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IB Acquisition Corp. obtained stockholder approval to extend the deadline to complete its initial business combination from March 28, 2026 to September 28, 2026 through amendments to its trust agreement and articles of incorporation. If no deal is completed by September 28, 2026, the trust account will be liquidated under specified redemption and liquidation procedures, with no trust amounts used to pay dissolution expenses. The changes also clarify that trust funds generally remain locked except for interest used to pay franchise and income taxes, and reinforce public stockholders’ rights to redeem their shares in connection with key charter amendments affecting redemptions or the business combination timeline.
IB Acquisition Corp. reported the results of a special stockholder meeting and related redemptions of its common stock. Stockholders owning 5,077,821 shares, or about 88.46% of shares outstanding as of the February 11, 2026 record date, were present or represented by proxy.
Each proposal voted on at the meeting received 5,007,821 votes for and 70,000 against, with no abstentions or broker non-votes, so all proposals were approved. Separately, holders of 731,741 shares chose to redeem their shares for cash at approximately $10.78 per share from the company’s trust account.
These redemptions will remove about $7.9 million from the trust account, leaving approximately $8.2 million remaining. The remaining trust balance may change to reflect tax withdrawals.
AQR-affiliated investment funds reported open-market sales of IB Acquisition Corp. common stock. On March 23, 2026, entities managed by AQR Capital Management sold a combined 335,000 shares of common stock at $10.80 per share.
The transactions were executed across multiple vehicles, including AQR Global Alternative Investment Offshore Fund, L.P., which held 143,785 shares after its sale, and other funds such as AQR Diversified Arbitrage Fund and several AQR arbitrage and UCITS funds. The sales are reported by AQR Capital Management Holdings, LLC, AQR Capital Management, LLC, and AQR Arbitrage LLC as indirect holdings of ten percent owners.
AQR-related investment entities reported an open-market sale of IB Acquisition Corp. common stock. An account identified as AQR DELTA Master Account, L.P. sold 4,619 shares of common stock on 2026-03-20 at $10.75 per share in an indirect transaction. After this sale, that indirect account held 0 shares of IB Acquisition Corp.
IB Acquisition Corp. reports that its prospective merger partner, GNQ Insilico Inc., has entered a Joint Initiative Agreement and Joint Marketing Attachment with a Fortune 100 global technology company. The two-year, non-exclusive collaboration will jointly market AI-driven drug discovery and precision medicine solutions worldwide, combining GNQ’s proprietary AI platforms with the partner’s consulting, cloud, and quantum computing capabilities.
The report also reiterates a proposed business combination between IB Acquisition and GNQ. IB Acquisition plans to file a Form S-4 registration statement with the SEC, including a joint proxy statement/prospectus that will be sent to its stockholders in connection with the transaction.
IB Acquisition Corp. has entered a definitive business combination agreement to acquire GNQ Insilico Inc., valuing GNQ at US$500,000,000 plus potential revenue and share price earnouts. GNQ will become a Nasdaq-listed AI- and quantum-driven drug development company following a plan of arrangement under Canadian law.
The transaction is expected to provide approximately US$15 million of proceeds to GNQ through cash in IB Acquisition’s trust account and a PIPE of up to US$10 million, alongside a separate bridge financing of up to US$2,000,000 in 10% secured convertible notes and warrants. Closing, targeted for the third quarter of 2026, is subject to shareholder approvals, court orders, regulatory clearances, a minimum of US$5,000,001 in IB Acquisition net tangible assets, and at least US$15.0 million of available cash.
IB Acquisition Corp. is asking stockholders to approve a six-month extension of the deadline to complete its initial business combination, pushing the cutoff to September 28, 2026. This requires support from at least 65% of all outstanding common shares.
Holders of public shares can redeem for cash in connection with the extension, at an amount based on the cash in the trust account, which was about $16.1 million as of the record date. The company estimates this would be roughly $10.76 per public share. If the extension fails, the SPAC expects to liquidate and return trust cash to public holders.
Stockholders will also vote on amending the trust agreement to align it with the new deadline, plus an adjournment proposal that would let the board postpone the meeting if turnout or support is insufficient. As of the February 11, 2026 record date, there were 5,739,970 common shares outstanding, and insiders and affiliates controlled about 63% of the vote.
AQR Capital Management, LLC and its affiliates report a significant passive stake in IB Acquisition Corp. The AQR entities collectively beneficially own 688,646 shares of IB Acquisition Corp. common stock, representing 12% of the class. They report zero sole voting or dispositive power and shared voting and dispositive power over all 688,646 shares.
The filing is a Schedule 13G/A, indicating the position is held in the ordinary course of business and not for the purpose of changing or influencing control of the company. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC, and AQR Arbitrage, LLC is deemed controlled by AQR Capital Management, LLC.
IB Acquisition Corp. received an amended ownership report from Bank of Montreal and related entities. In this Schedule 13G/A (Amendment No. 1), Bank of Montreal, Bank of Montreal Holding Inc., and BMO Nesbitt Burns Inc. each report beneficial ownership of 0 common shares, representing 0% of the class.
They state no sole or shared power to vote or dispose of any IB Acquisition Corp. shares and certify that any securities referred to were acquired and held in the ordinary course of business, not to change or influence control of the company.
IB Acquisition Corp, a blank check company, reported a net loss of $58,902 for the quarter ended December 31, 2025, compared with net income of $907,068 a year earlier. Interest and dividends on the trust account fell to $153,289 from $1,371,530, while general and administrative expenses were $180,000.
The company held $16,043,483 in its trust account and cash of $165,484 outside the trust, with a working capital deficit of $800,393. After $106.1M of redemptions in September 2025, 1,490,880 shares remain redeemable. Management discloses substantial doubt about its ability to continue as a going concern if a business combination is not completed by March 28, 2026.