2026, the Company entered into a Business Combination Agreement with GNQ Insilico Inc., a Canadian corporation, with a bridge financing side letter. The Company reported a net loss of $639,866 for the quarter and $698,768 for the six months, a working capital deficit of $1.55 million, and a going concern qualification. Why it matters: The trust has been severely depleted (~$8.2M) and cash outside trust is minimal ($4,634). The deal with GNQ Insilico requires minimum net tangible assets of $5,000,001 at closing, which may be tight if additional redemptions occur. The going concern disclosure highlights risk of not completing the business combination by September 28, 2026. Redemption deadlines and sponsor conduct (spent ~$10,000 loan from sponsor) are notable.
What changed vs 2026-02-11trust $16.0M → $15.9M -1%deadline 2026-03-28 → 2026-09-28shares 1.49M → 759K -49%trust account, combination deadline, redeemable shares +13 moved · 1 with no prior record of ours
- Trust account
- $16.0M$15.9M
- Combination deadline
- 2026-03-282026-09-28
- Redeemable shares
- 1.49M759K
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $153,289 left the trust between the two filings.
The clause …“Trust Account in connection with redemption. As of September 30, 2025, assets held in the Trust Account were comprised of $ 15,890,194 in a money market fund that is invested primarily in U.S. Treasury Securities. For the year ended”…
SpacBrain reads this as 184 days later than the previous record.
The clause …“s obligation to redeem 100% of the public shares if it has not consummated a business combination by September 28, 2026, or with respect to other material pre-business combination provisions, subject to the applicable redemption”…
SpacBrain reads this as 731,741 shares are no longer redeemable.
The clause …“there were 4,249,090 shares of common stock issued and outstanding, excluding 759,139 and 1,490,880 shares of common stock subject to possible redemption, respectively. 17 IB ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS MARCH 31,”…
The clause …“significant costs in pursuit of its acquisition plans. These conditions raise substantial doubt about the Company s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination.”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Form 8-K filed pursuant to Rule 425 to deliver a written communication consisting of a press release issued by GNQ Insilico, Inc. The filing confirms the proposed business combination between IB Acquisition Corp. and GNQ remains in the pre-proxystate, with IBAC stating it intends to file a Form S-4 containing a joint prospectus and proxy statement. The text restates standard deal mechanics, noting that closing requires satisfying 'the satisfaction of the minimum trust account amount following any redemptions by IBAC’s public stockholders.' No amendments were reported regarding the redemption calendar, trustee arrangements, extension provisions, or sponsor conduct. Why it matters: Beyond deal mechanics, the attached exhibit supplies commercial and technological claims relevant to GNQ’s pre-combination valuation and will feed into the forthcoming proxy materials. According to the press release, GNQ executed a global Joint Initiative Marketing Agreement with IBM in March 2026. Sudhir Saxena, Chief Technology Officer of GNQ, attributes the platform’s differentiation to a Biomedical Reasoning Model using quantum-enhanced simulation to model how therapies interact with individual patient biology, enabling 'true causal inference, not just pattern recognition.' Manoj Kenkare, Senior Partner and Life Sciences Industry Leader at IBM Consulting, characterizes the sectors as being at an 'inflection point' where AI is transitioning into important infrastructure. Commercially, the release states GNQ signed a three-year, $96 million agreement with a physician-led comprehensive health program operating across North America to serve as foundational clinical AI infrastructure. IBAC and GNQ jointly warn of forward-looking risks, including potential inability to achieve profitability, intellectual property enforcement challenges, and operational disruption. While none of these statements alter the SPAC’s redemption formula or cash distribution mechanics, they establish the commercial narrative that shareholders will evaluate when casting votes on the proposed transaction.
What changed: Amendment to a Schedule 13G beneficial ownership report. The filing identifies three affiliated reporting entities—AQR Capital Management, LLC; AQR Capital Management Holdings, LLC; and AQR Arbitrage, LLC—but the provided excerpt lacks share counts, ownership percentages, voting/investment power breakdowns, or the specific trigger for the amendment. It contains zero information regarding shareholder redemption behavior, trust account balances or adjustments, extension votes, business combination milestones, or sponsor conduct. Why it matters: First, this document is a routine Schedule 13G/A amendment focused exclusively on equity ownership attribution. Second, regarding the specified mechanics, the text offers no data that would affect the 2026-09-28 redemption deadline, the stated $11.04 per-share trust value, extension likelihood, deal progress, or sponsor oversight. Third, regarding other substance, the filing makes no claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. For investors tracking IBAC, this update confirms standard institutional reporting continuity without altering liquidity assumptions, redemption windows, or merger execution timelines.
What changed: Form 8-K Current Report detailing stockholder-approved amendments to the corporate charter and trust agreement. According to the Company’s filing, stockholders approved at a Special Meeting on March 25, 2026, Amendment No. 2 to the Investment Management Trust Agreement and a Second Amendment to the Amended and Restated Articles of Incorporation. The filing states the deadline to consummate an initial business combination was extended from March 28, 2026, to September 28, 2026. Per the amended Articles, trust funds remain locked until the earliest of (i) completing a business combination, (ii) redeeming 100% of Offering Shares if unable to complete by September 28, 2026, or (iii) a vote seeking to amend pre-initial business combination activity provisions; only interest may be withdrawn to pay franchise and income taxes. The Trust Agreement amendment specifies that no amounts will be deducted from the Trust Account for dissolution expenses. Public stockholders retain redemption rights if amendments alter the obligation to redeem 100% of public shares by the new deadline. The Company reports the amendments received the affirmative vote of 65% of entitled stock. Why it matters: This filing materially alters the redemption calendar by adding six months before mandatory liquidation and contractually removes dissolution expense claims against the Trust Account principal, directly protecting per-share redemption economics. It codifies explicit shareholder redemption triggers for future charter modifications regarding the September 28, 2026, deadline. Regarding other substance, the filing notes the Company’s initial public offering was consummated on March 28, 2024, identifies I-B Good Works 4, LLC as the Sponsor, references I-Bankers Securities, Inc. and IB Capital LLC in the Termination Letter correspondence, and confirms Al Lopez, Chief Executive Officer, executed the agreements on behalf of the registrant.
