Wolverine Asset Management LLC Lowers Position in IB Acquisition Corp. $IBAC

Wolverine Asset Management LLC trimmed its position in shares of IB Acquisition Corp. (NASDAQ:IBAC) by 85.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 100,000 shares of the company’s stock after selling 606,796 shares during the quarter. Wolverine Asset Management LLC owned 0.73% of IB Acquisition worth $1,052,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in IBAC. Jane Street Group LLC purchased a new stake in IB Acquisition in the 2nd quarter valued at approximately $135,000. Clear Street LLC lifted its holdings in shares of IB Acquisition by 5,006.3% in the 2nd quarter. Clear Street LLC now owns 28,544 shares of the company’s stock valued at $299,000 after buying an additional 27,985 shares during the period. Finally, Wealthspring Capital LLC boosted its stake in shares of IB Acquisition by 82.0% in the second quarter. Wealthspring Capital LLC now owns 657,565 shares of the company’s stock valued at $6,865,000 after buying an additional 296,357 shares in the last quarter.

IB Acquisition Trading Down 0.3%

IBAC opened at $10.52 on Friday. IB Acquisition Corp. has a one year low of $10.18 and a one year high of $11.45. The business’s fifty day moving average is $10.48 and its two-hundred day moving average is $10.50.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d+)” rating on shares of IB Acquisition in a research report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, IB Acquisition presently has a consensus rating of “Sell”.

IB Acquisition Profile

IB Acquisition Corp (NASDAQ: IBAC) is a special purpose acquisition company (SPAC) formed with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company does not generate any operating revenues and its business plan is entirely dependent on identifying or acquiring a suitable target business in accordance with its charter.

Incorporated in Delaware in 2021, IB Acquisition Corp completed its initial public offering later that year, raising capital that is held in a trust account pending the identification and closing of a business combination.