Integrated Rail and Resources Acquisition in an 8-K said shareholders approved a deadline extension up to Nov. 15 in exchange for $50,000 in monthly deposits into trust.
The SPAC said 4,573,860 shares were redeemed at $11 per share, removing $50.3 million from the trust. Following redemptions, the company will have 7,665,386 shares outstanding, which would equate to about $84.3 million.
Integrated Rail and Resources in October said it signed a non-binding letter of intent with a business combination target, although there have been no further announcements.
The SPAC originally raised $230 million in a November 2021 IPO. Read more.
