false
0001882963
00-0000000
0001882963
2023-12-27
2023-12-27
0001882963
AIB:UnitsEachConsistingOfOneClassOrdinaryShareAndOneRightToReceiveOnetenth110OfOneClassOrdinaryShareUponConsummationOfInitialBusinessCombinationMember
2023-12-27
2023-12-27
0001882963
AIB:ClassOrdinarySharesParValue0.0001PerShareMember
2023-12-27
2023-12-27
0001882963
AIB:RightsEveryTen10RightsEntitleHolderToReceiveOneClassOrdinaryShareUponConsummationOfInitialBusinessCombinationMember
2023-12-27
2023-12-27
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d)
of
The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 27, 2023
AIB Acquisition Corporation
(Exact
name of registrant as specified in its charter)
Cayman Islands |
|
001-41230 |
|
N/A |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
875 Third Avenue, Suite M204A
New York, NY |
|
10022 |
(Address of principal
executive offices) |
|
(Zip Code) |
(212)
380-8128
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☒ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which
registered |
Units, each consisting of one Class A Ordinary Share and one Right to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of an initial business combination |
|
AIBBU |
|
The Nasdaq Stock Market
LLC |
|
|
|
|
|
Class A Ordinary Shares, par value $0.0001 per share |
|
AIB |
|
The Nasdaq Stock Market
LLC |
|
|
|
|
|
Rights, every ten (10) rights entitle the holder to receive one Class A Ordinary Share upon the consummation of an initial business combination |
|
AIBBR |
|
The Nasdaq Stock Market
LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
7.01 Regulation FD Disclosure
On
December 27, 2023, AIB Acquisition Corporation, an exempted company incorporated with limited liability in the Cayman Islands (“AIB”)
and PSI Group Holdings Ltd, a Cayman Islands exempted company, which provides freight forwarding services and optional ancillary logistics
services (“PSI”), issued a joint press release announcing the execution of a Business Combination Agreement (the “Business
Combination Agreement”) providing for the business combination (the “Business Combination”) of
AIB and PSI. Pursuant to the Business Combination Agreement, (a) PSI Merger Sub I Limited, an exempted company incorporated with limited
liability in the Cayman Islands and a wholly-owned subsidiary of Pubco (as defined herein) (“First Merger Sub”)
will merge with and into PSI (the “First Merger”), with PSI surviving the First Merger as a wholly-owned subsidiary
of PS International Group Ltd., an exempted company incorporated with limited liability in the Cayman Islands (“Pubco”)
and the outstanding shares of PSI being converted into the right to receive shares of Pubco; and (b) one (1) business day following, and
as a part of the same overall transaction as the First Merger, PSI Merger Sub II Limited, an exempted company incorporated with limited
liability in the Cayman Islands and a wholly-owned subsidiary of Pubco will merge with and into AIB (the “Second Merger”),
with AIB surviving the Second Merger as a wholly-owned subsidiary of Pubco and the outstanding securities of AIB being converted into
the right to receive securities of Pubco.
