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[137] - 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[138] Financial Position and Performance - As of June 30, 2025, the Company held $73,166,305 in marketable securities in the Trust Account, with $1,322,667 withdrawn for franchise taxes[153] - For the three months ended June 30, 2025, the Company reported a net loss of $63,940, with interest income of $753,788 offset by operating costs of $671,528[147] - For the six months ended June 30, 2025, the Company had a net income of $19,820, primarily from interest earned on marketable securities of $1,506,717[148] - The Company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[146] Business Combination and Future Plans - The Business Combination Agreement with Rosey Sea Holdings Limited involves issuing between 40,988,000 and 47,888,000 shares of Common Stock to the Seller[140] - The Company has extended the deadline to complete a business combination to June 29, 2026, with the possibility of further extensions[144] - The Company may need to raise additional funds to meet operational expenditures and complete a business combination[155] Debt and Financing - The Company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2025[158]
Iron Horse Acquisitions(IROH) - 2025 Q2 - Quarterly Report