Monitor the definitive proxy statement/prospectus for the shareholder vote date and redemption levels, which will determine the final cash available to the combined company. No PIPE has been committed, so high redemptions could leave the combined entity with limited operating capital.
Price Chart
Executive Summary
Iron Horse Acquisition II Corp. (IRHO) filed an updated investor presentation on October 9, 2026, in connection with its proposed business combination with Electra Vehicles, Inc. The presentation values Electra at $250M pre-money equity value and outlines a pro forma enterprise value of $352.9M, with Electra shareholders owning 65.8% of the combined company. The filing is a routine update to the de-SPAC transaction process and contains no new financial results or material changes to the deal terms.
Key Facts
- Electra AI valued at $250.3M pre-money equity value, paid in stock at $10.00 per share
- Pro forma enterprise value of $352.9M with 38.05M pro forma shares outstanding
- Electra shareholders to own 65.8% of the combined company; IRHO Sponsor owns 14.1%
- No PIPE committed; $50.0M not committed or reflected in the presentation
- 5.3 TWh pipeline with 12.5 GWh contracted and deploying; 1 GWh of Electra-enabled BESS validated
- Expected 70-75%+ contribution margins; asset-light, SaaS-based recurring revenue model
- 20 patents issued and pending; 1.5 billion+ battery data points processed
- S-4 registration statement (No. 333-286047) previously filed on May 14, 2026
Financial Impact
Electra AI valued at $250M pre-money; pro forma enterprise value $352.9M; trust net of redemptions $42.6M; estimated transaction expenses $16.3M
Risk Factors
- 81.6% maximum redemptions assumed in the pro forma, which would leave only $42.6M in trust
- No committed PIPE financing; combined company may have limited cash for growth initiatives
- Pipeline conversion rates and customer deployment timing subject to significant uncertainty
- Forward-looking projections are unaudited and subject to significant assumptions
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-108221 |
| Document: ea0308188-8k425_iron2.htm | 0001213900-26-108221 |
| Document: 0001213900-26-108221-index-headers.html | 0001213900-26-108221 |
| Document: 0001213900-26-108221-index.html | 0001213900-26-108221 |
| Document: 0001213900-26-108221.txt | 0001213900-26-108221 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 425 | $10.07 | awaiting T+20 | — | $10.09 (+0.20%) |
Oct 13, 2026 14d ago | 8-K | $10.07 | awaiting T+20 | — | $10.09 (+0.20%) |
Oct 9, 2026 18d ago | 425 | $10.06 | awaiting T+20 | — | $10.09 (+0.30%) |
Oct 9, 2026 18d ago | 8-K | $10.06 | awaiting T+20 | — | $10.09 (+0.30%) |
Sep 30, 2026 27d ago | 425 | $10.07 | awaiting T+20 | — | $10.09 (+0.20%) |
Sep 30, 2026 27d ago | 8-K | $10.07 | awaiting T+20 | — | $10.09 (+0.20%) |
Sep 22, 2026 5w ago | 425 | $10.06 $10.07 | ▲ +0.10% | ▲ +0.66% | $10.09 (+0.35%) |
Sep 22, 2026 5w ago | 8-K | $10.06 $10.07 | ▲ +0.10% | ▲ +0.66% | $10.09 (+0.35%) |
Sep 1, 2026 8w ago | 425 / 8-K | $10.04 $10.07 | ▲ +0.30% | ▼ −0.88% | $10.09 (+0.50%) |
Aug 25, 2026 9w ago | 425 / 8-K | $10.05 $10.06 | ▲ +0.10% | ▼ −0.88% | $10.09 (+0.40%) |
US Market Status
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