What changed: A Form 8-K reporting the submission of matters to a vote of security holders at a special meeting. According to the filing, the Company extended its business combination deadline from March 28, 2026 until September 28, 2026. The Company further reported approving an amendment to the Investment Management Trust Agreement, dated March 25, 2024, to authorize the implementation of the extension. Disclosure indicates that stockholders holding 731,741 shares exercised their right to redeem their shares for cash at an approximate price of $10.78 per share of the funds in the Trust Account. Consequently, approximately $7.9 million will be removed from the Trust Account to pay such holders, leaving approximately $8.2 million remaining in the Trust Account, an amount the Company notes is subject to change to account for the payment of tax withdrawals. The extension proposal passed with 5,007,821 votes for and 70,000 votes against, based on 5,077,821 shares present representing approximately 88.46% of outstanding common stock as of the February 11, 2026 record date. Why it matters: The approved amendment mechanically defers the mandatory liquidation trigger by six months, giving the sponsor additional runway to consummate a merger before default triggers force-auction redemptions. The documented redemption activity actively drains the trust balance, recalibrating the residual liquidity cushion per remaining public share. The substantial voter turnout and overwhelming approval margin signal sustained proxy support for the timeline shift, effectively resetting the near-term existential risk horizon while maintaining sufficient trust capital to cover prospective transaction expenses and tax obligations through the new September 28, 2026 cutoff.
What changed: Form 4 — insider ownership report. Per the disclosure filed by AQR Capital Management Holdings, LLC, AQR CAPITAL MANAGEMENT LLC, and AQR Arbitrage LLC (each identified by the reporting persons as a 10% owner), all ten entities executed open-market sales of IBAC shares on 2026-03-23. The reporting persons state that every transaction occurred at $10.8 per share. The specific dispositions and resulting holdings reported are: 138,005 shares disposed leaving 143,785 remaining; 56,145 disposed leaving 58,496; 40,144 disposed leaving 41,825; 29,888 disposed leaving 31,140; 26,410 disposed leaving 27,515; 25,087 disposed leaving 26,138; 10,377 disposed leaving 10,811; 6,262 disposed leaving 6,524; 1,623 disposed leaving 1,690; and 1,059 disposed leaving 1,103. The filing was submitted on 2026-03-25. The document contains no updates to the $11.04 trust/share valuation, the 2026-09-28 redemption deadline, or the announced deal status. Why it matters: As attributed to the reporting entities, these open-market transfers reflect secondary trading adjustments rather than redemptions from the trust account. Because the reported execution price of $10.8 sits below the stated $11.04 trust/share, the activity signals post-deal portfolio rebalancing by an arbitrage-focused holder rather than a reaction to trust mechanics or sponsor-conducted extension efforts. For investors monitoring the redemption calendar and merger timeline, the submission confirms the 2026-09-28 deadline remains unchanged and that trust distributions have not been altered. It provides position-tracking data for a major institutional investor but does not indicate a shift in the company’s strategic trajectory, customer base, revenue projections, or deal progression.
What changed: Form 4 — insider ownership report. As disclosed by the reporting persons (AQR Capital Management Holdings, LLC, AQR CAPITAL MANAGEMENT LLC, and AQR Arbitrage LLC, each characterized by the filers as a 10% owner), a block of 4,619 shares was sold on the open market on 2026-03-20 at $10.75 per share. The filings state that, following this transaction, these entities own 0 shares. The document makes no reference to adjusting the $11.04 trust value per share, extending the 2026-09-28 redemption deadline, altering the progress of the announced merger, or changing sponsor conduct. Why it matters: The reported disposition represents a position unwind rather than a structural corporate event. The reporting persons attribute the complete reduction to 0 shares to their own trading decisions, which typically signals post-announcement arbitrage management or risk de-risking. Beyond the ownership change, the filing contains no substantive claims regarding customer pipelines, revenue forecasts, total addressable market sizing, strategic roadmap, proprietary technology, commercial partnerships, litigation exposures, or executive personnel changes. Therefore, it does not inform fundamental valuation drivers or alter redemption mechanics, though it confirms a known institutional holder exited entirely at the documented trade price of $10.75.
What changed: A Form 8-K current report filed by IB Acquisition Corp. under Item 8.01 Other Events, disclosing a commercial partnership agreement involving its merger target, GNQ Insilico Inc., alongside standard Rule 425 written communication disclaimers and risk factor recitations pertaining to the pending business combination. According to the filing, GNQ Insilico Inc. entered into a Joint Initiative Agreement and Joint Marketing Attachment on March 13, 2026, with a Fortune 100 global technology company to collaborate on sales, marketing, development, and alliance project activities aimed at advancing AI-driven drug discovery and precision medicine. The 8-K states the parties will jointly market combined solutions that integrate GNQ’s proprietary AI-powered platforms with the Strategic Partner’s consulting, cloud, and quantum computing capabilities. The filing specifies a global territory, an initial term of two years, and an option to extend by mutual written agreement, establishing a non-exclusive framework to develop joint business plans, identify qualified customer leads, and deliver solutions across the healthcare and life sciences ecosystem. Regarding SPAC mechanics, the report does not modify the redemption deadline, trust account balance per share, extension provisions, or sponsor governance. It merely confirms that IB Acquisition will file a Form S-4 registration statement containing a joint proxy statement/prospectus and repeats standard conditions precedent cited by IB Acquisition and GNQ, including public stockholder approval, satisfaction of minimum trust account amounts following redemptions, SEC review timing, Bridge Financing or PIPE offering completion, and potential litigation outcomes. Why it matters: Investors monitoring IB Acquisition’s redemption calendar, trust value, and September 28, 2026 liquidation date should note that this filing leaves all mechanical terms unchanged, but introduces commercial context for GNQ’s valuation and execution risk. As stated in the 8-K, the partnership is non-exclusive, spans a two-year initial period, and relies on a third party’s quantum and cloud infrastructure, which may influence how the forthcoming S-4 proxy statement treats revenue visibility, capital intensity, and intellectual property dependencies. The filing’s repeated attribution of redemption-triggered trust sufficiency, PIPE financing availability, and regulatory approval risks to the parties’ management teams indicates that capital raising and shareholder authorization remain binding constraints on deal progression. Readers should treat these commercial and procedural disclosures as inputs for the definitive proxy statement rather than triggers for revised redemption windows or trust adjustments.
