Iris Acquisition Corp II (IRAB.W) Warrant
Each IRAB.W warrant gives the holder the right to buy 1 share of Iris Acquisition Corp II at $11.50 per share, for five years after the company completes its merger. The stock last closed at $10.15, below the strike, so the warrant is out of the money. Iris Acquisition Corp II has a market value of about $232.48M. Iris Acquisition Corp II is a SPAC (no deal announced yet). It must complete a deal by February 4, 2028 or the warrants expire worthless. There are 8.43M listed warrants; exercising all of them would add 36.8% to the 22.90M shares outstanding.
IRAB vs strike, last 12 months
No share-price history for IRAB yet.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- allowed
- Break-even stock price
- $11.91
From the issuer's S-1/A (2026-01-28).
Company and stock
- Company
- Iris Acquisition Corp II
- Underlying stock
- IRAB
- Share price
- $10.15
- Market cap
- $232.48M
- Shares outstanding
- 22.90M
- Value of all listed warrants
- $3.45M (1.5% of market cap)
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.4100
- Price / model
Get Pro to see whether IRAB.W is cheap or rich against our model.
Dilution
- Shares outstanding
- 22.90M
- Listed warrants
- 8.43M
- Dilution if all exercised
- 36.8%
Warrant count from filing text: public warrants.
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2028-02-04
- Latest possible deadline
- 2028-02-04
- Trust per share
- $10.14
- Sponsor
- Iris Acquisition Holdings II LLC
- Sponsor's earlier SPACs
- 0 (0 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about IRAB.W
When does the IRAB.W warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of IRAB.W?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many IRAB.W warrants are outstanding?
8.43M listed warrants, equal to 36.8% dilution if all are exercised.