Iron Horse Acquisitions(IROH) - 2025 Q1 - Quarterly Report

IPO Details - The company completed its IPO on December 29, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Units at$10.00 per Unit[132]. - The company incurred transaction expenses of $4,651,705 related to the IPO, including$586,500 in cash underwriting fees and $2,518,500 in deferred underwriting fees[133]. - The underwriters are entitled to a deferred underwriting discount of 3.65$2,518,500, payable upon the closing of an initial business combination[152]. Financial Position - As of March 31, 2025, the company had $73,567,534 in cash held in the Trust Account, with$167,650 withdrawn for franchise taxes[145]. - As of March 31, 2025, the company had cash of $88 outside the Trust Account, intended for SEC compliance and due diligence on target businesses[146]. Income and Revenue - For the three months ended March 31, 2025, the company reported a net income of$83,760, with interest income of $752,929 from marketable securities[141]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[140]. Business Combination - A business combination agreement was entered into on September 29, 2024, with the potential issuance of between 40,988,000 and 47,888,000 shares of Common Stock to the seller[136]. - The company may need to raise additional funds to meet operating expenditures and complete a business combination[147]. - The company faces substantial doubt about its ability to continue as a going concern if a business combination is not completed by June 29, 2025[149].