What changed: A Form 8-K filed pursuant to Rule 425 under the Securities Act, functioning as a written communication and current report regarding a proposed business combination between IB Acquisition Corp. and GNQ Insilico Inc. The filing reports that, as stated by the registrant on March 13, 2026, GNQ Insilico Inc. executed a Joint Initiative Agreement and Joint Marketing Attachment with an unnamed Fortune 100 global technology company. Under the terms outlined in the document, GNQ and the Strategic Partner will co-market integrated solutions combining GNQ’s proprietary AI-powered platforms with the partner’s consulting, cloud, and quantum computing capabilities. The agreement sets forth a non-exclusive framework spanning a global territory, an initial term of two years, and a renewal option triggered by mutual written agreement. This document contains no amendments to the SPAC trust account value, redemption deadline, extension provisions, deal progress metrics, or sponsor conduct beyond routine references to a forthcoming Form S-4, proxy statement/prospectus, and Bridge Financing or PIPE offering. Chief Executive Officer Al Lopez signed the report on March 18, 2026. Why it matters: The partnership disclosure offers early visibility into GNQ’s commercialization strategy ahead of definitive merger filings, signaling third-party interest in its AI-driven drug discovery and precision medicine platform. However, because the arrangement is explicitly non-exclusive, relies on future joint business planning, and carries a two-year initial term, it does not establish binding revenue commitments, exclusive market access, or guaranteed customer adoption. The filing’s Forward-Looking Statements section attributes significant transaction risks to the parties, including the possibility that the merger fails to close due to insufficient trust account balances following public redemptions, delayed SEC review of the Form S-4, inability to secure Bridge Financing or PIPE capital, or termination events. Consequently, while the alliance underscores product viability, it does not mitigate near-term redemption pressure or alter the September 28, 2026 deadline. Material financial impacts, valuation adjustments, and dilution effects will only be quantifiable upon publication of the registration statement and proxy statement/prospectus referenced throughout the text.
What changed: Form 8-K filed as a Rule 425 communication by IB Acquisition Corp. (IBAC) announcing a definitive Business Combination Agreement (BCA) with GNQ Insilico Inc., a Canadian TechBio company. The filing includes the full BCA and all related ancillary agreements (side letter, bridge note, warrant, shareholder support, sponsor support, lock-up, registration rights, exchangeable share terms, SPAC charter, bylaws, incentive plan, voting and exchange agency agreement, convert note form, and joint press release). 1) IBAC announced a merger with GNQ at a $500M enterprise value; consideration to GNQ holders is 50M shares of SPAC Class A common (via a Canadian plan of arrangement, with exchangeable shares for Canadian residents) valued at $10/share = $500M aggregate, plus potential earnout of up to 15M additional shares ($150M at $10) based on revenue (TCV >= $100M in 2026) or stock price targets ($15-$22.50 VWAP thresholds). 2) PIPE up to $10M at $10/share; minimum cash condition $15M available at closing. 3) Bridge financing up to $2M via convertible notes paying 10% interest, convertible at 80% of the exchange-ratio-adjusted price; notes secured, with warrant coverage equal to 100% of principal. Initial $250K funded at signing. 4) Trust at $11.04/share, deadline 2026-09-28. 5) Sponsor (I-B Good Works 4, LLC) votes for, waives anti-dilution, agrees to 6-month lock-up; lock-up for other holders is 6 months with early release at $12 (50%) and $15 (remaining 50%) price hurdles. 6) Closing conditions include minimum net tangible assets of $5,000,001; no break fee unless willful fraud or uncured material breach (then $10M). 7) Post-closing board: 4 directors designated by GNQ, 1 by Sponsor; GNQ CEO becomes CEO of New SPAC; name changes to 'GNQ Insilico'. 8) SPAC to convert from Nevada to Delaware before closing. Why it matters: This is the definitive deal announcement for IBAC; for the first time investors have the full transaction economics ($500M enterprise value, earnout structure, PIPE size, minimum cash condition), the sponsor's lock-up and anti-dilution waiver, the protection of a $5M+ net tangible asset floor, and the target's business description (AI/Digital Twins/Quantum computing for drug development). Redemption-minded investors now know the $10/share floor is supported by a PIPE at $10 and a $15M minimum cash condition. The absence of any termination fee (except for fraud/willful breach) reduces a classic SPAC 'go-shop' risk. The lock-up has performance-based release tiers which align holder incentives.
pipenothing moved · 1 with no prior record of ours
- PIPE
- $10.0M · unchanged
The clause ““personal information,” “personal data,” or similar terms under Privacy Laws. “ PIPE Investments ” means a private investment in SPAC in the aggregate amount of $10,000,000 (including, for the avoidance of doubt, the proceeds from the”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: 8-K announcing the entry into a Business Combination Agreement (BCA) between IB Acquisition Corp. (IBAC) and GNQ Insilico Inc., together with all related ancillary agreements (Side Letter, Lock-Up, Shareholder Support, Sponsor Support, Amended Registration Rights Agreement, PIPE Subscription Agreement form, Convertible Note form, Warrant form, Voting and Exchange Agency Agreement form, and a joint press release and investor presentation). IBAC and GNQ executed a definitive BCA on March 16, 2026, under which IBAC will acquire GNQ via a statutory plan of arrangement under the Canada Business Corporations Act. The total enterprise value ascribed to GNQ is $500 million. GNQ shareholders will receive either shares of SPAC Class A Common Stock or exchangeable shares in a Canadian subsidiary (ExchangeCo), based on a fixed exchange ratio of 50,000,000 divided by the Fully-Diluted Company Common Shares. The deal includes up to 15,000,000 earnout shares: 7,500,000 shares for achieving $100 million in total contract value revenues for FY2026 (Revenue Earnout), and up to 7,500,000 additional shares tied to share price thresholds ($15.00, $17.50, $20.00, $22.50 VWAP) during the 24-month earnout period (Share Price Earnout). Only the higher-value earnout will be paid. A bridge financing of up to $2.0 million was funded concurrently ($250,000 initial tranche, with a second $500,000 tranche contingent on a definitive IBM agreement). Sponsor (I-B Good Works 4, LLC) agreed to vote in favor, not redeem, and subject its 3,243,590 founder shares and 610,500 private placement units to a 6-month lock-up post-closing, with two 50% partial release triggers at $12.00 and $15.00 share prices. GNQ shareholders holding at least a majority of shares entered into support agreements. A $10 million PIPE (including the Bridge) at $10.00/share is included. The combined company will be renamed GNQ Insilico and will be a Delaware corporation. The post-closing board will have five directors: one designated by Sponsor (independent) and four by GNQ. Current GNQ CEO Rehan Huda will be CEO of the combined company. Why it matters: This is the definitive deal announcement for IBAC, converting the SPAC from a blank-check company into an operating business (GNQ Insilico, a TechBio company focused on AI/quantum computing for drug development). The deal provides a concrete redemption deadline structure (the SPAC stockholder meeting to approve the deal will be called after the S-4 is declared effective), a clear minimum cash condition at closing ($15.0 million Available Cash and $5,000,001 net tangible assets), and a 270-day outside date from March 16, 2026 (extendable by 60 days under certain conditions). The trust value was $11.04/share as of the filing date; the PIPE is at $10.00 per share. No termination fee is payable on a standard walk-away, but a $10 million break-up fee is triggered by a material uncured willful breach/fraud (payable only upon the breaching party consummating an alternative transaction or liquidation). The trust account waiver from GNQ is standard. The Lock-Up Agreement with Sponsor and key GNQ shareholders provides a hard 6-month lock-up post-closing, with early release tied to stock price performance.
