Iris Acquisition Corp
IRAA · OTC · formerly Tribe Capital Growth Corp I
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Owned Common Stock Iris Acquisition Holdings LLC, listed on OTC in March 2021.
- What it's doing now
- It agreed in August 2024 to buy Liminatus Pharma, LLC, an immune-modulating cancer therapy development company. The deal valued that business at about $175M. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- Nearly all the original shareholders have already taken their money back — 174,477 shares are left of the 27.6M sold at listing. This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Liminatus Pharma, LLC
- Industry
- Health Care — immune-modulating cancer therapy development
- Deal value
- $175M
- announced 9 August 2024
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 8 March 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 3RD FLOOR ZEPHYR HOUSE, 122 MARY STREET, GRAND CAYMAN, E9, KY1-1001
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Shah Manish C. (Director) · Halady Omkar (Vice President) · Parmar Lisha (Chief Financial Officer)
- Listed securities
- IRAA common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
- 26.98% of the public shares were handed back at the 20 December vote — the holders who wanted cash rather than shares in the new company took it then.
What has happened, and what is coming
7 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 9 August 2024Deal announcedpassed
Combination with Liminatus Pharma, LLC
16.8% of the public float took the cash
27.0% of the public float took the cash
Show the earlier 4 milestones
- 8 March 2021IPOpassed
IPO size not on file
94.9% of the public float took the cash
redemption rate not stated in the filing
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Liminatus Pharma, LLC$175M · announced 9 August 2024closedHealth Carepost-close LIMNSEC primary
Who has already taken their money back
4 filed eventsEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
94.88%
of the public float walked at a single vote
Shares redeemed, all events
26.42M
≈100% of the earliest known float
Every figure below is stated in the linked filing; nothing here is estimated.
- Dec 20, 2024Extension26.98%
- Dec 20, 2022Extension94.88%
Show the other 2 cash-out events
- Sep 5, 2024Extension16.76%
- May 13, 2024Extensionno rate stated
The score
deterministic, from filed fieldsIRAA is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Iris Acquisition Corp was a blank-check company whose common stock traded under the ticker IRAA on the OTC market, with SEC CIK 0001831874 and SIC industry code 6770. The company priced its IPO on 2021-03-08, as reflected in 424B prospectus 0001104659-21-033340. Its lifecycle is closed: the common ticker IRAA appears on the cover page of 8-K 0001104659-25-022221, filed 2025-03-10, and the closing was established by 8-K 0001104659-25-045127 filed 2025-05-06, in which successor registrant Liminatus Pharma, Inc. (LIMN, LIMNW; CIK 0001971387) reported completion of the acquisition under item 2.01, naming Iris Acquisition Corp as the merged entity.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
A trust of roughly $2,001,033 at $11.47 per share implies only about 175,000 public shares remain — the SPAC has been redeemed down to almost nothing, so the combined company receives essentially no cash from the trust. Registering 24,574,477 ParentCo shares against that remnant means the surviving public float is a rounding error and the Liminatus holders take the company. The $11.47 redemption right is intact and remains the only cash certainty here.
A monthly sponsor loan capped at $17,000 is nominal against a trust of any size - holders extending to March 2025, with a further discretionary three months, receive essentially no compensation for the delay. Nearly four years past its March 2021 IPO, the company is running on board discretion rather than shareholder votes. The redemption tender deadline of December 18 falls two days before the meeting, so the decision must be made blind to the outcome.
A sponsor loan capped at $17,000 provides essentially no accretion to the trust, so holders granting nearly four more months receive nothing for the delay - and Iris would return in December for a further extension to March 2025 with board discretion for three more months beyond. Three and a half years past its March 2021 IPO, the pattern is a shell being kept alive at minimal cost. Redemption at trust is the only certain outcome.
A trust account of roughly $3.13 million is the entire story: after prior redemptions almost no public money remains, so the SPAC brings essentially no cash to Liminatus and the surviving company will need outside financing immediately. Remaining public holders can still redeem their pro rata share of that trust, which is the only cash exit at deposited value, but the 32,187,037 ParentCo shares being registered against so small a trust means the public float is a rounding error in the combined entity. The deal has been pending since November 2022.
Three years past its March 2021 IPO, the vehicle is buying another three months with a sponsor loan capped at $30,000, an amount so small it adds essentially nothing to the per-share trust value while giving the board discretion to extend a further three months without a new vote. The March 5, 2024 tender deadline is a hard cut-off: holders who miss it keep exposure to a shell rather than a cash claim. Founder shares of 6,900,000 held by a sponsor that cannot redeem create an incentive to keep extending regardless of the odds of a deal.
The March 9, 2024 date is the binding constraint disclosed here: miss it and the private warrants expire worthless, which tells holders how little time the Liminatus deal had left. The sponsor's agreement to forfeit 4,177,778 private warrants at closing removes a large dilution overhang and is a genuine concession to public holders. That the working-capital note is repayable only from money outside the trust protects the per-share redemption value.
