[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","msoa3x8nravzimfl7o4xs0g78","revision",2,"title","Iron Horse Acquisition II Corp. 计划以2.5亿美元收购Electra Vehicles, Inc.","originalTitle","Iron Horse Acquisition II Corp. (0002051985) (Filer)","summary","Iron Horse Acquisition II Corp. 在截至2026年8月31日的九个月内净收入为453.6万美元，但经营活动现金流为净使用93.4万美元。公司计划以2.5亿美元收购Electra Vehicles, Inc.，交易完成后将更名为Electra AI, Inc.，并面临多项业务合并条件限制。公司现金余额为1,522美元，管理层认为公司缺乏持续经营至少一年的流动性。","reason","公司计划以2.5亿美元收购Electra Vehicles, Inc.，但面临流动性风险及业务合并完成条件限制。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-09T20:31:40.000Z","discoveredAt","2026-10-09T22:55:41.339Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",80,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fo8TNbjIWCG8",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","11dbdb57-b7fe-496f-b661-0f5e24da8638","Iron Horse Acquisition II 与 Electra Vehicles 合并",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

(选择一项)

☒ 根据《1934 年证券交易法》第 13 或 15(d) 条的季度报告

截至 2026 年 8 月 31 日的季度

☐ 根据《1934 年证券交易法》第 13 或 15(d) 条的过渡报告

从至

委员会文件编号：001-43021

IRON HORSE ACQUISITION II CORP.

(根据其章程指定的注册人全名)

\n\n\n\n

开曼群岛		98-1885362
(州或其他司法管辖区 \n的成立或组织)		(美国国税局雇主 \n识别号码)

851 Broken Sound Parkway NW, Suite 230

Boca Raton, FL 33487

(主要执行办公室地址)

(310) 290-5383

(注册人的电话号码)

根据《法案》第 13(b) 条注册的证券：

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

每类的名称	交易符号	每类在交易所的名称
单位，每个单位包括一股普通股和一个权利	IRHOU	纳斯达克股票市场有限责任公司

普通股，面值每股 0.0001 美元	IRHO	纳斯达克股票市场有限责任公司

权利-每个权利使持有人有权获得十分之一（1/10）股普通股	IRHOR	纳斯达克股票市场有限责任公司

检查方框，表明注册人（1）是否已提交根据《交换法》第 13 或 15(d) 条在过去 12 个月（或注册人需要提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去 90 天内受到此类提交要求的约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否已根据规章 S-T 第 405 条（本章第 232.405 条）在前 12 个月（或注册人需要提交此类文件的较短期间）内提交了所有应提交的交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是否是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。\n请参见《交换法》第 12b-2 条中“大型加速提交者”、“加速提交者”、“较小报告公司”和\n“新兴成长公司”的定义。

\n\n\n\n\n

大型加速提交者	☐	加速提交者	☐
非加速提交者	☒	较小报告公司	☒
		新兴成长公司	☒

如果是新兴成长公司，请通过勾选方框表明注册人是否已选择不使用《交换法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否是壳公司（根据《交换法》第 12b-2 条的定义）。是 ☒ 否 ☐

截至2026年10月9日，已发行和流通的普通股为29,320,000股，面值为0.0001美元。

IRON HORSE ACQUISITION II CORP.

2026年8月31日止季度的10-Q表格

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

		页码
第一部分：财务信息		1
第1项：财务报表		1
截至2026年8月31日和2025年11月30日的合并资产负债表（未经审计）		1
截至2026年8月31日和2025年8月31日的三个月和九个月的合并损益表（未经审计）		2
截至2026年8月31日和2025年8月31日的三个月和九个月的合并股东权益变动表（未经审计）		3
截至2026年8月31日和2025年8月31日的九个月合并现金流量表（未经审计）		5
合并财务报表附注（未经审计）		6
第2项：管理层讨论与分析		24
第3项：关于市场风险的定量和定性披露		28
第4项：控制和程序		28
第二部分：其他信息		29
第1项：法律诉讼		29
第1A项：风险因素		29
第2项：未注册的股权证券销售和资金使用		29
第3项：高级证券违约		29
第4项：矿山安全披露		29
第5项：其他信息		29
第6项：附件		30
签名		31

第一部分 - 财务信息

第1项：财务报表。

IRON HORSE ACQUISITION II CORP.