pipenothing moved · 1 with no prior record of ours
- PIPE
- not previously extracted$10.0M
The clause …““personal data,” or similar terms under Privacy Laws. “ PIPE Investments ” means a private investment in SPAC in the aggregate amount of $10,000,000 (including, for the avoidance of doubt, the proceeds from”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Definitive proxy statement (DEF 14A) filed by IB Acquisition Corp. to solicit stockholder votes on a six-month extension of the deadline to complete a business combination, from March 28, 2026 to September 28, 2026, along with a corresponding trust agreement amendment and an adjournment proposal. This filing establishes the record date (February 11, 2026), the special meeting date (March 25, 2026), and the deadline for stockholder redemption requests (5:00 p.m. Eastern on March 23, 2026). It sets the vote threshold for the extension proposal at 65% of outstanding shares. It discloses that the Sponsor, I-Bankers, and independent directors beneficially owned ~63.0% of shares as of the record date. The board states it does not expect to complete a deal before March 28, 2026, and that without the extension the company would be forced to liquidate. The trust account held approximately $16.1 million as of the record date, yielding an estimated per-share redemption price of $10.76. The company will not proceed if redemptions reduce net tangible assets below $5,000,001. The board also announces that the company has engaged Advantage Proxy for $7,500 in solicitation fees. Why it matters: This filing dictates the redemption deadline (March 23) and the meeting at which the extension is voted on. With ~63% of shares held by parties expected to vote for the extension, passage appears highly likely, but large redemptions are possible. The trust value of ~$10.76 per share provides a clear cash floor for redeeming holders. Failure to extend means liquidation. The filing also states that the company will not proceed if redemptions cause net tangible assets to fall below $5,000,001, which is a potential termination event.
combination deadlinenothing moved · 1 with no prior record of ours
- Combination deadline
- 2027-03-25 · unchanged
The clause “Nasdaq’s rules, we may be granted a grace period to complete our initial business combination by March 25, 2027 after we fail to complete an initial business combination within 18 months of the effectiveness of our IPO registration”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Amended beneficial ownership report (Schedule 13G/A) identifying positions held by AQR Capital Management, LLC, AQR Capital Management Holdings, LLC, and AQR Arbitrage, LLC. The supplied excerpt names the filers and designates the filing as a Schedule 13G/A amendment but contains no disclosed share volumes, revised ownership percentages, acquisition timestamps, or consideration amounts compared to prior submissions. It makes no reference to altered redemption windows, trust account valuations, extension triggers, or sponsor governance actions. Why it matters: Attributed to the AQR-affiliated investment vehicles, the amendment confirms ongoing statutory transparency regarding institutional beneficial ownership. Because the text omits quantitative holdings, cost basis, and trading velocity, it yields no measurable indicator of redemptive liquidity pressure, market-maker arbitrage positioning, or proxy coalition building ahead of the merger milestone, though the filing verifies sustained institutional disclosure compliance by registered advisers.
What changed: Preliminary proxy statement (PRE 14A) soliciting stockholder approval for a six-month extension of the deadline to complete a business combination, related trust agreement amendment, and an adjournment proposal. This is a new filing seeking the first extension. The company proposes to amend its charter and trust agreement to extend the deadline from March 28, 2026 to September 28, 2026. The Board states it currently believes there will not be sufficient time before March 28, 2026 to complete an initial business combination. No specific target is identified. The sponsor and insiders control 63.0% of the vote and are expected to vote in favor. Trust was approximately $16.092 million ($11.04 per share). The per-share redemption price is estimated at ~$10.76 at the meeting date, with the stock closing at $10.60 on February 11, 2026. Sponsor has agreed to waive its right to withdraw up to $100,000 of interest for dissolution expenses if the extension is approved and the company ultimately liquidates. A minimum of $5,000,001 in net tangible assets is required after redemptions to proceed. The meeting is scheduled for March 25, 2026. Why it matters: This filing provides the mechanics and deadlines for the extension vote and associated redemption opportunity. It is the critical document for shareholders who wish to redeem in connection with this extension. It also sets the new liquidation deadline. The filing contains no new information about a potential business combination target.
What changed: SEC Schedule 13G/A amended beneficial ownership report. The filing lists Bank of Montreal, BMO Holding Inc., and BMO Nesbitt Burns Inc. as co-amenders updating their prior beneficial ownership disclosure for IBAC common stock. The excerpt contains no share quantities, percentages, transaction dates, or purpose clauses. Consequently, it records no changes to redemption windows, trust accounting, extension mechanisms, or deal progression. Why it matters: Investors tracking redemption deadlines, trust value, extensions, deal progress, or sponsor conduct should treat this as an administrative equity reporting update rather than a catalyst. It reflects routine threshold compliance or position aggregation and contains zero commentary on shareholder voting behavior, sponsor governance, merger negotiations, or target operations. Without disclosed position sizes or strategic intent, it provides no leverage point for redemption timing, valuation support, or extension risk assessment.
What changed: Form 10-Q (Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934) for the fiscal quarter ended December 31, 2025. This is a standard quarterly financial filing for a SPAC (Special Purpose Acquisition Company). This is the first quarterly report since the massive shareholder redemptions in connection with the extension vote on September 22, 2025. As a result, the SPAC is now a penny-sized vehicle with a trust of ~$16.0 million down from ~$115.6 million, and only 1,490,880 redeemable shares remaining. The filing reports a net loss of $58,902 for the quarter. The Company states it has not selected a target nor initiated any substantive discussions regarding a business combination. The working capital deficit has worsened to $800,393 and management has now expressed 'substantial doubt' about the Company's ability to continue as a going concern. No subsequent events were identified. The deadline for the business combination is March 28, 2026. Why it matters: This filing is highly material for redemption calendar and sponsor conduct analysis. The trust value is now ~$10.80 per share, at the low end for SPACs. The highly negative working capital deficit ($800k vs $165k cash) and the 'going concern' warning mean the Company is at risk of running out of cash before it can close a deal or even pay for a liquidation. The fact that no target discussions have begun with only ~14 months left on the clock indicates a high risk of liquidation. The existence of a pre-arranged working capital loan to an entity named Su De Tang Global Corporation that extinguishes upon a deal with that same entity suggests a specific target is known, yet the Company claims it has not initiated substantive discussions, which is an inconsistency worth noting.
