Tue, Jan 14, 10:21 PM (34 days ago)
**Integrated Rail and Resources Acquisition Corp. (IRRX)** reported a net income of $21 in Q3 2024, down significantly from $3.5 million in Q3 2023, driven by higher operating costs ($405k vs. $274k) and tax provisions. The company's total assets decreased from $72.8 million at year-end 2023 to $23.8 million, primarily due to redemptions of Class A shares and lower trust account investments. As of September 30, 2024, the company held $426 in cash and faced a working capital deficit of $11.5 million. The company has extended the deadline for its initial business combination to February 2025, necessitating additional capital. Notably, it has accrued liabilities related to a 1% excise tax on stock repurchases, amounting to $2.25 million. The proposed merger with Tar Sands Holdings II is contingent on various approvals and could significantly impact future operations. The company’s liquidity remains a concern, with substantial reliance on external funding to meet operational needs and complete a business combination. The management has identified substantial doubt about its ability to continue as a going concern within the next year if a business combination is not realized.