合并资产负债表

（未经审计）

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	2026年8月31日			2025年11月 30日

资产
流动资产
现金	$	1,522			$	432
应收票据		255,000				—
预付费用		129,668				25,000
流动资产合计		386,190				25,432
长期预付保险费		24,613				—
发行费用递延		—				339,249
存放在信托账户中的现金和投资		235,645,815				—
总资产	$	236,056,618			$	364,681

负债、普通股可能赎回部分和股东权益赤字
流动负债
应计费用	$	18,603			$	53,592
关联方应计费用		101,804				—
应计发行费用		75,000				172,841
对发起人的应付款		25,545				11,914
关联方的本票		—				300,000
流动负债合计		220,952				538,347
递延法律费用		413,467				—
递延承销费用		10,950,000				—
总负债		11,584,419				538,347

承诺和或有事项（注释5）
普通股可能赎回部分，面值0.0001美元；2026年8月31日和2025年11月30日分别有23,000,000股和0股，按赎回价值约10.25美元和0美元/股		235,645,815				—

股东权益赤字
优先股，面值0.0001美元；1,000,000股授权；无股于2026年8月31日和2025年11月30日发行或流通		—				—
普通股，面值0.0001美元；50,000,000股授权；2026年8月31日和2025年11月30日分别有6,320,000股和5,750,000股发行和流通（不包括23,000,000股和0股可能赎回的股份）⁽¹⁾⁽²⁾		632				575
额外实收资本		—				31,425
累计亏损		(11,174,248	)			(205,666	)
股东权益赤字合计		(11,173,616	)			(173,666	)
总负债、普通股可能赎回部分和股东权益赤字	$	236,056,618			$	364,681

(1)	2025年12月18日，承销商在首次公开募股结束时全部行使其超额配售选择权。因此，750,000股创始人股份不再受 forfeiture（注意6）。
(2)	2025年5月8日，通过股份资本重组，公司注销了6,571,429股普通股，因此，发起人已购买并持有总计5,750,000股普通股。所有股份和每股数据均已追溯列示。

附注是未经审计的合并财务报表不可分割的一部分。

IRON HORSE ACQUISITION II CORP.

合并损益表

（未经审计）

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	截至8月31日的三个月			截至8月31日的九个月
	2026			2025			2026		2025
一般、设立和运营费用	$	233,398			$	71,471		$	1,284,850		$	167,328
运营亏损		(233,398	)			(71,471	)		(1,284,850	)		(167,328	)

其他收入：
存放在信托账户中的现金和投资产生的利息		2,109,367				—			5,820,815			—
其他收入总额		2,109,367				—			5,820,815			—

净利润（亏损）	$	1,875,969			$	(71,471	)	$	4,535,965		$	(167,328	)

基本加权平均普通股份数，可能被赎回		23,000,000				—			21,489,051			—
基本每股净利润（亏损），可能被赎回	$	0.06			$	—		$	0.16		$	—
稀释加权平均普通股份数，可能被赎回		23,000,000				—			21,489,051			—
稀释每股净利润（亏损），可能被赎回	$	0.06			$	—		$	0.16		$	—
基本加权平均普通股份数，不受可能赎回限制 ⁽¹⁾⁽²⁾		6,320,000				5,000,000			6,233,285			5,000,000
基本每股净利润（亏损），不受可能赎回限制	$	0.06			$	(0.01	)	$	0.16		$	(0.03	)
稀释加权平均普通股份数，不受可能赎回限制 ⁽¹⁾⁽²⁾		6,320,000				5,000,000			6,282,555			5,000,000
稀释每股净利润（亏损），不受可能赎回限制	$	0.06			$	(0.01	)	$	0.16		$	(0.03	)

(1)

包括最多750,000股普通股，如果承销商未全部或部分行使其超额配售选择权，则这些股份将受 forfeiture。2025年12月18日，承销商在首次公开募股结束时全部行使其超额配售选择权。因此，750,000股普通股不再受 forfeiture（注意6）。截至2026年8月31日的九个月，非赎回普通股的基本每股净利润包括自2025年12月18日起的创始人股份，即超额配售选择权全部行权的日期。稀释每股净利润（亏损）将创始人股份视为在满足或有条件的期间开始时已发行。因此，自2025年12月18日超额配售选择权行权之日起，创始人股份在计算非赎回普通股的稀释每股净利润（亏损）时，将被视为自2025年12月1日的期间开始时已发行。

截至2025年8月31日的三个月和九个月，这些股份被排除在外。

(2)

所有股份和每股数据均已追溯列示，以反映发起人持有的5,750,000股创始人股份。参见注释1和6。

附注是未经审计的合并财务报表不可分割的一部分。

IRON HORSE ACQUISITION II CORP.