A
copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Forward-Looking
Statements
The information in this Current
Report on Form 8-K includes “forward-looking statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such
as “estimate,” “plan,” “project,” “forecast,” “intend,” “may,”
“will,” “expect,” “continue,” “should,” “would,” “anticipate,”
“believe,” “seek,” “target,” “predict,” “potential,” “seem,” “future,”
“outlook” or other similar expressions that predict or indicate future events or trends or that are not statements of historical
matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include,
but are not limited to, statements regarding estimates and forecasts of financial metrics and projections of market opportunity; references
with respect to the anticipated benefits of the proposed Business Combination and the projected future financial performance of AIB and
PSI’s operating companies following the proposed Business Combination; changes in the market for PSI’s products and services
and expansion plans and opportunities; PSI’s ability to successfully execute its expansion plans and business initiatives; ability
for PSI to raise funds to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization
and enterprise value of the combined company following the consummation of the proposed Business Combination; and expectations related
to the terms and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified
in this press release, and on the current expectations of PSI’s and AIB’s management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on
by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of
PSI and AIB. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event,
change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business
Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein;
the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the
Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders;
costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions;
risks relating to the uncertainty of certain projected financial information with respect to PSI; PSI’s ability to successfully
and timely develop and implement its growth strategy; PSI’s ability to adequately manage any logistics and supply chain risks; fluctuations
in the price of cargo space and the uncertainties in supply and demand for cargo space; risks relating to PSI’s operations and business,
including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and
deterioration in relationships between PSI and its employees; PSI’s ability to successfully collaborate with business partners;
demand for PSI’s current and future services; risks related to increased competition; risks relating to potential disruption in
the transportation and shipping infrastructure, including trade policies and export controls; risks that PSI is unable to secure or protect
its intellectual property; risks of regulatory lawsuits relating to PSI’s services; risks that the post-combination company experiences
difficulties managing its growth and expanding operations; the uncertain effects of the COVID-19 pandemic and certain geopolitical developments,
including the military conflicts in Ukraine and the Middle East; the inability of the parties to successfully or timely consummate the
proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed
or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business
Combination; the outcome of any legal proceedings that may be instituted against PSI, AIB, Pubco or others following announcement of the
proposed Business Combination and transactions contemplated thereby; the ability of PSI to execute its business model, including market
acceptance of its existing and planned services; technological improvements by PSI’s peers and competitors; and those risk factors
discussed in documents of Pubco and AIB filed, or to be filed, with the Securities and Exchange Commission (“SEC”).
If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied
by these forward-looking statements. There may be additional risks that neither AIB nor PSI presently know or that AIB and PSI currently
believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition,
forward-looking statements reflect AIB’s, Pubco’s and PSI’s expectations, plans or forecasts of future events and views
as of the date of this press release. AIB, Pubco and PSI anticipate that subsequent events and developments will cause AIB’s, Pubco’s
and PSI’s assessments to change. However, while AIB, Pubco and PSI may elect to update these forward-looking statements at some
point in the future, AIB, Pubco and PSI specifically disclaim any obligation to do so. Readers are referred to the most recent reports
filed with the SEC by AIB. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as
of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information,
future events or otherwise.
Additional
Information
Pubco intends to file with the SEC a Registration
Statement on Form F-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy
statement of AIB and a prospectus in connection with the proposed Business Combination involving AIB, Pubco, and PSI, pursuant to the
Business Combination Agreement. The definitive proxy statement and other relevant documents will be mailed to shareholders of AIB as of
a record date to be established for voting on AIB’s proposed Business Combination with PSI. SHAREHOLDERS OF AIB AND OTHER INTERESTED
PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT
IN CONNECTION WITH AIB’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS
COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT AIB, PSI, PUBCO AND THE BUSINESS COMBINATION. Shareholders
will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge, once available, on
the SEC’s website at www.sec.gov or by directing a request to AIB by contacting its Chief Executive Officer, Eric Chen,
c/o AIB Acquisition Corporation, 875 Third Avenue, Suite M204A New York, New York 10022 at (212) 380-8128 or at eric.chen@americanintlbank.com.
Participants
in The Solicitation
Pubco, AIB, PSI, and their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies from the shareholders of AIB in connection with the Business Combination.
Information regarding the officers and directors of AIB is set forth in AIB’s Annual Report on Form 10-K, which was filed with the
SEC on March 29, 2023. Additional information regarding the interests of such potential participants will also be included in the Registration
Statement on Form F-4 (and will be included in the definitive proxy statement/prospectus for the Business Combination) and other relevant
documents filed with the SEC.