What changed vs 2025-08-13trust $121.6M → $16.0M -87%shares 11.5M → 1.49M -87%trust account, redeemable shares, combination deadline +12 moved · 2 with no prior record of ours
- Trust account
- $121.6M$16.0M
- Redeemable shares
- 11.5M1.49M
- Combination deadline
- not previously extracted2026-03-28
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $105,510,263 left the trust between the two filings.
The clause …“taxes 60,930 Total current assets 361,778 1,243,898 Cash and investments held in Trust Account 16,043,483 15,890,194 Total Assets $ 16,405,261 $ 17,134,092 Liabilities and Stockholders Deficit Current liabilities Accounts payable”…
SpacBrain reads this as 10,009,120 shares are no longer redeemable.
The clause …“there were 4,249,090 shares of common stock issued and outstanding, excluding 1,490,880 shares of common stock subject to possible redemption. 13 IB ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025 (Unaudited) NOTE 8.”…
The clause …“s obligation to redeem 100% of the public shares if it has not consummated a business combination by March 28, 2026, or with respect to other material pre-business combination provisions, subject to the applicable redemption”…
The clause …“significant costs in pursuit of its acquisition plans. These conditions raise substantial doubt about the Company s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination.”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: A routine compliance exhibit: a Schedule 13G/A beneficial ownership report filed by Barclays PLC. The provided filing text discloses only the document designation, accession number [0000312069-26-000023], and holder name. It contains no data tables, share counts, percentage thresholds, transaction dates, or purpose statements. Accordingly, the filing reports no changes to IBAC’s September 28, 2026 merger deadline, the referenced $11.04 per-share trust value, extension procedures, business combination progress, or sponsor behavior. Why it matters: This amendment serves as a standard regulatory update on institutional equity holdings and does not independently trigger redemption mechanics, alter trust account accruals, or modify deal timelines. Because the excerpt omits the numerical holdings and intent declarations required to assess voting power shifts or acquisition/disposition activity, it conveys no material information regarding shareholder liquidity options, financing conditions, or execution risk for the announced business combination.
What changed: Annual report on Form 10-K for the fiscal year ended September 30, 2025, filed by IB Acquisition Corp., a blank-check SPAC. On September 22, 2025, stockholders approved an extension of the business combination deadline from September 28, 2025 to March 28, 2026. In connection with the vote, holders of 10,009,120 shares redeemed at ~$10.60 per share, withdrawing ~$106.1 million from the trust and leaving ~$15.8 million (1,490,880 shares remain subject to redemption, at a redemption value of $10.72 per share as of September 30, 2025). The company recorded a $1.06 million excise tax liability on the redemptions and reports a working capital deficit of $588,202. Management expresses substantial doubt about the company’s ability to continue as a going concern. No specific business combination target has been identified or discussed. Why it matters: The heavy redemptions (87% of public shares) and the associated excise tax have dramatically reduced the trust's size, leaving only ~$15.8 million for a potential deal. The deadline is now March 28, 2026, with no announced target, increasing liquidation risk. The going concern warning highlights the company's precarious liquidity position, which could depress share value and undermine any future business combination.
What changed vs 2024-12-26deadline 2025-09-28 → 2026-03-28combination deadline, redeemable shares, trust account +31 moved · 5 with no prior record of ours
- Combination deadline
- 2025-09-282026-03-28
- Redeemable shares
- not previously extracted1.49M
- Trust account
- $118.6M · unchanged
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $148Knot matched in this filing
- Mandate language
- We intend to focus on pursuing an acquisition of or merger w… · unchanged
SpacBrain reads this as 181 days later than the previous record.
The clause …“s obligation to redeem 100% of the public shares if it has not consummated a business combination by March 28, 2026, or with respect to other material pre-business combination provisions, subject to the applicable redemption”…
The clause …“there were 4,249,090 shares of common stock issued and outstanding, excluding 1,490,880 and 11,500,000 shares of common stock subject to possible redemption. NOTE 8. INCOME TAX The Company did not have any significant deferred tax”…
The clause “Trust Account in connection with redemptions. As of September 30, 2024, assets held in the Trust Account were comprised of $ 118,601,873 in a money market fund that is invested primarily in U.S. Treasury Securities. Through September 30,”…
The clause …“significant costs in pursuit of its acquisition plans. These conditions raise substantial doubt about the Company s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination.”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Amended Schedule 13G (beneficial ownership report). This filing documents an updated disclosure of beneficial ownership attributed to TD Securities (USA) LLC, Toronto Dominion Holdings USA Inc., TD Group US Holdings LLC, and Toronto Dominion Bank. The provided excerpt contains no share quantities, acquisition dates, or percentage thresholds, and makes no reference to redemption periods, trust account distributions, extension resolutions, or sponsor conduct relative to the IBAC business combination. Why it matters: For investors tracking the September 28, 2026 deadline, the $11.04 per-share trust baseline, or transaction execution, this routine regulatory update introduces no mechanical shifts or timeline adjustments. Amended 13Gs of this format typically capture passive holding reconciliations, internal reclassifications among affiliated financial institutions, or minor statutory threshold crossings that do not trigger voting rights or impact trust liquidity. Without disclosed position sizes or intent language, the filing carries no implications for shareholder redemption behavior, deal progress, or sponsor governance. All assertions derive solely from the filing excerpt.
What changed: Routine compliance exhibit: Schedule 13G beneficial ownership report. The provided excerpt identifies three reporting persons—Bank of Montreal, Bank of Montreal Holding Inc., and BMO Nesbitt Burns Inc.—and contains no numerical data, share quantities, percentage thresholds, or transaction timestamps. Consequently, the filing does not report any modification to the redemption calendar, trust value mechanics, extension provisions, or sponsor/directorial actions. Why it matters: For SPAC investors monitoring redemption timelines and capital structure, Schedule 13G filings track non-controlling institutional position shifts. While the submission confirms ongoing regulatory reporting by BMO-affiliated entities, the absence of quantity and effective-date fields prevents assessment of whether the affiliate accumulated, reduced, or merely renewed an existing block. Attributed solely to the named financial institutions, the filing functions as a baseline compliance artifact rather than a liquidity or redemption catalyst. Complete exhibit inspection is required to determine if the holding triggers material threshold crossings or informs pre-merger voting calculations.