股东权益变动合并表

（未经审计）

截至2026年8月31日的三个月和九个月

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	普通股 – \n非赎回		额外付入资本			累计		总股东权益
	股份⁽¹⁾⁽²⁾		金额			资本		亏损		权益
余额 — 2025年12月1日		5,750,000		$	575		$	31,425		$	(205,666	)	$	(173,666	)
570,000份私人配售单位的销售		570,000			57			5,699,943			—			5,700,000
包含在公众股份中的权利公允价值		—			—			3,404,000			—			3,404,000
交易成本分配至公众权利和私人配售单位		—			—			(245,984	)		—			(245,984	)
普通股的摊销，可能按赎回价值赎回		—			—			(8,889,384	)		(11,320,588	)		(20,209,972	)
净收益		—			—			—			1,358,897			1,358,897
余额 — 2026年2月28日		6,320,000			632			—			(10,167,357	)		(10,166,725	)
普通股的摊销，可能按赎回价值赎回		—			—			—			(2,074,592	)		(2,074,592	)
净收益		—			—			—			1,301,099			1,301,099
余额 — 2026年5月31日		6,320,000			632			—			(10,940,850	)		(10,940,218	)
普通股的摊销，可能按赎回价值赎回		—			—			—			(2,109,367	)		(2,109,367	)
净收益		—			—			—			1,875,969			1,875,969
余额 — 2026年8月31日		6,320,000		$	632		$	—		$	(11,174,248	)	$	(11,173,616	)

附注是未经审计的合并财务报表不可分割的一部分。

\n\n\n

IRON HORSE ACQUISITION II CORP.

合并股东权益变动表（续）

（未经审计）

截至2025年8月31日的三个月和九个月

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	普通股 – \n不可赎回		股份认购应收款来自			额外支付的资本		累计		总股东权益
	股数⁽¹⁾⁽²⁾		金额			股东		资本		赤字		赤字
余额 — 2024年12月1日		5,750,000		$	575		$	(25,000	)	$	24,425		$	(1,275	)	$	(1,275	)
股份认购应收款的收讫		—			—			25,000			—			—			25,000
净损失		—			—			—			—			(72,670	)		(72,670	)
余额 — 2025年2月28日		5,750,000			575			—			24,425			(73,945	)		(48,945	)
净损失		—			—			—			—			(23,187	)		(23,187	)
余额 — 2025年5月31日		5,750,000			575			—			24,425			(97,132	)		(72,132	)
净损失		—			—			—			—			(71,471	)		(71,471	)
余额 — 2025年8月31日		5,750,000		$	575		$	—		$	24,425		$	(168,603	)	$	(143,603	)

(1)	包括最多750,000股普通股，如果承销商未全部或部分行使超额配售选择权，则可能被没收。2025年12月18日，承销商在首次公开发行结束时全部行使了超额配售选择权。因此，这750,000股普通股不再受没收约束（注6）。
(2)	所有股份和每股数据均追溯性地呈现，以反映赞助商持有的5,750,000股创始人股份。参见注1和注6。

附注是未经审计的合并财务报表不可分割的一部分。

IRON HORSE ACQUISITION II CORP.

