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Iron Horse Acquisitions Corp.(IROHU) - 2024 Q3 - Quarterly Report
Iron Horse Acquisitions Corp.Iron Horse Acquisitions Corp.(US:IROHU)2024-11-12 13:30

IPO and Transaction Expenses - 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[120]. - 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[121]. Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $465,533, driven by interest earned on marketable securities of $915,956[127]. - For the nine months ended September 30, 2024, the company achieved a net income of $1,420,875, which included interest income of $2,705,637[128]. - The company reported a net loss 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].