Integrated Rail and Resources Acquisition Wins 9 Month Extension, Loses 37% of Remaining Trust

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.

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