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5/24/2021
Integrated Rail and Resources Acquisition Corp. announced last week it has publicly submitted a draft registration statement with the U.S. Securities Exchange Commission (SEC) for a proposed initial public offering (IPO) of 27.5 million units.
Each unit has a proposed offering price of $10 and consists of one share of Class A common stock and one-half of one redeemable warrant, Integrated Rail officials said in a press release.
The company intends to apply to list the units on the New York Stock Exchange. The IPO was announced after the SEC completed its review process.
Sponsored by Rio Grande Pacific Corp. and DHIP Group, Integrated Rail is a newly organized blank-check company formed for the purpose of effecting a merger, share 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 business or industry, it intends to focus its search on natural resources, railroads or railroad logistics companies.
DHIP formerly was known as Drexel Hamilton Infrastructure Partners LP.