Iris Acquisition Corp II (IRAB) is a blank check special purpose acquisition company (SPAC) incorporated on July 8, 2025 as a Cayman Islands exempted company, formed for the sole purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses. The company generates no operating revenue. Its capital base consists of IPO proceeds held in a trust account, with the trust intended to fund the eventual initial business combination. The company completed its IPO on February 2, 2026, with Cohen & Company Capital Markets acting as representative of the underwriters. As of the 10-K filing date of March 26, 2026, no specific business combination target had been identified and no substantive acquisition discussions had taken place. IRAB describes its investment approach as globally focused and generalist, targeting small to mid-market companies across any sector or region. It is a smaller reporting company with commission file number 001-43095.

Revenue model

No operating revenue. The company holds IPO proceeds in a trust account and intends to use those funds, plus any interest earned net of taxes, to finance an initial business combination. Outside the trust, funds are used for target identification, due diligence, and transaction costs. Sponsor or affiliates may provide working capital loans if needed prior to a business combination.

Products and services

No products or services. The company's sole activity as of the filing date is organizational work and IPO-related activities in preparation for an initial business combination. It has issued units, ordinary shares, and warrants in connection with its IPO.

Customers and end markets

No customers or end markets as of the filing date. The eventual target is described as a small to mid-market company across any sector or geography.

Value-chain role

SPAC sponsor and acquisition vehicle. The company raises capital through public markets and deploys it to acquire a private operating business, facilitating that business's transition to public company status.

Geographic exposure

Incorporated in the Cayman Islands. The company describes a globally focused investment mandate with no geographic restrictions on acquisition targets.

Source: SEC 10-K, filed 2026-03-26

Industry: Blank Checks