Iron Horse II Files Detailed Investor Deck for Electra AI SPAC Merger
IRHO is trading near its 52-week low of $9.85 (2.2% above the low) on light trading volume (0.2× avg).
Summary
Iron Horse Acquisition II Corp. filed an updated investor presentation for its SPAC merger with Electra AI, quantifying the deal at a $250.3M pre-money valuation with Electra holders owning 65.8% of the combined company.
Key Events · M&A and Partnerships · IRHO
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Deal Terms Quantified
Electra AI valued at $250.3M pre-money, paid in stock at $10.00 per share; combined company projected at $380.5M pro forma equity value and $352.9M enterprise value.
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Ownership Split
Electra holders to own 65.8% of the combined company (25.03M shares), IRHO sponsor 14.1%, advisory shares 3.0%, and public shareholders 17.2% (6.53M shares).
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Redemption Risk
Illustrative case assumes 81.6% maximum redemptions (18.77M shares at ~$10.06), leaving only $42.6M in trust against $16.3M in estimated transaction expenses.
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Cash Position
Projected $27.6M cash to balance sheet at close — critical given IRHO's going-concern warning and $46,833 cash reported in July 2026.
Analysis · IRHO · Trade & Services
The updated investor presentation quantifies the pending business combination for the first time: Electra AI is valued at $250.3M pre-money, with the combined company projected at $380.5M pro forma equity value and $352.9M enterprise value. Electra holders would own 65.8% of the combined entity, with up to 15.0M earnout shares and Electra designating five of seven directors. The deal assumes 81.6% maximum redemptions, leaving only $42.6M in trust — a thin cash cushion against the $16.3M in estimated transaction expenses. Against the backdrop of IRHO's going-concern warning and $46,833 in cash reported in July, the presentation's $27.6M projected cash-to-balance-sheet is the key survival metric for the combined company.
How filings like this one have moved
In the 30 days to Oct 9, 2026, 28.5% of the 1660 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.51%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, IRHO was trading at $10.07 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $295.3M. The 52-week trading range was $9.85 to $10.14. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.