INTEGRATED RAIL & RESOURCES ACQUISITION CORP SEC 10-Q Report
Integrated Rail & Resources Acquisition Corp, a blank check company formed for the purpose of effecting a Business Combination, has released its Form 10-Q report for the quarter ended June 30, 2025. The report highlights significant financial and operational developments, reflecting the company's ongoing efforts to finalize a suitable Business Combination amidst various challenges.
Financial Highlights
Net Loss for the three months ended June 30, 2025: $8.21 million, reflecting a significant increase from the previous year's net loss of $1.04 million for the same period, primarily due to a change in fair value of warrant liabilities and increased operating costs.
Net Loss for the six months ended June 30, 2025: $11.56 million, compared to a net income of $1.25 million for the same period in 2024, driven by a substantial change in fair value of warrant liabilities and higher operating expenses.
Interest and Income Earned on Cash and Investment in the Trust Account for the three months ended June 30, 2025: $22,297, providing a minor offset to the overall net loss.
Interest and Income Earned on Cash and Investment in the Trust Account for the six months ended June 30, 2025: $56,553, contributing to the company's non-operating income.
Operating Costs for the three months ended June 30, 2025: $449,001, indicating an increase in expenses related to being a public company and due diligence for a Business Combination.
Operating Costs for the six months ended June 30, 2025: $1.48 million, reflecting increased expenses associated with public company operations and Business Combination activities.
Business Highlights
Business Model: Integrated Rail and Resources Acquisition Corp is a blank check company formed for the purpose of effecting a Business Combination. The company plans to use cash from its IPO and the sale of Private Placement Warrants to achieve this goal.
Trust Extensions: The company has extended its deadline to complete a Business Combination multiple times, with the latest extension allowing for monthly extensions up to September 15, 2025. This indicates ongoing efforts to finalize a suitable Business Combination.
Shareholder Redemptions: Significant shareholder redemptions have occurred in connection with extension votes, indicating a reduction in the number of shares outstanding and a potential impact on the company's capital structure.
Promissory Notes: The company has issued promissory notes to fund operations and potential Business Combination costs, highlighting reliance on external financing to maintain operations.
NYSE Delisting: The company's securities were delisted from the NYSE due to falling below the required market capitalization, and are now traded on the OTC Pink market, which may affect liquidity and investor perception.
Proposed Business Combination: The company has entered into a Merger Agreement with TSH Company, with several amendments and waivers indicating ongoing negotiations and adjustments to the terms of the Business Combination.
Litigation: The company is involved in litigation with Tyr Energy regarding a non-disclosure and non-circumvention agreement, which could impact the timing and execution of the proposed Business Combination.
Future Outlook: The company plans to continue efforts to consummate a Business Combination during the combination period, despite challenges such as shareholder redemptions and litigation.
SEC Filing: INTEGRATED RAIL & RESOURCES ACQUISITION CORP [ IRRX ] - 10-Q - Sep. 04, 2025