Integrated Rail and Resources Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

Integrated Rail and Resources Acquisition Corp. announced its initial public offering (IPO) pricing of 20 million units at $10.00 each. Trading under the ticker symbol IRRXU on the NYSE will commence on November 12, 2021. Each unit includes one share of Class A common stock and half a redeemable warrant, allowing for future stock purchase at $11.50.

The company aims to pursue business combinations in the bulk commodities sector, particularly focusing on North American railroad and terminal operations. A total of 3 million additional units may be purchased by underwriters to cover over-allotments.

Positive

• IPO priced at $10.00, providing immediate capital.
• Focus on bulk commodities sector may lead to strategic acquisitions.

Negative

• Potential dilution if underwriters exercise the option for additional shares.
• No guaranteed success in identifying acquisition targets.

NEW YORK--(BUSINESS WIRE)-- Integrated Rail and Resources Acquisition Corp. (the “Company”), a newly incorporated blank check company, today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “IRRXU” beginning November 12, 2021.

The Company is sponsored by DHIP Natural Resources Investments, LLC, and is led by Richard Bertel, Chief Executive Officer and Chairman of the Board of Directors; and Mark Michel, Chief Operating Officer, President, and Vice Chairman of the Board of Directors.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry, it currently intends to concentrate its search for a target business operating in bulk commodities, such as North American railroad companies that transport bulk commodities, terminal companies that transload bulk commodities to and from railroads and pipelines, trucks, and ports, and companies that produce bulk commodities.

Each unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin trading separately, the Company expects that the Class A ordinary shares and redeemable warrants will be listed on the NYSE under the symbols “IRRX” and “IRRXW,” respectively.

Stifel, Nicolaus & Company, Incorporated is serving as sole book-running manager for the initial public offering and Roberts and Ryan Investments, Inc. is acting as a co-manager. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Stifel, Nicolaus & Company, Incorporated 1 South Street, 15^th Floor, Baltimore, Maryland 21202, Attention: Prospectus Department, or by e-mail at syndprospectus@stifel.com.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on November 10, 2021. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Integrated Rail and Resources Acquisition Corp

Integrated Rail and Resources Acquisition Corp. is a newly organized blank check company formed by the owners of DHIP Natural Resources Investments, LLC which are DHIP Group and Rio Grande Pacific Corporation. DHIP Group is an investment company and asset manager of multiple funds that focuses on developing, financing, and investing in major infrastructure projects. Rio Grande Pacific is a leading, independent, privately-held Texas-based railroad holding company founded in 1986 that operates numerous short line railroads operating more than 1,000 total route miles in six states.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211111006167/en/

William Lane

wlane@irrx.org or (908) 418-6012

investor.relations@irrx.org

Source: Integrated Rail and Resources Acquisition Corp.

FAQ

What is the initial public offering price of Integrated Rail and Resources Acquisition Corp. (IRRXU)?

The IPO price is set at $10.00 per unit.

When will trading for IRRXU begin on the NYSE?

Trading for IRRXU will commence on November 12, 2021.

What does each unit of IRRXU consist of?

Each unit consists of one share of Class A common stock and one-half of a redeemable warrant.

What is the purpose of Integrated Rail and Resources Acquisition Corp.?

The company aims to pursue mergers, asset acquisitions, or similar business combinations, especially in the bulk commodities sector.

What risks are associated with the IPO of IRRXU?

Potential dilution of shares if underwriters exercise their option and uncertainty in securing viable acquisition targets.