IPO and Transaction Expenses - The company completed its IPO on December 29, 2023, raising gross proceeds of 10.00 per Unit[120]. - The company incurred transaction expenses of 586,500 in cash underwriting fees and 465,533, driven by interest earned on marketable securities of 1,420,875, which included interest income of 137,134 for the three months ended September 30, 2023, solely due to formation and operating costs[129]. Cash and Funding - As of September 30, 2024, the company held $71,697,384 in cash within its Trust Account, intended for future business combinations[133]. - The company may need to raise additional funds to meet operational expenditures and complete a business combination[135]. Business Combination 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[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]. Internal Controls and Legal Proceedings - 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]. Debt and Financing - The company has no long-term debt or significant off-balance sheet financing arrangements as of September 30, 2024[139].
Iron Horse Acquisitions Corp.(IROHU) - 2024 Q3 - Quarterly Report