No
Offer or Solicitation
This
Current Report on Form 8-K is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer
to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall
be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Item
9.01. Financial Statements and Exhibits.
|
(d) |
Exhibits. |
|
|
|
|
|
The following exhibits are being filed herewith: |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated:
December 27, 2023
|
AIB Acquisition Corp. |
|
|
|
|
By: |
/s/ Eric
Chen |
|
Name: |
Eric Chen |
|
Title: |
Chief Executive Officer |
3
Exhibit 99.1
PSI Group, a Long-Established Global Logistics
Service Provider, Plans to List on Nasdaq Through Merger with AIB Acquisition Corporation
New York and Hong Kong, Dec. 27, 2023 (GLOBE
NEWSWIRE) -- PSI Group Holdings Ltd (“PSI” or the “Company”), a long-established global logistics service
provider headquartered in Hong Kong specialized in cross-border air freight services, and AIB Acquisition Corporation (Nasdaq: AIB) (“AIB”),
a publicly traded special purpose acquisition company, today announced that they have entered into a definitive agreement (the “Business
Combination Agreement”) for a business combination of AIB and PSI (the “Business Combination”) on December 27, 2023.
Upon closing of the proposed Business Combination, both AIB and PSI will become wholly-owned subsidiaries of a newly incorporated Cayman
Islands company, PS International Group Ltd. (“Pubco”), and Pubco will be the combined company and expects to list its securities
on the Nasdaq Stock Market.
PSI is one of the renowned air
freight forwarding specialists in Hong Kong, providing global logistics and supply chain service to clients of various industries, including
postal operators, e-Commerce merchants, senders and consignees. Founded in 1993, the company is headquartered in Hong Kong with a global
network, operating through its subsidiaries, namely Profit Sail Int’l Express (H.K.) Limited and Business Great Global Supply Chain
Limited. The company is managed and run by a group of professionals with over 30 years of combined expertise in the logistics and air/ocean
freight industries. Based in Hong Kong, a prominent logistic hub in Asia, PSI benefits from the unique geographical advantages of providing
integrated solutions that combines ocean, air, and overland logistics. With its extensive industry resources and continued investment
in the smart supply-chain platform model, the company is well positioned to capture growth opportunities in the fast expanding cross-border
e-Commerce market.
The Company booked US$67.1 million
in revenue for the six months ended June 30, 2023, representing a year-on-year growth of 36%.
PSI’s
profit margin continues to grow significantly. The gross profit was US$7.6 million for the six months ended June 30, 2023, closing a record
year-on-year growth of 106% compared to the same period last year. PSI sees strategic priority in growing cross-border e-Commerce capacities.
The Company is focused on strategic partnership and cooperations in its global network and continued to invest and enhance its smart integrated
logistics system.
Mr. Yee Kit Chan, Chairman of the board of directors
of PSI, said: “Signing this business combination agreement with AIB is a pivotal moment for us. The merger is a milestone in our
journey to go public in the US, aligning perfectly with our vision in expanding our global presence and enhancing our network in the international
logistics arena, making cross-border trade easier and creating more value for our customers and stakeholders globally.”
“We are excited to work with PSI and hope
to generate additional value for our shareholders.” Said Eric Chen, Chief Executive Officer of AIB.
Business Combination Overview
The Business Combination values PSI at a total
pre-money enterprise value of approximately US$200 million.
The boards of directors of both PSI and AIB have
unanimously approved the Business Combination, which is expected to be completed in the first quarter of 2024, subject to, among other
things, regulatory approvals, the approval by AIB’s shareholders of the Business Combination and satisfaction or waiver of other
customary closing conditions.
Additional information about the Business Combination,
including copies of the Business Combination Agreement and related agreements, will be provided in a Current Report on Form 8-K to be
filed by AIB with the Securities and Exchange Commission (the “SEC”) and available at www.sec.gov.
Management and Governance
Following the close of the Business Combination,
PSI expects to continue to be led by Mr. Yee Kit Chan as Chairman of the board of directors of Pubco. Mr. Chan is the founder of PSI and
has over 40 years of experience in logistic and supply chain operations. Mr. Chan also serves as a director of Profit Sail Int’l
Express (H.K.) Limited and Business Great Global Supply Chain Limited, the operating subsidiaries of PSI.
Advisors
China & Partners is serving as exclusive financial
advisor to PSI.
Maxim Group LLC is serving as exclusive advisor
to AIB.
Cooley LLP is serving as U.S. legal advisor, and
Ogier is serving as Cayman Islands legal advisor to PSI in connection with the Business Combination.
