Iris Acquisition Corp Ends LOI with Freedom Metals, Keeps $11.50 Warrant Price

TL;DR: Iris Acquisition Corp (NYSE: IRAB) terminated its non‑binding letter of intent with Freedom Metals Corporation on May 13, 2026, while confirming that each whole warrant remains exercisable at $11.50 per share.

Context: A non‑binding letter of intent outlines preliminary merger terms without creating a legal obligation to close the deal. Iris Acquisition Corp qualifies as an emerging growth company under SEC rules, which grants it reduced disclosure requirements for a limited time after its IPO.

Key Facts: On May 13, 2026 IRAB filed an 8‑K announcing the termination of the LOI first signed on March 9, 2026. Each whole warrant of IRAB entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50. As of the filing date, IRAB shares traded at $10.20, down 3.4% on the session, giving the company a market capitalization of roughly $210 million.

What It Means: The ended LOI removes the immediate prospect of a business combination with Freedom Metals, leaving IRAB to pursue other targets or continue as a blank‑check company. The warrant terms remain unchanged, so investors retain the right to buy shares at $11.50 if the market price rises above that level. Emerging growth status means IRAB will face lighter reporting burdens, potentially speeding up future deals but also limiting historical financial transparency.

Watch for: Any new LOI announcements, warrant exercise activity, and upcoming SEC filings that may reveal IRAB’s next acquisition target or a decision to liquidate the trust.