IB Acquisition (IBAC)
Market Price (6/27/2026): $10.78 | Market Cap: $61.4 MilSector: Financials | Industry: Multi-Sector Holdings
IB Acquisition (IBAC)
Market Price (6/27/2026): $10.78Market Cap: $61.4 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 4.6% | Trading close to highsDist 52W High is -1.9%, Dist 3Y High is -1.9% Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -60% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.3 Mil Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 62x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8% Key risksIBAC key risks include [1] failing to complete a business combination following a recent deadline extension and [2] possessing insufficient capital for an acquisition after shareholder redemptions depleted its trust account to approximately $15.8 million. |
| Low stock price volatilityVol 12M is 4.6% |
| Trading close to highsDist 52W High is -1.9%, Dist 3Y High is -1.9% |
| Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -60% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -1.3 Mil |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 62x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8% |
| Key risksIBAC key risks include [1] failing to complete a business combination following a recent deadline extension and [2] possessing insufficient capital for an acquisition after shareholder redemptions depleted its trust account to approximately $15.8 million. |
Qualitative Assessment
AI Analysis | Feedback
IB Acquisition (IBAC) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Stability due to SPAC Structure and Trust Value. IB Acquisition (IBAC) is a Special Purpose Acquisition Company (SPAC) with no ongoing operations, meaning its stock price tends to trade closely to its cash in trust value until a business combination is completed. The estimated redemption value for shareholders was approximately $10.76 per public share as of February 23, 2026, creating a price floor that largely prevented the stock from significant downward movement. This inherent characteristic of SPACs provides a level of stability, as investors have the option to redeem their shares at or near this value if they do not approve of a proposed merger or if a deal isn't completed.
2. Definitive Business Combination Agreement with GNQ Insilico Inc. On March 16, 2026, IB Acquisition Corp. announced a definitive agreement to acquire Gnq Insilico Inc., a Canadian AI drug development company, in a reverse merger transaction valued at $500 million. The acquisition is expected to close in the third quarter of 2026. This specific and material development provided clarity and a clear path forward for the SPAC, reducing the uncertainty that can lead to stock volatility in pre-deal SPACs and contributing to its stable performance.
Show more
IB Acquisition (IBAC) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Stability due to SPAC Structure and Trust Value. IB Acquisition (IBAC) is a Special Purpose Acquisition Company (SPAC) with no ongoing operations, meaning its stock price tends to trade closely to its cash in trust value until a business combination is completed. The estimated redemption value for shareholders was approximately $10.76 per public share as of February 23, 2026, creating a price floor that largely prevented the stock from significant downward movement. This inherent characteristic of SPACs provides a level of stability, as investors have the option to redeem their shares at or near this value if they do not approve of a proposed merger or if a deal isn't completed.
2. Definitive Business Combination Agreement with GNQ Insilico Inc. On March 16, 2026, IB Acquisition Corp. announced a definitive agreement to acquire Gnq Insilico Inc., a Canadian AI drug development company, in a reverse merger transaction valued at $500 million. The acquisition is expected to close in the third quarter of 2026. This specific and material development provided clarity and a clear path forward for the SPAC, reducing the uncertainty that can lead to stock volatility in pre-deal SPACs and contributing to its stable performance.
3. Shareholder Approval of Business Combination Deadline Extension. IB Acquisition Corp. stockholders approved an extension to the deadline for completing its initial business combination from March 28, 2026, to September 28, 2026, at a special meeting held on March 25, 2026. This extension was crucial for allowing sufficient time to finalize the merger with GNQ Insilico Inc., alleviating immediate pressure for liquidation and further solidifying the company's trajectory towards its proposed de-SPAC transaction.
4. Disciplined Resurgence in the Broader SPAC Market. While the broader SPAC market has experienced a resurgence in early 2026, it is characterized by a more disciplined and selective approach from investors compared to previous boom cycles. Investors are prioritizing deals with experienced sponsors and clear strategies in disruptive sectors like AI. IBAC's target in AI drug development aligns with this trend, providing a degree of market confidence. However, the overall market's cautious sentiment, coupled with SPACs trading near their trust value, limits significant speculative price appreciation, contributing to IBAC's largely consistent stock level.