Ellenoff Grossman & Schole LLP is serving
as U.S. legal advisor, Yin Xu & Co. is serving as Hong Kong legal advisor, and Collas Crill is serving as Cayman Islands legal advisor
to AIB in connection with the Business Combination.
About PSI Group Holdings Ltd
PSI is a long-established global
logistics and supply chain solution provider, specialized in air freight forwarding services, connecting businesses from Asian transportation
hubs to the US and the rest of the world. The company was founded in 1993, since inception it has provided standard and tailored logistics
services covering over 140 countries. The company’s vision is to make cross-border trade easier for everyone, helping customers
to unlock the value of time through efficient integrated supply chain solutions. PSI Group conducts businesses via operational subsidiaries
headquartered in Hong Kong, namely Profit Sail Int’l Express (H.K.) Limited and Business Great Global Supply Chain Limited, which
derive revenue from air and ocean freight forwarding services and supply chain ancillary services. The company plans to expand its network
and enhance its cross-border capacities in the United States, Middle East and Southeast Asia, with more local cooperations and strategic
partnerships. The company continues to invest in its smart logistics system, aiming to be a leading technology-driven logistics service
provider in global e-Commerce market.
About AIB Acquisition Corporation
AIB Acquisition Corporation is a blank check company,
also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
Forward-Looking Statements
The information in this press
release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United
States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,”
“plan,” “project,” “forecast,” “intend,” “may,” “will,” “expect,”
“continue,” “should,” “would,” “anticipate,” “believe,” “seek,”
“target,” “predict,” “potential,” “seem,” “future,” “outlook”
or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the
absence of these words does not mean that a statement is not forward-looking. These forward-looking statements may include, but are not
limited to, statements regarding estimates and forecasts of financial metrics and projections of market opportunity; references with respect
to the anticipated benefits of the proposed Business Combination and the projected future financial performance of AIB and PSI’s
operating companies following the proposed Business Combination; changes in the market for PSI’s services and expansion plans and
opportunities; PSI’s ability to successfully execute its expansion plans and business initiatives; ability for PSI to raise funds
to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization and enterprise
value of the combined company following the consummation of the proposed Business Combination; and expectations related to the terms and
timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press
release, and on the current expectations of PSI’s and AIB’s management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any
investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of
PSI and AIB. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event,
change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business
Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein;
the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the
Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders;
costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions;
risks relating to the uncertainty of certain projected financial information with respect to PSI; PSI’s ability to successfully
and timely develop and implement its growth strategy; PSI’s ability to adequately manage any logistics and supply chain risks; fluctuations
in the price of cargo space and the uncertainties in supply and demand for cargo space; risks relating to PSI’s operations and business,
including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and
deterioration in relationships between PSI and its employees; PSI’s ability to successfully collaborate with business partners;
demand for PSI’s current and future services; risks related to increased competition; risks relating to potential disruption in
the transportation and shipping infrastructure, including trade policies and export controls; risks that PSI is unable to secure or protect
its intellectual property; risks of regulatory lawsuits relating to PSI’s services; risks that the post-combination company experiences
difficulties managing its growth and expanding operations; the uncertain effects of the COVID-19 pandemic and certain geopolitical developments,
including the military conflicts in Ukraine and the Middle East; the inability of the parties to successfully or timely consummate the
proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed
or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business
Combination; the outcome of any legal proceedings that may be instituted against PSI, AIB, Pubco or others following announcement of the
proposed Business Combination and transactions contemplated thereby; the ability of PSI to execute its business model, including market
acceptance of its existing and planned services; technological improvements by PSI’s peers and competitors; and those risk factors
discussed in documents of Pubco and AIB filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional
risks that neither AIB nor PSI presently know or that AIB and PSI currently believe are immaterial that could also cause actual results
to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect AIB’s, Pubco’s
and PSI’s expectations, plans or forecasts of future events and views as of the date of this press release. AIB, Pubco and PSI anticipate
that subsequent events and developments will cause AIB’s, Pubco’s and PSI’s assessments to change. However, while AIB,
Pubco and PSI may elect to update these forward-looking statements at some point in the future, AIB, Pubco and PSI specifically disclaim
any obligation to do so. Readers are referred to the most recent reports filed with the SEC by AIB. Readers are cautioned not to place
undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information
Pubco intends to file with the
SEC a Registration Statement on Form F-4 (as may be amended, the “Registration Statement”), which will include a preliminary
proxy statement of AIB and a prospectus in connection with the proposed Business Combination involving AIB, Pubco, and PSI, pursuant to
the Business Combination Agreement. The definitive proxy statement and other relevant documents will be mailed to shareholders of AIB
as of a record date to be established for voting on AIB’s proposed Business Combination with PSI. SHAREHOLDERS OF AIB AND OTHER
INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY
STATEMENT IN CONNECTION WITH AIB’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE
BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT AIB, PSI, PUBCO AND THE BUSINESS COMBINATION. Shareholders
will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge, once available, on
the SEC’s website at www.sec.gov or by directing a request to AIB by contacting its Chief Executive Officer, Eric Chen,
c/o AIB Acquisition Corporation, 875 Third Avenue, Suite M204A New York, New York 10022 at (212) 380-8128 or at eric.chen@americanintlbank.com.