Show 1 more material filings
A sponsor loan capped at $225,000 spread across a six-month extension adds only a few cents per share at most, so the redemption floor barely moves while the deadline slides. Board discretion to add a further three months without a new vote means this meeting is the last redemption decision holders control until September 2023. The 6,900,000 founder shares recover nothing in a liquidation, which is why the sponsor is willing to fund even a token extension rather than let the vehicle wind up.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
- What changed vs 2024-04-17trust $15.1M → $9.7M -36%deadline 2024-07-31 → 2025-06-30shares 407K → 174K -57%
trust account, combination deadline, redeemable shares +23 moved · 2 with no prior record of ours
- Trust account
- $15.1M$9.7M
- Combination deadline
- 2024-07-312025-06-30
- Redeemable shares
- 407K174K
- Going-concern doubt
- stated · unchanged
- Mandate language
- We will focus on investments whose growth potential is backe… · unchanged
SpacBrain reads this as $5,467,621 left the trust between the two filings.
The clause …“to complete our initial business combination (after taking into account the $9,660,000 of deferred underwriting commissions being held in the trust account). 19 Table of Contents We may effectuate our initial business combination with”…
SpacBrain reads this as 334 days later than the previous record.
The clause …“should the Company be required to liquidate after the Combination Period. The Business Combination Agreement provides that if the transaction is not closed by June 30, 2025, either party can terminate the Business Combination Agreement.”…
SpacBrain reads this as 232,132 shares are no longer redeemable.
The clause “0,000,000 shares authorized; 6,900,000 shares issued and outstanding (excluding 174,477 and 406,609 shares subject to possible redemption, respectively) at December 31, 2024 and December 31, 2023 690 690 Class B common stock, $ 0.0001”…
The clause “014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, management has determined that the Company has and will continue to incur significant costs in pursuit of its acquisition plans which raises”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
Show the other 10 filings
What changed: Iris Acquisition Corp's business combination proxy statement and prospectus covers the November 30, 2022 agreement with Iris Parent Holding Corp. and Liminatus Pharma, LLC, valuing ParentCo common stock at $10.00 per share and registering an aggregate 24,574,477 ParentCo shares. Based on approximately $2,001,033 in the Trust Account as of January 2, 2025, as adjusted for redemptions paid in January 2025, stockholders would have received a redemption price of approximately $11.47 per share net of taxes. Private placement warrants strike at $11.50. Why it matters: A trust of roughly $2,001,033 at $11.47 per share implies only about 175,000 public shares remain — the SPAC has been redeemed down to almost nothing, so the combined company receives essentially no cash from the trust. Registering 24,574,477 ParentCo shares against that remnant means the surviving public float is a rounding error and the Liminatus holders take the company. The $11.47 redemption right is intact and remains the only cash certainty here.
outside date1 moved
- Outside date
- 2024-09-032025-06-30
SpacBrain reads this as 300 days later than the previous record.
The clause …“Parties desire to further amend the BCA to, among other things, extend the Outside Date (as defined in the BCA) to June 30, 2025; and WHEREAS, Section 11.1 of the BCA provides that the BCA may only be amended by a written instrument”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Owned Common Stock Iris Acquisition Holdings LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1283 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W/4 · 100.0% of the $10 unit
from 424B4 0001104659-21-033340
Trading & liquidity
Company profile
Directors & officers
- Shah Manish C.Director
- Halady OmkarVice President
- Parmar LishaChief Financial Officer
- Nanani RohitDirector
- BACON LOUIS M10% owner
- Weinstein Boaz10% owner
- Borade ShashibhushanDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
5 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- MOORE CAPITAL MANAGEMENT, LPwith 4 other reporting persons on the same schedule1.4% · SC 13G/AFeb 14, 2024 stale
- CITADEL ADVISORS LLCwith 6 other reporting persons on the same schedule0.1% · SC 13G/AFeb 14, 2023 stale
- Polar Asset Management Partners Inc.0.0% · SC 13G/AFeb 13, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/ASep 27, 2023 stale
- Beryl Capital Management LLCwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — IRAA (Iris Acquisition Corp)
vault-note · /vault/tickers/IRAA
- Vault deal note — Liminatus Pharma, LLC (IRAA)
vault-note · /vault/deals/liminatus-pharma-llc
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail6 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001104659-21-033340 priced 2021-03-08; common ticker IRAA off 8-K 0001104659-25-022221 (2025-03-10); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per 8-K 0001104659-25-045127 (2025-05-06) — the successor registrant Liminatus Pharma, Inc. (LIMN, LIMNW) (CIK 0001971387) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Iris Acquisition Corp" — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Owned Common Stock Iris Acquisition Holdings LLC" sourced from prospectus definition (10-K/A) acc 0001104659-23-054197.
AI-extracted target (z-ai/glm-5.2, conf 0.98)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> BIOTECH, on DEFM14A 0001104659-25-010609: "Liminatus, a Delaware limited liability company, is a pre-clinical stage biopharmaceutical company developing novel, immune-modulating cancer therapies formed o"