Iron Horse Acquisition II to Merge with Electra Vehicles for $250M
Iron Horse Acquisition II Corp. announced a definitive merger agreement with Electra Vehicles, Inc., an AI-powered battery intelligence company, valuing Electra at $250 million plus the Aggregate Exercise Price. The transaction will result in the combined entity being renamed "Electra AI, Inc." and includes provisions for up to 15 million earnout shares based on performance milestones. For the six months ended May 31, 2026, the company reported a net income of $2,659,996, with cash and investments in the Trust Account reaching $233,536,448.
Key Highlights
- Iron Horse Acquisition II Corp. entered a merger agreement with Electra Vehicles, Inc.
- Electra Vehicles, Inc. is valued at $250,000,000 plus Aggregate Exercise Price.
- The combined company will be renamed "Electra AI, Inc." post-merger.
- Up to 15,000,000 earnout shares are contingent on stock price and Annual Run Rate milestones.
- Cash and investments in the Trust Account totaled $233,536,448 as of May 31, 2026.
- Reported net income of $2,659,996 for the six months ended May 31, 2026.
- Total assets increased to $234,030,433 as of May 31, 2026.
Price Impact
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