Participants in The Solicitation
Pubco, AIB, PSI, and their respective
directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of AIB in connection
with the Business Combination. Information regarding the officers and directors of AIB is set forth in AIB’s Annual Report on Form
10-K, which was filed with the SEC on March 29, 2023. Additional information regarding the interests of such potential participants will
also be included in the Registration Statement on Form F-4 (and will be included in the definitive proxy statement/prospectus for the
Business Combination) and other relevant documents filed with the SEC.
No Offer or Solicitation
This press release is for informational
purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale
of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as amended.
Contact Information:
AIB
Eric Chen
Chief Executive Officer
Email: Eric.Chen@aibspac.com
Tel: (212) 380-8128
PSI
Louis Tsui
Chief Financial Officer
Email: louis.tsui@profitsail.com
Tel: (852) 2754 3320
4
v3.23.4
Cover
|
Dec. 27, 2023 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Dec. 27, 2023
|
Entity File Number |
001-41230
|
Entity Registrant Name |
AIB Acquisition Corporation
|
Entity Central Index Key |
0001882963
|
Entity Tax Identification Number |
00-0000000
|
Entity Incorporation, State or Country Code |
E9
|
Entity Address, Address Line One |
875 Third Avenue
|
Entity Address, Address Line Two |
Suite M204A
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10022
|
City Area Code |
212
|
Local Phone Number |
380-8128
|
Written Communications |
true
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Units, each consisting of one Class A Ordinary Share and one Right to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of an initial business combination |
|
Title of 12(b) Security |
Units, each consisting of one Class A Ordinary Share and one Right to receive one-tenth (1/10)
|
Trading Symbol |
AIBBU
|
Security Exchange Name |
NASDAQ
|
Class A Ordinary Shares, par value $0.0001 per share |
|
Title of 12(b) Security |
Class A Ordinary Shares, par value $0.0001 per share
|
Trading Symbol |
AIB
|
Security Exchange Name |
NASDAQ
|
Rights, every ten (10) rights entitle the holder to receive one Class A Ordinary Share upon the consummation of an initial business combination |
|
Title of 12(b) Security |
Rights, every ten (10) rights entitle the holder to receive one Class A Ordinary Share upon the consummation of an initial business combination
|
Trading Symbol |
AIBBR
|
Security Exchange Name |
NASDAQ
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=AIB_UnitsEachConsistingOfOneClassOrdinaryShareAndOneRightToReceiveOnetenth110OfOneClassOrdinaryShareUponConsummationOfInitialBusinessCombinationMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=AIB_ClassOrdinarySharesParValue0.0001PerShareMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=AIB_RightsEveryTen10RightsEntitleHolderToReceiveOneClassOrdinaryShareUponConsummationOfInitialBusinessCombinationMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
AIB Acquisition (NASDAQ:AIBBU)
Historical Stock Chart
From Aug 2024 to Sep 2024
AIB Acquisition (NASDAQ:AIBBU)
Historical Stock Chart
From Sep 2023 to Sep 2024