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Iron Horse Acquisitions(IROH) - 2024 Q3 - Quarterly Report
IROHIron Horse Acquisitions(IROH)2024-11-12 13:30

IPO and Financial Proceeds - The company completed its IPO on December 29, 2023, raising gross proceeds of 69millionfromthesaleof6,900,000Unitsat69 million from the sale of 6,900,000 Units at 10.00 per Unit[120]. - The company incurred transaction expenses of 4,651,705relatedtotheIPO,including4,651,705 related to the IPO, including 586,500 in cash underwriting fees and 2,518,500indeferredunderwritingfees[121].FinancialPerformance−ForthethreemonthsendedSeptember30,2024,thecompanyreportedanetincomeof2,518,500 in deferred underwriting fees[121]. Financial Performance - For the three months ended September 30, 2024, the company reported a net income of 465,533, driven by interest income of 915,956frommarketablesecurities[127].−FortheninemonthsendedSeptember30,2024,thecompanyachievedanetincomeof915,956 from marketable securities[127]. - For the nine months ended September 30, 2024, the company achieved a net income of 1,420,875, which included interest income of 2,705,637andagainonlawsuitsettlementsof2,705,637 and a gain on lawsuit settlements of 295,000[128]. - The company reported a net loss of 137,134forthethreemonthsendedSeptember30,2023,solelyduetoformationandoperatingcosts[129].CashandAssets−AsofSeptember30,2024,thecompanyheld137,134 for the three months ended September 30, 2023, solely due to formation and operating costs[129]. Cash and Assets - As of September 30, 2024, the company held 71,697,384 in cash within its Trust Account, intended for completing a business combination[133]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[139]. Business Combination and Future Plans - The company has entered into a business combination agreement with Rosey Sea Holdings Limited, potentially issuing between 40,988,000 and 47,888,000 shares of Common Stock to the seller[124]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful completion of a business combination[123]. - Management has raised substantial doubt about the company's ability to continue as a going concern through December 29, 2024, if a business combination is not completed[137]. Internal Controls and Legal Matters - The evaluation of disclosure controls and procedures as of September 30, 2024, concluded that they were not effective at a reasonable assurance level[144]. - There were no changes in internal control over financial reporting during the fiscal quarter that materially affected internal control[145]. - No legal proceedings are currently ongoing against the company[147].