What changed: A Schedule 13G beneficial ownership report filed 2025-11-12 (accession number 0000312069-25-000581) identifying Barclays PLC as the reporting holder. Per Barclays PLC’s submission under accession number 0000312069-25-000581, the document registers a beneficial ownership position in IBAC but discloses no alterations to redemption deadlines, trust valuations, extension procedures, merger execution status, or sponsor conduct. The excerpt omits share quantities, percentage thresholds, and transaction timing. Why it matters: As a Schedule 13G filing dated 2025-11-12, Barclays PLC typically denotes passive investment intent rather than control-seeking activity, though the abbreviated text supplies no holdings data, acquisition price, or strategic rationale. Because the report contains no numerical disclosures, customer or revenue claims, technology or partnership announcements, litigation references, or personnel changes attributed to Barclays PLC or IBAC, it carries no immediate mechanical weight for shareholders evaluating redemptions or capitalization shifts. The absence of detail means investors cannot assess whether this represents a net addition, disposition, or mere reclassification of existing IBAC equity exposure.
What changed: Schedule 13G/A, a routine compliance exhibit and amended beneficial ownership report filed by KARPUS MANAGEMENT, INC. KARPUS MANAGEMENT, INC. submitted an amended SEC filing to update its registered beneficial ownership position in IBAC common stock. The provided excerpt does not disclose altered share counts, percentage thresholds, transaction dates, or changes in investment purpose relative to IBAC’s mechanics, including its redemption environment, trustee arrangements, extension windows, or sponsor conduct. Why it matters: Amended 13G filings signal potential adjustments in institutional voting power or strategic intent ahead of IBAC’s announced deal timeline. Because the text omits revised ownership metrics, redemption guidance, or commentary on trust accounting, target integration progress, partnership announcements, litigation, or personnel changes, the filing does not independently alter shareholder decision-making parameters. Beyond identifying KARPUS MANAGEMENT, INC. as the reporting holder and the form designation, the document contains no additional substantive claims requiring further investor scrutiny.
What changed: A Form 4 insider ownership report detailing open-market stock transactions by AQR Capital Management Holdings, LLC and its affiliated 10% owner entities in IB Acquisition Corp. According to the Form 4 filings submitted by AQR-affiliated reporting persons, transactions executed on October 9, 2025, consisted of open-market sales where 80,123 shares were disposed of at $10.44 leaving 281,790 owned, 32,597 shares at $10.44 leaving 114,641 owned, 23,306 shares at $10.44 leaving 81,969 owned, 17,352 shares at $10.44 leaving 61,028 owned, 15,332 shares at $10.44 leaving 53,925 owned, 14,565 shares at $10.44 leaving 51,225 owned, 6,025 shares at $10.44 leaving 21,188 owned, 3,635 shares at $10.44 leaving 12,786 owned, 1,313 shares at $10.44 leaving 4,619 owned, 943 shares at $10.44 leaving 3,313 owned, and 615 shares at $10.44 leaving 2,162 owned. The filing does not amend the SPAC’s stated $11.04 trust value per share or the September 28, 2026 liquidation deadline. Why it matters: The report discloses secondary market equity reductions by entities classified as 10% owners rather than any modification to redemption windows, trust accounting, merger negotiations, or sponsor conduct. The uniform execution price of $10.44 trades beneath the referenced $11.04 per-share trust figure, reflecting marketplace pricing rather than a trust-value anchor or regulatory trigger. For investors tracking holder behavior and potential share overhang, the filing confirms reduced aggregate positions held by these reporting persons, while containing zero disclosures regarding deal progress, customer relationships, revenue, market size, technology, partnerships, or personnel changes.
What changed: Schedule 13G/A, an amended beneficial ownership report used to disclose changes in equity holdings, acquisition dates, or stated investment intent by persons crossing the five-percent reporting threshold. The excerpt identifies Wealthspring Capital LLC and Matthew Simspon as reporting parties amending their prior 13G filings. Because the supplied text contains only the filing title, bracketed identifier, and holder names, it discloses no updated share counts, percentage ownership, transaction timestamps, or modifications to declared purpose. Consequently, it does not update IBAC’s redemption deadline of 2026-09-28, reference the $11.04 trust value per public share, alter any extension provisions, advance the announced merger timeline, or characterize sponsor conduct. No figures or narratives regarding customer bases, revenue streams, addressable markets, product roadmaps, commercial alliances, leadership transitions, or legal proceedings are present in the provided excerpt. Why it matters: Amended 13G documents serve as early indicators of blockholder realignment, which directly influences SPAC redemption behavior and proxy dynamics. Investors tracking whether major equity holders intend to withdraw capital at the $11.04 trust floor ahead of the 2026-09-28 expiration, or support management against dilutionary terms, must monitor these filings for shifts in disclosed purpose or aggregated share tallies. While this truncated view lacks the quantitative specifics needed to adjust cash flow models or valuation bands, the administrative update confirms ongoing regulatory scrutiny and portfolio maintenance by key stakeholders. Complete exhibit data would determine whether these actors plan to retain shares for long-term value capture, participate in the upcoming redemption window, or position themselves for merger approval votes.
What changed: A Schedule 13G/A amendment filing submitting a beneficial ownership report. The filing identifies AQR Capital Management, LLC; AQR Capital Management Holdings, LLC; and AQR Arbitrage, LLC as the reporting holders. The provided excerpt contains no share quantities, percentages, acquisition or disposition dates, or purpose-of-transaction statements. It contains no references to redemption deadlines, trust account valuation, extension votes, merger agreement milestones, or sponsor conduct. Why it matters: Institutional 13G amendments can indicate passive investment reallocations or arbitrage positioning ahead of a de-SPAC transaction. Because this excerpt omits all underlying figures and disclosures, it does not modify the redemption timeline, affect trust distribution mechanics, or signal active involvement in sponsor negotiations. Investors awaiting concrete signals on deal progress should monitor subsequent 13D/G filings or proxy materials that detail voting positions, warrant exercise strategies, or shareholder meeting dates.
What changed: SEC Form 4 insider ownership report. Filed by AQR Capital Management Holdings, LLC, AQR CAPITAL MANAGEMENT LLC, and AQR Arbitrage LLC on 2025-10-02, the report discloses multiple open-market sales of IBAC shares at $10.5. The transactions record disposals of 1,800 shares (remaining 361,913), 732 shares (remaining 147,238), 524 shares (remaining 105,275), 390 shares (remaining 78,380), 345 shares (remaining 69,257), 327 shares (remaining 65,790), 135 shares (remaining 27,213), 82 shares (remaining 16,421), 30 shares (remaining 5,932), 21 shares (remaining 4,256), and 14 shares (remaining 2,777). Why it matters: This routine compliance exhibit does not alter the DEAL_ANNOUNCED status, the 2026-09-28 deadline, or any extension or redemption mechanics. The recorded transaction price of $10.5 diverges from the reported trust/share value of $11.04. The document contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel.
