Integrated Rail and Resources Acquisition Lays Another Month on the Tracks

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.

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