IB Acquisition Corp.

IB Acquisition Corp. has entered into two significant agreements in connection with its pending business combination with GNQ Insilico, Inc. The first is an Equity Purchase Facility Agreement with an institutional investor, allowing IB Acquisition Corp. to sell up to $50.0 million of its Class A common stock. As consideration for this commitment, the company will issue a $675,000 convertible promissory note. The second agreement is a Securities Purchase Agreement where an institutional investor will purchase senior secured convertible notes, with an initial closing of $16,470,588 and potential for additional closings up to $90,000,000. These notes are convertible into common shares at $10.00 per share.

IB Acquisition Corp. (IBAC) entered into a Business Combination Agreement with GNQ Insilico Inc. on March 16, 2026, aiming to complete its initial business combination. This strategic move comes amidst significant financial challenges, including a substantial reduction in its Trust Account to $8.2 million following multiple stockholder redemptions totaling over $114 million. The company also reported a net loss of $(698,768) for the six months ended March 31, 2026, and faces going concern uncertainties due to a working capital deficit.