Railroad SPAC Integrated Rail and Resources Acquisition Prices US$200 Million IPO

Special purpose acquisition company Integrated Rail and Resources Acquisition Corp. (NYSE: IRRXU) went public today on the New York Stock Exchange. The company is seeking to raise US$200.0 million through its initial public offering.

The offering consists of 20.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each whole warrant is redeemable to purchase one common share at US11.50 per share. The units will be trading under the symbol “IRRXU” but once the securities are separated, the common shares and the purchase warrants will be trading on the New York-based big board under the symbols “IRRX” and “IRRXW”, respectively.

Stifel, Nicolaus & Company serves as the sole bookrunner for the offering. The company has granted the underwriters a 45-day over-allotment option to purchase additional 3.0 million company units, potentially bringing the offering proceeds to US$230.0 million.

The newly-organized blank check firm is sponsored by DHIP Natural Resources Investments, which is co-owned by investment firm DHIP Group and Texas-based railroad holding company Rio Grande Pacific. The latter’s CEO Richard Bertel will lead the blank check company as the Chairman and CEO.

The firm intends to focus its search for business combination with firms operating “in bulk commodities, such as North American railroad companies”.


Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Restaurant Operator Yoshiharu Prices Upsized US$11.8 Million IPO

Restaurant operator Yoshiharu Global Co. (Nasdaq: YOSH) started trading on the Nasdaq Capital Market on...

Friday, September 9, 2022, 02:22:00 PM

Medical Cannabis Firm Akanda Prices US$16 Million IPO

International medical cannabis firm Akanda Corp. (Nasdaq: AKAN) goes public today on the Nasdaq Capital...

Tuesday, March 15, 2022, 02:26:00 PM

Electric Vehicle SPAC Arogo Capital Acquisition Prices Downsized US$90 Million IPO

Special purpose acquisition company Arogo Capital Acquisition Corp. (Nasdaq: AOGOU) will start on Monday to...

Friday, December 24, 2021, 02:46:00 PM

Electric Vehicle Maker Phoenix Motor Prices US$15.75 Million IPO

Following through its previously announced IPO plan, electric vehicle maker Phoenix Motor Inc. (Nasdaq: PEV)...

Friday, June 10, 2022, 02:19:00 PM

Houston Natural Resources-Backed Energy SPAC HNR Acquisition Closes US$86.25 Million IPO

Special purpose acquisition company HNR Acquisition Corp. (NYSE: HNRAU) closed its initial public offering on...

Thursday, February 24, 2022, 03:40:00 PM