What changed: Routine compliance exhibit — Form 4 insider ownership report. Three 10% owners disclosed open-market share dispositions on 2025-10-01 at $10.5. Per the filing, AQR Capital Management Holdings, LLC disposed of 12,203 shares and states it owns 363,713 after. AQR CAPITAL MANAGEMENT LLC disposed of 4,964 shares and states it owns 147,970 after. AQR Arbitrage LLC disposed of 3,550 shares (owns 105,799 after), 2,643 shares (owns 78,770 after), 2,335 shares (owns 69,602 after), 2,218 shares (owns 66,117 after), 917 shares (owns 27,348 after), 554 shares (owns 16,503 after), 200 shares (owns 5,962 after), 143 shares (owns 4,277 after), and 94 shares (owns 2,791 after). These trades occur without altering the 2026-09-28 redemption deadline, the stated trust/share value of $11.04, the announced merger status, or sponsor governance. Why it matters: The sellers provide no stated strategy, customer claims, revenue projections, market size estimates, technology disclosures, partnership announcements, or litigation updates. The transaction log reflects passive secondary market positioning rather than a change in control, extension voting posture, or trust distribution mechanics. Because the filing contains no forward-looking statements or operational disclosures beyond the reported share counts and price points, it carries no independent material impact on the redemption calendar or combination execution.
What changed: SEC Form 4 insider ownership report. This document IS a routine compliance exhibit: SEC Form 4 insider ownership report. Bearing on the tracked mechanics, reported dispositions by AQR Capital Management Holdings, LLC, AQR CAPITAL MANAGEMENT LLC, and AQR Arbitrage LLC (each identified as a 10% owner) show ten open-market sales executed on 2025-09-30 at a transaction price of $10.51. The filers state the following post-sale balances: 375,916 owned after selling 29,734; 152,934 after 12,097; 109,349 after 8,649; 81,413 after 6,440; 71,937 after 5,690; 68,335 after 5,405; 28,265 after 2,235; 17,057 after 1,349; 6,162 after 488; 4,420 after 349; and 2,885 after 228. The filing changes nothing regarding the trust valuation, the 2026-09-28 redemption deadline, merger advancement, or sponsor conduct. Of substance beyond the transaction ledger, the report contains no claims concerning customers, revenue, market size, corporate strategy, technology, partnerships, litigation, or personnel. Why it matters: Investors monitoring the SPAC’s structural timeline and institutional positioning receive a verified snapshot of secondary-market supply from a grouped 10% owner tier executing uniformly at $10.51 on 2025-09-30. The stepped-down share counts document holder tapering without modifying the September 28, 2026 expiration, triggering extension votes, or altering merger economics. As a standard Form 4 disclosure, it leaves the redemption calendar and trust mechanics untouched while providing transparency into open liquidity conditions and concentrated position sizing ahead of the deal window.
What changed: Form 4 — Statement of Changes in Beneficial Ownership (routine compliance exhibit). According to the Form 4 filing, three 10% reporting persons executed open-market sales on 2025-09-29: AQR Capital Management Holdings, LLC disposed of 50,048 shares at $10.5 and owns 405,650 after; AQR CAPITAL MANAGEMENT LLC disposed of 20,361 shares at $10.5 and owns 165,031 after; AQR Arbitrage LLC disposed of 14,558 shares at $10.5 and owns 117,998 after. Ten additional dispositions recorded in the same filing involve 10,839, 9,578, 9,098, 3,763, 2,271, 820, 589, and 384 shares at $10.5 on the same date, producing post-transaction holdings of 87,853, 77,627, 73,740, 30,500, 18,406, 6,650, 4,769, and 3,113 shares respectively. The submission contains no language addressing the 2026-09-28 business combination deadline, trust fund administration, redemption mechanics, merger closing progress, or sponsor governance actions. Why it matters: Because all assertions originate exclusively from the SEC Form 4 disclosures by the named AQR affiliates, the filing serves as a standard quarterly/trigger-based custody update rather than a corporate restructuring notice or deal milestone declaration. It introduces zero modification to the SPAC’s redemption calendar, trust allocation framework, extension voting procedures, or the status of the announced business combination. The uniform transaction price of $10.5 supplies contemporaneous secondary-market liquidity data for shareholders assessing pre-deadline trading conditions, but it does not signal sponsor misconduct, coordinated capital calls, or alterations to trust accounting. For investors tracking institutional position sizing, the document precisely quantifies the share reductions filed here while confirming the absence of customer disclosures, revenue metrics, market size projections, strategic pivots, technology roadmaps, partnership announcements, personnel changes, or litigation references within this submission.
What changed: Form 3 insider ownership report detailing indirect equity positions held by AQR Capital Management Holdings, LLC, AQR Capital Management LLC, and AQR Arbitrage LLC, each identified in the filing as a 10% owner. The filing discloses indirect holdings of 455,698 shares, 185,392 shares, 132,556 shares, 98,692 shares, 87,205 shares, 82,838 shares, 34,263 shares, 20,677 shares, 7,470 shares, 5,358 shares, and 3,497 shares as reported by the named AQR entities. The submission contains no amendments to the redemption deadline, trust value, extension provisions, deal progress, or sponsor conduct. Why it matters: For investors monitoring liquidity windows and capital deployment, this periodic disclosure confirms ongoing indirect exposure by AQR arbitrage and management vehicles without altering the SPAC’s statutory timeline or capital table mechanics. The document contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. All disclosed share figures were attributed directly to AQR Capital Management Holdings, LLC, AQR Capital Management LLC, and AQR Arbitrage LLC by the reporting persons.
What changed: Form 8-K Current Report detailing the results of a special stockholder meeting, including approval of a six-month business combination deadline extension, amendments to the Articles of Incorporation and Investment Management Trust Agreement, and reporting of share redemptions. Per IB Acquisition Corp.'s filing, the company extended its initial business combination deadline from September 28, 2025 to March 28, 2026 via amendments to its corporate charter and trust agreement, both approved on September 22, 2025. At the special meeting, 14,325,971 shares were present or represented by proxy, representing approximately 90.96% of the company's outstanding common stock as of the September 3, 2025 record date. The extension and trust amendment proposals each received 10,659,545 votes in favor and 3,666,426 votes against. According to the company, 10,009,120 shares of common stock subsequently exercised their right to redeem shares at an approximate price of $10.60 per share. As a result, approximately $106.1 million will be removed from the Trust Account to pay those holders, leaving approximately $15.8 million remaining, which the company states is subject to change to account for the payment of tax withdrawals. Why it matters: This filing materially compresses the SPAC's remaining capital and resets its survival clock. While the new deadline extends liquidation to March 28, 2026, the Trust Account is now restricted to approximately $15.8 million after massive redemptions. The amended Trust Agreement explicitly provides that no amounts will be deducted from the Trust Account to pay dissolution expenses and that pre-combination funds will not be released, other than interest to pay franchise and income taxes, until the earliest of a completed business combination, 100% redemption, or a qualifying amendment vote. The severely reduced trust balance may impair the company's ability to cover operational costs or consummate a transaction, while the voting tally reflects notable shareholder resistance to the timeline adjustment.
