IRHO merger with Electra Vehicles, Inc.
Electra Vehicles, Inc. — Applies AI-driven battery intelligence to predict faults, extend lifespan, and optimize performance across all battery-powered systems.
Expected close, as filed: H2 2026.
Announced 4 August 2026.
The symbol the combined company is expected to trade under.
Electra Vehicles, Inc., founded in 2015 by CEO Fabrizio Martini and headquartered in Boston, is a B2B AI-driven cleantech software company focused on unlocking the full potential of battery technology. The company develops cloud-based and onboard software platforms—most notably its flagship EVE-Ai 360 Adaptive Controls and EnPower battery selection and simulation tools—that use artificial intelligence to monitor, manage, and optimize battery systems across a wide range of applications. Electra's data models are built upon an extensive dataset of over 300 battery and capacitor chemistries, enabling its software to dynamically manage battery packs based on individual driver and vehicle conditions, thereby increasing lifetime and range while reducing warranty expenses for suppliers and OEMs. While its initial focus was the eMobility market—passenger and commercial electric vehicles—the company has expanded its technology into adjacent sectors including Battery Energy Storage Systems (BESS), robotics, eVTOLs, aerospace, and grid applications, positioning its software as essential infrastructure for the broader electrification economy.
Electra's customer strategy centers on major Tier 1 automotive suppliers and OEMs, with the company establishing a strategic branch in Italy's Piedmont Region to be near leading European automakers such as Porsche, Ferrari, and Lamborghini. BlackBerry Limited became a strategic investor through its BlackBerry IVY Innovation Fund, with the BlackBerry IVY platform—built in partnership with AWS—providing edge computing capabilities to enable Electra's responsive battery management. The company raised a total of $24.6 million across three funding rounds, beginning with a grant from MassChallenge in 2016, a $3
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
An effective (post-dilution) figure needs either a stated pro-forma share count or the headline value plus the promote terms; the filings we hold do not yet state enough, and we will not print an estimate built on inventions.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: Electra Vehicles, Inc.
from S-4The business actually being bought — described from SEC primary filings, with projections labelled as projections.
Applies AI-driven battery intelligence to predict faults, extend lifespan, and optimize performance across all battery-powered systems.
Founded 2015.
Electra Vehicles, Inc. — every SPAC that has bid for it, and its listed peers
In plain English
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.
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.
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.