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Iris Acquisition Corp (IRAA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $642,900 for the three months ended September 30, 2024, primarily due to formation and operating costs of $1,019,694, offset by a gain of $348,971 on the change in fair value of warrant liabilities and $32,986 in interest income.
As of September 30, 2024, the company had $358,181 in cash, including $32,580 restricted for tax payments, and a working capital deficit of approximately $7,141,435.
The company has extended the deadline to complete its initial business combination with Liminatus Pharma, LLC to December 31, 2024. If the business combination is not completed by this date, Iris Acquisition Corp will cease operations and liquidate.
The filing details amendments to the PIPE Equity Subscription Agreement, reducing the PIPE Investor's commitment from $25,000,000 to $15,000,000.
On September 5, 2024, stockholders holding 48,107 shares redeemed their shares for cash at approximately $11.17 per share, leaving 238,930 public shares outstanding.
The company has identified material weaknesses in its internal controls over financial reporting, specifically in accounting for complex financial instruments and compliance with income tax regulations.
The company received a delisting notice from Nasdaq on September 4, 2024, and its securities are now trading on the OTC Pink Marketplace.
The company continues to negotiate and amend agreements related to its business combination with Liminatus Pharma, LLC, including the reduction of the enterprise value associated with Liminatus to $175 million.
The filing also includes a discussion of liquidity and capital resources, indicating that the company may need additional financing to complete its business combination or to meet obligations post-combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Iris Acquisition Corp quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.