IB Acquisition Corp. announced on September 24, 2026, that its stockholders approved amendments to the company’s charter to extend the deadline for completing its initial business combination. The special meeting was held on that date, with 3,444,462 shares of common stock represented by proxy or in attendance, accounting for approximately 69% of the outstanding shares as of the August 27, 2026, record date.
The primary proposal, known as the Extension Proposal, amended the company’s Amended and Restated Articles of Incorporation. This change extends the deadline for the initial business combination from September 28, 2026, to March 28, 2027. If the company fails to complete a business combination by this new date, it will cease operations and redeem or repurchase 100% of the shares issued in its initial public offering.
The Extension Amendment also outlines specific provisions regarding the trust account. Funds within the trust account will not be released prior to the completion of a business combination, the redemption of 100% of the offering shares if the deadline is missed, or a vote seeking to amend provisions relating to stockholders’ rights. The amendment allows public stockholders the right to redeem shares in connection with any amendment that modifies the substance or timing of the obligation to redeem 100% of the public shares if the deadline is not met.
At the special meeting, stockholders holding 117,386 shares exercised their right to redeem their shares for cash. These shares were redeemed at an approximate price of $10.97 per share, resulting in approximately $1,288,199.54 being removed from the Trust Account. This leaves approximately $7,042,627.97 remaining in the Trust Account, an amount that is subject to change to account for tax withdrawals.
Additionally, the company approved a Trust Amendment Proposal to amend the Investment Management Trust Agreement dated March 25, 2024, between the company and Continental Stock Transfer & Company, to authorize the extension and its implementation.
