Iris Acquisition Corp
IRAAW
Other OTC0.03
USD
-0.03
- -
Iris Acquisition Corp
IRAAW
(Other OTC)
Recent
price
0.03
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Similar Companies
- Business
- Iris Acquisition Corp (IRAAW) operates as a blank check company, or special purpose acquisition company, with no significant current operations other than pursuing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company, incorporated in 2020 and headquartered in George Town, Cayman Islands, focuses on targets in various sectors without specified industry restrictions; it trades warrants on the OTC market following delisting from Nasdaq in March 2025. Iris Acquisition Corp serves as a subsidiary of Iris Acquisition Holdings LLC and targets institutional and retail investors through its public structure. The company offers Class A ordinary shares and warrants as its primary securities, enabling investors to participate in de-SPAC transactions post-combination; it maintains trust account funds from its initial public offering for potential business combinations. Key executives include Sumit Mehta as Chief Executive Officer, Lisha Parmar as Chief Financial Officer, and Omkar Halady as Vice President, overseeing strategic initiatives from its Cayman Islands base with U.S. market operations. Originally formed as Tribe Capital Growth Corp I, the company changed its name to Iris Acquisition Corp in July 2022 to reflect new sponsorship; it announced a definitive business combination agreement with Liminatus Pharma, LLC in November 2022, involving mergers through subsidiaries Liminatus Pharma Merger Sub, Inc. and SPAC Merger Sub, Inc., to create a public immuno-oncology entity focused on CD47 inhibitors for cancer therapies. The transaction progressed with shareholder approval of the merger, equity incentive plan, and director elections at a special meeting on March 4, 2025, alongside Nasdaq delisting effective mid-March 2025 after prior OTC trading since September 2024; the combination completed around April 30, 2025, with the post-merger entity renamed Liminatus Pharma Inc. (Nasdaq: LIMN), trading common stock and warrants publicly while Iris survives as a subsidiary. Recent developments also encompass financial restatements for 2024 related to a $1.216 million related-party loan from Hana Immunotherapeutics, LLC, prompting sponsor management changes to Iris Equity Holdings LLC, and extensions of the merger deadline to June 30, 2025, with PIPE investment adjustments for $25 million.