Integrated Rail and Resources Acquisition said it intends to extend its deadline from May 15 to June 15. The SPAc has five more monthly extensions at its disposal, each requiring a $50,000 deposit into trust.
The SPAC in February won an extension to November, while 4,573,860 shares were redeemed at $11 per share, removing $50.3 million from the trust. Following redemptions, the company had 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. Integrated Rail and Resoruces now trades OTC after being delisted from the NYSE in March. Read more.