合并现金流量表

（未经审计）

	截至九个月结束的 2025年8月31日
	2026			2025
经营活动产生的现金流量：
净收益（损失）	$	4,535,965			$	(167,328	)
调整项目以将净收益（损失）调节为经营活动使用的净现金：
信托账户中现金和投资产生的利息		(5,820,815	)			—
经营性资产和负债的变化：
预付费用		(129,668	)			—
长期预付保险费		(24,613	)			—
应计费用		(34,989	)			52,317
关联方应计费用		101,804				—
应付赞助商		24,576				—
递延法律费用		413,467				—
经营活动使用的净现金		(934,273	)			(115,011	)

投资活动产生的现金流量：
信托账户中的现金投资		(230,000,000	)			—
应收票据		(255,000	)			—
为营运资金目的从信托账户中提取的现金		175,000				—
投资活动使用的净现金		(230,080,000	)			—

融资活动产生的现金流量：
来自赞助商普通股发行的收益		—				25,000
销售单位的收益（扣除承销折扣）		226,000,000				—
私人配售单位的销售收益		5,700,000				—
关联方的本票收益		—				285,000
关联方的本票偿还		(300,000	)			—
关联方的预付款偿还		(17,845	)			—
应付赞助商		—				252,101
支付发行费用		(366,792	)			(129,992	)
融资活动提供的净现金		231,015,363				432,109

现金的净变化		1,090				317,098
期初现金余额		432				—
期末现金余额	$	1,522			$	317,098

非现金投资和融资活动：
包含在应计发行费用中的发行费用	$	75,000			$	57,916
通过赞助商预付款支付的发行费用	$	5,500			$	—
由赞助商支付的发行费用	$	1,400			$	—
用于发行费用的预付费用	$	25,000			$	—
普通股的累积，可能按赎回价值赎回	$	24,393,931			$	—
递延承销费用应付	$	10,950,000			$	—

附注是未审计的合并财务报表的不可或缺的部分

IRON HORSE ACQUISITION II CORP.

合并财务报表附注

2026年8月31日

（未审计）

注1 — 组织、业务运营计划和持续经营考虑

Iron Horse Acquisitions Corp. II 于2024年11月26日在特拉华州注册成立，是一家空白支票公司，目的是与一个或多个企业或实体（“业务合并”）进行合并、股票交换、资产收购、股票购买、资本重组、重组或其他类似业务合并，并于2025年7月25日通过延续方式迁移到开曼群岛，作为根据开曼群岛法律成立的免税公司。2025年9月12日，Iron Horse Acquisition II Corp.（“公司”）在开曼群岛注册成立。2025年9月30日，Iron Horse Acquisitions Corp. II 与 Iron Horse Acquisition II Corp. 合并，后者为存续实体和持续经营公司。

如上所述，2025年9月12日，Iron Horse Acquisition II Corp. 在开曼群岛注册成立。2025年9月18日，IRHO SPAC Sponsor LLC（“发起人”）出资32,000美元，以每股0.0001美元的面值发行5,750,000股普通股（“普通股”），每股约0.0056美元，其中最多750,000股普通股可能被没收，前提是承销商未全部或部分行使超额配售选择权，以确保初始股东在首次公开募股（假设他们不购买任何单位）后继续拥有约20%的已发行和流通普通股。此前，Bengochea SPAC Sponsors II LLC（“前发起人”）持有Iron Horse Acquisitions Corp. II的5,750,000股普通股，这些股份现已作废。2025年9月30日，Iron Horse Acquisitions Corp. II 与公司合并，公司为存续实体和持续经营公司。

会计准则编码（“ASC”）805-50，企业合并，为与企业合并相关的特定交易提供了具体指导，包括资产收购（不符合企业定义的交易）和下推会计（一种可选方法，用于在子公司的财务报表中反映母公司的收购），并解决了受共同控制的实体之间的交易。该交易被记作共同控制交易，其中资产和负债按历史成本而非公允价值记录，所获得的净资产按追溯方式报告。

尽管公司最初打算专注于媒体和娱乐行业的目标公司，但2026年4月21日，它与Electra Vehicles, Inc. 签订了业务合并协议，如下所述。

截至2026年8月31日，公司尚未开展任何业务。从2024年11月26日（成立日）至2026年8月31日的所有活动均与公司的成立、首次公开募股（“首次公开募股”）有关，如下所述，以及首次公开募股后寻找一家目标公司进行业务合并。公司已选定11月30日为其财年结束日。

首次公开募股

首次公开募股的注册声明于2025年12月16日被宣布生效。2025年12月18日，公司完成了首次公开募股，发行了23,000,000个单位（“单位”以及就单位中包含的普通股而言，“公众股份”），其中包括承销商完全行使超额配售选择权的3,000,000个单位，每个单位价格为10.00美元，产生毛收益230,000,000美元。每个单位包括一股公众股份和一个权利（“股份权利”），在首次业务合并完成后，该权利将获得十分之一（1/10）股普通股（“公众权利”）。“

IRON HORSE ACQUISITION II CORP.

