IB Acquisition Corp (IBAC) is a blank-check special purpose acquisition company that raised capital through an initial public offering for the purpose of completing a business combination with an unidentified target. The company holds IPO proceeds in a trust account pending the consummation of a business combination or, absent a deal, the redemption of public shares. IBAC completed its IPO on March 25, 2024, and the combination period ends on March 28, 2026, unless the charter is amended to extend it further. As of September 30, 2025, management disclosed substantial doubt about the company's ability to continue as a going concern, citing insufficient liquidity to sustain operations. The company has no revenue-generating operations. Chairman and CEO Adelmo 'Al' Lopez has led the company since September 2023 and is also founder and CEO of Alma Coffee, LLC, a wholesale premium coffee business. The sponsor entity is I-B Good Works 4, LLC, and I-Bankers Securities, Inc. served as underwriter.

Revenue model

IBAC generates no operating revenue. The company is a pre-combination SPAC; its only financial activity is holding IPO proceeds and sponsor capital in a trust account that earns interest until a business combination is completed or proceeds are returned to public stockholders.

Products and services

No products or services. IBAC's sole activity is identifying and completing a business combination with a target company. Public shares and founder shares are the primary securities outstanding, along with private placement rights issued to the sponsor.

Customers and end markets

No customers or end markets in the conventional sense. The company's counterparties are public stockholders, who hold redemption rights, and the sponsor, I-B Good Works 4, LLC.

Value-chain role

IBAC functions as an acquisition vehicle, pooling public and sponsor capital in trust ahead of a merger or acquisition transaction. The company has no operating assets or liabilities off-balance sheet as of September 30, 2025.

Source: SEC 10-K, filed 2025-12-29

Industry: Blank Checks