What changed: DEF 14A definitive proxy statement filed by IB Acquisition Corp., seeking stockholder approval of a charter amendment to extend the deadline to complete a business combination. The company proposes to amend its charter and trust agreement to extend the date to consummate a business combination from September 28, 2025 to March 28, 2026 (a six-month extension). The filing includes detailed proposals, redemption rights for public stockholders, vote requirements, risk factors, and tax considerations. Why it matters: This is a critical extension proposal that directly impacts redemption deadlines and trust value. Stockholders must vote by September 22, 2025, and redeem by September 18, 2025. The trust has approximately $115.575 million and a per-share value of about $10.59. The sponsor and affiliates own ~22.8% of shares and will vote in favor. If approved, the company gets more time to find a deal; if not, it must liquidate. No target or business combination details are disclosed.
What changed: Amended definitive proxy statement (DEFR14A) filed by IB Acquisition Corp. to correct an error in the trust balance as of the record date, and to seek stockholder approval for a six-month extension of the business combination deadline and related trust agreement amendment. This Amendment No. 1 to Schedule 14A was filed solely to correct the amount held in trust as of the record date (September 3, 2025). The corrected trust balance is approximately $121.862 million. All other terms of the proxy remain unchanged. The special meeting is scheduled for September 22, 2025. The board proposes to extend the deadline from September 28, 2025 to March 28, 2026. Approval requires 65% of outstanding shares. Public shareholders may redeem at a per-share price estimated at $10.59. Redemption deadline is 5:00 p.m. Eastern, September 18, 2025. Why it matters: The corrected trust balance informs the redemption price and trust-value calculations. The extension proposal is the key event: it avoids immediate liquidation and provides six more months for a business combination. The redemption deadline is critical for public shareholders considering cash-out. The document also reveals sponsor incentive and interest alignment (sponsor holds 3,243,590 founder shares at a $3,000 aggregate investment; no shares are subject to redemption).
What changed: Preliminary proxy statement for a special meeting to approve an extension of the business combination deadline (from September 28, 2025 to as late as September 28, 2026) and related trust agreement amendment. The filing specifies redemption mechanics and trust account values. Redemption requests must be submitted by 5:00 p.m. ET on September 18, 2025. The trust account held approximately $115.575 million as of the record date (September 3, 2025). The company has 15,749,090 shares outstanding; the per-share redemption price will be the trust amount divided by the number of public shares. The extension requires approval of 65% of outstanding shares, and the sponsor has agreed to fund monthly contributions to the trust for each month of extension, with amounts to be determined. Why it matters: Stockholders must decide whether to redeem by the deadline or risk liquidity if the SPAC cannot complete a deal before the extended deadline. The trust value indicates the approximate cash redemption amount per share. The extension proposal and the sponsor's continued support indicate the SPAC is struggling to close a combination and is buying more time.
What changed: Quarterly report on Form 10-Q for the period ended June 30, 2025. Trust per-share redemption value increased to $10.52 from $10.26 at September 30, 2024. Cash and working capital decreased to $486,018 and $74,216 respectively. Management disclosed substantial doubt about going concern, citing insufficient liquidity to sustain operations for one year. The Company disclosed a previously undisclosed working capital loan from Su De Tang Global Corporation: a $150,000 unsecured promissory note issued September 16, 2024, of which $147,629 was borrowed and fully repaid by June 30, 2025, and no amounts remain available for borrowing. No new business combination agreement or target was announced. Why it matters: The trust value per share is a key metric for redemption-calendar investors tracking the floor on public shares. The increasing trust value ($10.52) is positive for redeeming shareholders. The going concern warning is a negative signal: the Company is burning cash without a deal, faces a hard deadline of September 28, 2025 (18 months from IPO), and has minimal working capital to fund its search. The Su De Tang working capital loan suggests a potential target relationship, but the loan was extinguished and no deal was announced, so it may represent a dead end. The lack of any active business combination agreement or substantive target discussions is a material negative for deal timeline expectations.
What changed vs 2025-05-15trust $120.3M → $121.6M +1%trust account, going-concern doubt, redeemable shares1 moved · 2 with no prior record of ours
- Trust account
- $120.3M$121.6M
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 11.5M · unchanged
SpacBrain reads this as $1,254,202 was added to the trust between the two filings.
The clause …“84,875 339,500 Total current assets 623,225 1,198,515 Cash and investments held in Trust Account 121,553,746 118,601,873 Total Assets $ 122,176,971 $ 119,800,388 Liabilities and Stockholders Equity Current liabilities Accounts”…
The clause …“significant costs in pursuit of its acquisition plans. These conditions raise substantial doubt about the Company s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination.”…
The clause …“there were 4,249,090 shares of common stock issued and outstanding, excluding 11,500,000 shares of common stock subject to possible redemption. NOTE 8. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC 820 for its”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: A Schedule 13G beneficial ownership report, self-identified in the text as a 'beneficial ownership report' with regulatory file number 0001085146-25-004900, listing TD Securities (USA) LLC, Toronto Dominion Holdings (USA) Inc., TD Group US Holdings LLC, and Toronto Dominion Bank as reporting parties. The excerpt lists only holder names and a filing identifier. It contains no operative language addressing the redemption calendar, trust balance, extension procedures, deal progression, or sponsor governance. No claims regarding customers, revenue streams, addressable markets, strategic initiatives, proprietary technology, partnership formations, active litigation, or executive appointments are disclosed. All referenced entity titles and the identification string appear verbatim as printed in the submission, with no numerical data or dated assertions present in the provided text. Why it matters: This submission tracks institutional position sizing rather than altering SPAC structural mechanics. The filing registers a disclosure obligation typically triggered when one or more affiliated entities cross the statutory ownership threshold or revise investment intent, which gives investors visibility into blockholder concentration ahead of any vote. While the document does not reset the expiration window, adjust the per-share trust allocation, or comment on management conduct, the registered positions inform liquidity depth and potential proxy influence as the issuer approaches its mandated timeline.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.