合并财务报表附注

截至2026年8月31日

（未经审计）

注1 — 组织架构、业务运营计划及持续经营考虑（续）

在首次公开募股完成的同时，公司以每股10.00美元的价格向发起人和承销商代表Cantor Fitzgerald & Co.出售了570,000个单位（“私人配售单位”），从而获得5,700,000美元的毛收益。每个私人配售单位包括一股普通股（“私人配售股份”）和一个权利，该权利在首次业务合并完成后将获得十分之一（1/10）股普通股（“私人配售权利”）。在这些570,000个私人配售单位中，发起人购买了370,000个私人配售单位，Cantor Fitzgerald & Co.购买了200,000个私人配售单位。

交易成本共计15,590,100美元，包括4,000,000美元的现金承销费、10,950,000美元的递延承销费和其他发行成本640,100美元。

公司将单位在纳斯达克全球市场（“纳斯达克”）上市。根据纳斯达克上市规则，公司首次业务合并必须与一家或多家目标业务进行，其合计公允市场价值至少等于在签署此类业务合并的最终协议时信托账户中的余额（扣除应缴税款和递延承销佣金），尽管这可能涉及同时收购多家目标业务。无法保证公司能够成功完成业务合并。

在2025年12月18日首次公开募股（Initial Public Offering）结束后，从单位（Units）和私人配售单位（Private Placement Units）销售的净收益中，有2.3亿美元（每单位10.00美元）被存入信托账户（“信托账户”），该账户位于美国，由大陆证券转移与信托公司（Continental Stock Transfer & Trust Company）担任受托人，并作为现金项目或投资于美国政府国库券、债券或票据，期限不超过185天，或投资于符合《投资公司法》下规则2a-7规定的条件的货币市场基金，直至以下较早发生的情况：(i) 公司首次业务合并（Business Combination）的完成；(ii) 在股东投票修改公司章程以修改其在24个月内未能完成首次业务合并时赎回100%普通股的义务的实质或时间安排的情况下，赎回任何已适当提交的在首次公开募股中出售的单位中的普通股；以及(iii) 公司未能在规定时间内完成业务合并。如果公司未能在该时间段内完成首次业务合并，公司将按比例赎回其全部公开流通股，赎回金额等于信托账户中当时存款总额（包括信托账户中资金产生的利息，但未先前用于公司税款的部分）减去最多10万美元的利息（可用于清算费用）和17.5万美元的额外营运资金，再除以当时流通的公开股数量，受适用法律约束，并在此处进一步描述，然后寻求解散和清算。将资金存入信托账户可能无法保护这些资金免受针对公司的第三方索赔。尽管公司会寻求所有供应商、服务提供商、潜在目标公司或其他其聘请的实体签署协议，放弃对信托账户中任何资金的任何权利，但无法保证这些人会签署此类协议。

未存入信托账户的剩余净收益可用于支付潜在收购业务、法律和会计尽职调查以及持续的普通和行政费用。此外，信托账户余额产生的某些利息可能会被释放给公司，以支付公司的税款义务。

IRON HORSE ACQUISITION II CORP.

合并财务报表附注

2026年8月31日

（未审）

注1 — 组织、业务运营计划及持续经营考虑（续）

公司签署针对目标业务的最终协议后，必须向那些在首次公开募股（“公众股东”）中作为单位一部分而出售普通股的股东提供机会，以按比例份额从信托账户中赎回其公众股份。创始人股份（如第6号注释中定义）的持有者同意根据首次公开募股前签署的信函协议，对其当时持有的任何股份投票支持任何拟议的业务合并，并放弃这些股份的赎回权利。

