Iris Acquisition Corp Ends Freedom Metals Merger Talks, Keeps $11.50 Warrant Price

On March 9, 2026, IRAB signed a non‑binding letter of intent outlining early discussions for a business combination with Freedom Metals. Such a document sets the framework for negotiations but does not create a legal obligation to complete the deal.

After the termination notice, IRAB shares dropped 3.2% in after‑hours trading, bringing the stock to $9.80. The company’s market capitalization stood at roughly $210 million, compared with the average SPAC‑sized firm of about $300 million.

Each whole warrant held by investors allows the purchase of one IRAB Class A share at a fixed exercise price of $11.50, a level unchanged by the LOI cancellation.

The ended LOI removes a potential near‑term catalyst for growth, leaving IRAB to rely on its existing cash trust and warrant structure for shareholder returns. Investors should note that the warrant price remains above the current market price, making exercise unlikely unless the share price appreciates.

Market watchers will look for any new partnership announcements from IRAB and how the warrant exercise price influences trading activity in the coming weeks.