Show less
Stock Movement Drivers
Fundamental Drivers
The 0.8% change in IBAC stock from 2/28/2026 to 6/26/2026 was primarily driven by a 0.0% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.70 | 10.79 | 0.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| Net Income Margin (%) | ∞% | ∞% | 0.0% |
| P/E Multiple | 25.1 | 62.3 | 148.4% |
| Shares Outstanding (Mil) | 6 | 6 | 0.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/26/2026| Return | Correlation | |
|---|---|---|
| IBAC | 0.8% | |
| Market (SPY) | 6.6% | -9.3% |
| Sector (XLF) | 4.7% | -9.7% |
Fundamental Drivers
The 2.8% change in IBAC stock from 11/30/2025 to 6/26/2026 was primarily driven by a 0.0% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.50 | 10.79 | 2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| Net Income Margin (%) | ∞% | ∞% | 0.0% |
| P/E Multiple | 46.1 | 62.3 | 35.0% |
| Shares Outstanding (Mil) | 16 | 6 | 176.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| IBAC | 2.8% | |
| Market (SPY) | 7.3% | -7.8% |
| Sector (XLF) | 1.3% | -5.6% |
Fundamental Drivers
The 3.4% change in IBAC stock from 5/31/2025 to 6/26/2026 was primarily driven by a 0.0% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.44 | 10.79 | 3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| Net Income Margin (%) | ∞% | ∞% | 0.0% |
| P/E Multiple | 42.4 | 62.3 | 47.0% |
| Shares Outstanding (Mil) | 16 | 6 | 176.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| IBAC | 3.4% | |
| Market (SPY) | 25.1% | -0.5% |
| Sector (XLF) | 6.7% | 0.5% |
Fundamental Drivers
nullnull
Market Drivers
5/31/2023 to 6/26/2026| Return | Correlation | |
|---|---|---|
| IBAC | ||
| Market (SPY) | 81.3% | 4.8% |
| Sector (XLF) | 77.0% | 3.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IBAC Return | - | - | - | 1% | 4% | 3% | 8% |
| Peers Return | 0% | 0% | |||||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| IBAC Win Rate | - | - | - | 50% | 75% | 67% | |
| Peers Win Rate | 60% | ||||||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IBAC Max Drawdown | - | - | - | - | -2% | -3% | |
| Peers Max Drawdown | |||||||
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AACP, ACGC, AMAN, APUR, ARCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
About IB Acquisition (IBAC)
IB Acquisition Corp. (IBAC) operates as a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its fundamental business model involves raising capital through a public offering with the express purpose of acquiring an existing private company. The goal is to effect an "initial business combination," which could be a merger, share exchange, asset acquisition, or similar transaction, ultimately bringing the acquired private company into the public market without the need for a traditional Initial Public Offering (IPO).
The company does not specialize in any particular industry sector, but its management team is focused on identifying attractive investment opportunities across several key areas. These include fintech, healthcare and life sciences, sports and entertainment, and consumer goods. IBAC aims to acquire companies with an enterprise value of at least $500 million, targeting businesses located in North America, Europe, and Asia. As of now, IBAC has not yet identified a specific acquisition target or begun substantive discussions for a potential business combination.
As a SPAC, IBAC does not offer products or services in the traditional sense. Its core function is to serve as a financial vehicle for a private company to gain public market access. Therefore, its "customers" are primarily the investors who purchase its shares, anticipating a successful acquisition, and the private companies that meet its criteria and seek to become publicly traded. The company's market is the global landscape of private operating businesses seeking to enter the public equity markets.
AI Analysis | Feedback
AI Analysis | Feedback
- Business Combination Facilitation: Identifying and executing a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.
AI Analysis | Feedback
IB Acquisition Corp. (IBAC) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). As described in the background, it was formed for the purpose of effecting a business combination with one or more businesses. At the time of the prospectus, it had not identified any specific business combination and its efforts were limited to organizational activities and activities related to its offering.
Therefore, IB Acquisition Corp. does not currently have any major customers, as it is not yet operating a business that sells products or services to other companies or individuals. Its primary activity is to seek and complete an acquisition.
