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Integrated Rail Extends Business Combination Deadline

Published 19/05/2025, 17:54
Integrated Rail Extends Business Combination Deadline
IRRXU
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Integrated Rail & Resources Acquisition Corp. (OTC Pink:IRRXU), a special purpose acquisition company, announced in a recent SEC filing that it has amended its promissory note to extend the maturity date to July 15, 2025, or until an initial business combination is consummated. This amendment allows the company to borrow up to $1,350,000 from a lender to fund costs associated with a business combination.

Additionally, the company has filed an amendment to its Amended and Restated Certificate of Incorporation, extending the deadline to complete an initial business combination from May 15, 2025, to June 15, 2025. This extension is contingent upon a $5,000 deposit into the company’s trust account by May 15, 2025. The company may further extend this deadline by one month to July 15, 2025, by board resolution and an additional deposit of $5,000 into the trust account.

During a special meeting held on May 13, 2025, stockholders approved the extension and the removal of a limitation in the company’s charter that previously prevented the redemption of shares if it caused net tangible assets to fall below $5,000,001. Following the meeting, stockholders holding 207,559 shares opted for redemption, resulting in approximately $2,764,686 being withdrawn from the trust account in May 2025.

The company’s business combination target, Uinta Infrastructure Group Corp., is part of a Merger Agreement dated November 8, 2024. The proposed transaction is subject to customary closing conditions and regulatory approvals. The company has also made it clear that no sale of securities will occur in any jurisdiction where such an offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that jurisdiction.

This press release is based on information contained in a recent SEC filing by Integrated Rail & Resources Acquisition Corp.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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