Company Overview of Iris Acquisition Corp

• Type of Company: Blank check company (Special Purpose Acquisition Company - SPAC)
• Incorporation Date: November 5, 2020
• Location: Primarily based in the Cayman Islands, with an executive office at 3rd Floor Zephyr House, 122 Mary Street, George Town, Grand Cayman KY1-1001, Cayman Islands.

Business Purpose

• To effectuate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses without current operations or revenues.
• Has not yet identified specific target companies for acquisition or completed any business operations or revenue-generating activities.

Activities to Date

• Initial Public Offering:
  • Concluded on March 9, 2021
  • Issued 27.6 million units at $10.00 each, raising $276 million gross proceeds
• Private Warrants Sale:
  • 5,013,333 warrants sold to sponsor and Cantor Fitzgerald at $1.50 each, raising $7.52 million

Financial Details and Capital Structure

• Trust Account:
  • Holds approximately $276 million initially (equivalent to about $10.00 per unit)
  • Funds invested mainly in U.S. government securities or money market funds with short-term maturities
  • As of latest filings, after redemptions, approximately $2 million remains in trust for future use
• Employees: No full-time employees prior to initial business combination; management team consists of a few executive officers supported by Arrow Capital’s investment team.

Management and Leadership

• Led by experienced executives with backgrounds in finance, investment banking, private equity, and operations, including:
  • Sumit Mehta: CEO, with over 15 years in corporate finance, M&A, private equity
  • Lisha Parmar: CFO, with over 13 years in asset management, corporate finance, M&A
  • Omkar Halady: Vice President, with over 11 years in M&A, private equity, and advisory
• Board members include industry veterans with experience in global financial markets, corporate management, and investment.

Business Strategy

• To identify and combine with a high-growth, fundamentally sound business, preferably in emerging markets and technology sectors, with strong management teams.
• Focus on companies with global growth potential, high revenue upside, and strong product differentiation.
• Will undertake due diligence based on industry-agnostic criteria but has not yet selected a specific business.

Current Status

• No operations or revenue to date beyond organizational and fundraising activities.
• Financial Loss:
  • For the year ended December 31, 2024, reported a net loss of approximately $2.9 million, mainly due to formation, operating costs, interest expenses, and taxes.

Summary

Iris Acquisition Corp is a non-operating SPAC created to acquire and operate a business, with a focus on high-growth, innovative companies in emerging markets and technology sectors. It has raised significant capital through an IPO and private warrants, but as of now, it has not identified or engaged in any business operations or revenues. The company’s primary activity has been raising funds, managing capital, and preparing for potential mergers or acquisitions.