AI Analysis | Feedback
AI Analysis | Feedback
Adelmo "Al" Lopez has served as the Chairman and Chief Executive Officer of IB Acquisition Corp. since September 2023. He is the founder of Alma Coffee and previously held positions as President and CEO of Blair Corporation, and CFO of Dole Fresh Fruit International. Mr. Lopez also serves as an Independent Director at Good Works II Acquisition Corp.
Christy Albeck, Chief Financial OfficerChristy Albeck is the Chief Financial Officer of IB Acquisition Corp. She founded and served as CEO of Albeck Financial Services, a consulting firm specializing in pre-audit work for international and domestic public companies and private companies in the process of going public. Ms. Albeck became a Partner with Calabrese Consulting after it acquired Albeck Financial Services in March 2022.
John Joyce, Vice ChairmanJohn Joyce is the Vice Chairman of IB Acquisition Corp. He previously held prominent roles at IBM, including Chief Financial Officer, President of Asia Pacific, and Head of Global Services. Mr. Joyce also served as a Managing Director at SilverLake Partners, a private equity firm.
Jian Zhang, DirectorJian Zhang serves as a Director for IB Acquisition Corp. He is the CEO and Managing Partner of Yuunnan Xiaosen Venture Capital Co., Ltd., an angel investment fund for internet and social media start-ups. Mr. Zhang is also the CEO of Hangzhou Hechuang Investment Management Co., Ltd., an investment fund focused on the agricultural sector. Furthermore, he is the Chief Executive Officer and Chairman of Distoken Acquisition Corp. (NASDAQ: DIST), a special purpose acquisition company that completed its initial public offering in February 2023. His past experience includes serving as Chief Executive Officer of Tongzheng Huilian Technology (Beijing) Co., Ltd., a high-tech company specializing in blockchain technology, and Chief Executive Officer at Kunming Limit Technology Company Limited, a high-tech company focused on mobile communication technology, from January 2005 to August 2018.
Silvia Panigone, DirectorSilvia Panigone serves as a Director for IB Acquisition Corp.
AI Analysis | Feedback
The key risks for IB Acquisition (IBAC), a blank check company, are primarily centered around its ability to successfully execute its core purpose:
- Failure to complete an initial business combination: IB Acquisition Corp. was formed for the specific purpose of effecting a business combination with one or more businesses. As stated in its prospectus, the company has not yet identified any specific business combination. If it fails to complete a business combination within the timeframe stipulated in its organizational documents, the company would likely be forced to liquidate, potentially resulting in investors only receiving their pro rata share of the funds held in the trust account, or even less after expenses.
- Risk of acquiring an unsuitable business: Even if IB Acquisition successfully identifies a target, there is a risk that the acquired business may not perform as anticipated or may have unforeseen issues. The management team's ability to identify and successfully integrate a suitable business combination is crucial, and a poor acquisition could lead to a decline in the company's value post-merger.
- Shareholder redemptions and potential dilution: During the business combination process, public shareholders have the right to redeem their shares. High redemption rates could significantly reduce the amount of cash available for the business combination, potentially jeopardizing the deal or forcing the company to seek additional financing, which could dilute the ownership interests of existing shareholders.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
<p>For IB Acquisition (symbol: IBAC), a blank check company whose purpose is to effect a business combination, the expected drivers of future revenue growth over the next 2-3 years are directly tied to the successful completion of its initial business combination and the subsequent performance of the acquired entity. Assuming a successful acquisition within its target sectors of fintech, healthcare and life sciences, sports and entertainment, and consumer goods, the key drivers of future revenue growth could include:</p>
<ol>
<li>
<strong>Expansion into new markets and geographies:</strong> The combined entity could drive revenue growth by expanding the acquired business's operations into new domestic or international markets, aligning with IB Acquisition's stated interest in targeting companies domiciled in North America, Europe, and Asia.
</li>
<li>
<strong>Introduction and growth of innovative products or services:</strong> Revenue growth can be propelled by the development and successful launch of new products or services by the acquired company, particularly within high-growth areas like fintech innovation or advancements in healthcare and life sciences.
</li>
<li>
<strong>Organic growth in customer base and market share:</strong> Post-acquisition, the focus will be on increasing the customer base and gaining market share for the acquired business through effective sales, marketing, and customer retention strategies.
