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Iris Acquisition Corp, a special purpose acquisition company (SPAC), has announced that its financial statements for the quarters ended June 30, 2024, and September 30, 2024, should no longer be relied upon.
The Delaware-based company, trading under the symbols OTC Pink: IRAAU, IRAA, and IRAAW, disclosed this information in a recent SEC filing dated January 10, 2025.
The correction comes after the company identified an undisclosed material related party transaction. The transaction in question involves a loan of approximately $1.216 million by Hana Immunotherapeutics, LLC to facilitate a management change in Iris Acquisition Corp's sponsor. This loan was not previously disclosed in the company's financial statements for the aforementioned periods.
The loan was provided to assist in the purchase of the former managing member of the company's sponsor, Iris Acquisition Holdings, LLC. Following the acquisition, Columbass Limited resigned as the managing member of the sponsor, and Iris Equity Holdings LLC was appointed in its stead. The loan was settled on December 29, 2024, through the transfer of shares in a private Korean company.
The company's Audit Committee discussed these matters with its independent registered public accounting firm, Marcum LLP. The firm is now working with the company to rectify the oversight and ensure accurate financial reporting going forward.
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