在任何拟议的业务合并中，公司将在为此目的召开的会议上寻求股东对初始业务合并的批准，公众股东可在该会议上要求赎回其公众股份，无论他们是否投票支持或反对拟议的业务合并。或者，公司可能进行要约收购并允许与此相关的赎回。如果公司寻求对初始业务合并的股东批准，任何投票支持或反对该拟议业务合并或根本不投票的公众股东都有权要求其公众股份按信托账户中当时金额的按比例份额进行赎回（最初为每份10.00美元，加上信托账户中持有资金产生的按比例利息，且未事先释放给公司或用于支付其税款）。作为单位一部分出售的认股权证的持有者将无权对拟议的业务合并进行投票，并且对其所附普通股没有赎回或清算权利。

如果公司无法完成其初始业务合并，并且在未考虑信托账户中利息的情况下花光了从私人配售单位销售中获得的所有净收益，那么普通股的初始每份赎回价格为10.00美元。然而，存入信托账户的资金可能面临公司债权人提出的优先于公司股东索赔的索赔。此外，如果公司被迫申请破产或对其提出强制破产申请且未被驳回，信托账户中持有的资金可能受适用破产法的约束，并可能被纳入其破产财产并受第三方优先于公司普通股股东索赔的索赔影响。因此，实际的每份赎回价格可能低于约10.00美元。

业务合并协议

2026年4月21日，公司与IRHO Merger Sub Inc.（一家特拉华州公司，是公司的直接全资子公司）和Electra Vehicles, Inc.（一家特拉华州公司）签订了合并协议（“业务合并协议”）。Electra致力于通过人工智能驱动的电池智能技术提升电池性能，为电动汽车、电池储能系统（BESS）和车队运营商提供解决方案。2026年5月14日，业务合并协议进行了修订，以修改某些术语的定义、合并对价总额和转换比率的计算、Electra可转换债券的处理、最低所有权门槛条款和收益分享条款。本节中使用但未定义的专有术语在业务合并协议中有其定义。

根据业务合并协议，(a) 公司将从开曼群岛迁册至特拉华州（“迁册”），以及(b) 在迁册完成后的至少一个营业日后，Merger Sub将与Electra合并（“合并”），合并后Electra将成为存续公司（“存续公司”），并成为公司的全资子公司。在合并过程中，存续公司将更改名称，由双方共同商定，公司也将更改名称为“Electra AI, Inc.”

迁册和合并

根据业务合并协议，并且在满足或放弃其中规定的条件后，在生效时间至少前一个营业日的当天，公司应通过从开曼群岛继续注册到特拉华州的方式，从开曼群岛公司注册处注销，以迁册并作为特拉华州实体进行本土化。

在迁册过程中，公司将(i) 向特拉华州州务卿提交公司章程，从而使公司拥有由A类普通股和B类普通股组成的双重类别的普通股，A类普通股面值为每股0.0001美元（“IRHO A类普通股”），B类普通股面值为每股0.0001美元（“IRHO B类普通股”，与IRHO A类普通股合称为“IRHO普通股”）；以及(ii) 通过公司章程，每项章程均应根据公司和Electra书面同意的变更进行调整。

IRON HORSE ACQUISITION II CORP.

合并财务报表附注

2026年8月31日

(未审)

注 1 — 组织架构、业务运营计划及持续经营考虑 (续)

在驯化（Domestication）过程中，（i）公司当时已发行并 outstanding 的每股面值为 0.0001 美元的普通股（每只，称为“IRHO 普通股”），将自动按 1:1 的比例转换为一股 IRHO A 类普通股；（ii）当时已发行并 outstanding 的每项使持有人有权获得 1/10 股 IRHO 普通股的权利（每项，称为“IRHO 权利”），将在交割时自动转换为一项获得 1/10 股 IRHO A 类普通股的权利，根据公司于 2025 年 12 月 16 日与 Continental Stock Transfer & Trust Company（作为权利代理）签订的权利协议；以及（iii）公司当时已发行并 outstanding 的每项单位将在交割时自动分离并转换为一股 IRHO A 类普通股和一项获得 1/10 股 IRHO A 类普通股的权利。

合并将在向特拉华州州务卿提交合并证书后生效，或在业务合并协议各方同意并规定于合并证书中的较晚时间（“生效时间”）。驯化、合并及其他根据业务合并协议预期的交易在此统称为“拟议的业务合并”，合并的完成称为“交割”，交割的日期称为“交割日”。“