</li>
<li>
<strong>Strategic mergers, acquisitions, or partnerships:</strong> The combined entity may pursue further inorganic growth by identifying and integrating additional businesses or forming strategic alliances to broaden its product offerings, expand its reach, or enhance its competitive position.
</li>
<li>
<strong>Capitalization on industry trends and technological advancements:</strong> Driving revenue growth will involve leveraging prevailing industry trends and technological innovations pertinent to the acquired business's sector, ensuring the company remains competitive and meets evolving consumer demands.</p>
</li>
</ol>AI Analysis | Feedback
Share Repurchases
- In October 2025, $106.1 million was removed from the Trust Account to pay stockholders who opted to redeem their shares in connection with an extension of the deadline for completing a business combination.
Share Issuance
- IB Acquisition Corp. conducted an initial public offering (IPO) of 10,000,000 units at $10.00 per unit.
- The underwriters' over-allotment option was fully exercised, resulting in the issuance of an additional 1,500,000 units, bringing the total public units issued to 11,500,000.
- In a private placement concurrent with the IPO, the sponsor, I-B Good Works 4, LLC, committed to purchase 570,000 units (or 610,500 units if the over-allotment option was exercised in full) at $10.00 per unit.
Inbound Investments
- The sponsor, I-B Good Works 4, LLC, made an inbound investment by purchasing private placement units totaling $5,700,000 (or $6,105,000 if the underwriters' over-allotment option was exercised in full) at $10.00 per unit.
Capital Expenditures
- IB Acquisition Corp. reported no significant capital expenditures, consistent with its status as a blank check company.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can IB Acquisition Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.96 |
| Mkt Cap | 0.1 |
| Rev LTM | 0 |
| Op Inc LTM | -1 |
| FCF LTM | -2 |
| FCF 3Y Avg | -1 |
| CFO LTM | -2 |
| CFO 3Y Avg | -1 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Inc Chg LTM | -129.8% |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
Price Behavior
| Market Price | $10.79 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 05/01/2024 | |
| Distance from 52W High | -1.9% | |
| 50 Days | 200 Days | |
| DMA Price | $10.64 | $10.50 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 1.4% | 2.8% |
| 3M | 1YR | |
| Volatility | 5.4% | 5.5% |
| Downside Capture | -6.65 | -5.41 |
| Upside Capture | 1.38 | 0.12 |
| Correlation (SPY) | -13.2% | -1.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.04 | -0.04 | -0.05 | -0.03 | 0.00 | 0.01 |
| Up Beta | -0.45 | -0.18 | -0.16 | -0.11 | -0.04 | 0.01 |
| Down Beta | 0.16 | 0.09 | 0.23 | 0.10 | 0.06 | 0.00 |
| Up Capture | 7% | 4% | -5% | -1% | 1% | 0% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 4 | 12 | 22 | 42 | 76 | 175 |
| Down Capture | 34% | 6% | -12% | -10% | -4% | -3% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 4 | 9 | 20 | 31 | 56 | 130 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBAC | |
|---|---|---|---|---|
| IBAC | 4.5% | 5.7% | 0.64 | - |
| Sector ETF (XLF) | 5.5% | 14.5% | 0.15 | 1.6% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | -0.8% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | -6.5% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | 1.5% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | -1.0% |
| Bitcoin (BTCUSD) | -44.7% | 42.5% | -1.27 | 8.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBAC | |
|---|---|---|---|---|
| IBAC | 1.8% | 4.2% | 0.44 | - |
| Sector ETF (XLF) | 10.7% | 18.6% | 0.44 | 1.5% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 1.7% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | -3.5% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | -1.4% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | -0.5% |
| Bitcoin (BTCUSD) | 10.7% | 54.0% | 0.39 | 9.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IBAC | |
|---|---|---|---|---|
| IBAC | 0.9% | 4.2% | 0.44 | - |
| Sector ETF (XLF) | 13.3% | 22.1% | 0.55 | 1.5% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 1.7% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | -3.5% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | -1.4% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | -0.5% |
| Bitcoin (BTCUSD) | 54.6% | 66.4% | 0.95 | 9.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Multi-Sector Holdings Resources |
| McKinsey & Company Insights |
| Harvard Business Review |
| ValueWalk |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.