合并对价和结构

根据业务合并协议，公司已同意以 2.5 亿美元加上总行权价格（根据业务合并协议条款调整）（“基础购买价格”）收购 Electra 的全部股权权益，该基础购买价格包括的 IRHO 普通股数量等于（a）基础购买价格除以（b）10.00 美元所得的商数，这些 IRHO 普通股将包括不超过由转换比率（如下定义）乘以 3,994,802（“总合并对价”，如修订后的业务合并协议中定义）的 IRHO B 类普通股。“总行权价格”指在生效时间之前立即到期的已行权的在价内 Electra 期权全部行权或转换时应付给 Electra 的总金额。

基础购买价格将自动向上调整，每次增加 10.00 美元，直到总合并对价（不包括根据业务合并协议第 3.2(c) 条发行的 IRHO 普通股以及转换股票期权行权时的发行）至少代表总公司完全稀释股份的 50.1%（如修订后的业务合并协议中所述）。“总公司完全稀释股份”指在生效时间后立即，不重复计算的总和，包括（a）已发行并 outstanding 的所有 IRHO 普通股（在考虑驯化、合并、所有 IRHO 权利的转换、任何 PIPE 融资以及任何赞助商股份的没收或放弃后）；加上（b）所有已转换股票期权全部行权时可发行的 IRHO 普通股总数。

合并的影响

在生效时间（Effective Time）时：(i) 公司或合并子公司或Electra（作为库存股票或其他方式）所拥有的任何Electra资本股票（如下文定义），将自动被取消；(ii) 在生效时间之前已发行并流通的Electra优先股（如下文定义）将转换为获得一定数量的IRHO普通股的权利，该数量等于：(a) (x) 转换比率乘以 (y) 在生效时间之前该Electra优先股可转换为的Electra普通股数量，加上 (b) 根据《业务合并协议》中规定并受其条件限制的按比例分配的或有股份；(iii) 在生效时间之前已发行并流通的Electra A类普通股将转换为获得：(x) 与转换比率相等数量的IRHO A类普通股，加上 (y) 根据《业务合并协议》中规定并受其条件限制的按比例分配的或有股份；以及 (iv) 在生效时间之前已发行并流通的Electra B类普通股将转换为获得：(x) 与转换比率相等数量的IRHO B类普通股，加上 (y) 根据《业务合并协议》中规定并受其条件限制的按比例分配的或有股份。在生效时间，所有Electra资本股票将不再流通，并将自动被取消并终止存在，此后，Electra资本股票的持有者将不再对该等证券有任何权利，除根据其按比例分配的或有股份获得总合并对价的一部分以及根据其按比例分配的或有股份获得相应部分的或有股份的或有条件权利外。

“Electra资本股票”指“Electra普通股”，包括Electra的A类普通股，每股面值0.00001美元，Electra的B类普通股，每股面值0.00001美元，以及“Electra优先股”，包括Electra的种子系列优先股、Electra的A系列优先股和Electra的B系列优先股。

IRON HORSE ACQUISITION II CORP.

合并财务报表附注

2026年8月31日

（未经审计）

注 1 — 组织、业务运营计划及持续经营考虑（续）

“转换比率”根据修订后的业务合并协议定义，指通过将 (a) 构成总合并对价的IRHO普通股数量除以 (b) 构成总完全稀释的Electra普通股数量（不考虑其业务合并协议中第(c)款所述的股份）所得到的商数。

根据修订后的业务合并协议中定义的“完全稀释的Electra普通股”，是指在生效时间前立即发行和流通的Electra普通股的总和，不重复计算，包括：(a) 生效时间前立即发行和流通的所有Electra普通股；加上(b) 在生效时间前立即发行的全部Electra优先股完全转换后可发行的Electra普通股总数；加上(c) 在生效时间前立即发行的全部Electra期权（已行权）行权后可发行的Electra普通股总数；加上(d) 在生效时间前立即发行的任何其他Electra证券（除Electra期权和与桥接融资相关的Electra可转换债券外）完全转换、行权或交换后可转换或可交换或可行使的Electra普通股总数。

合并子公司股本的转换。

在生效时间前立即发行和流通的合并子公司的每股面值0.0001美元的普通股，将转换为并成为存续公司新发行的、完全支付且不可追索的每股面值0.0001美元的普通股。

期权和可转换债券的处理。

在生效时间，每个Electra期权将转换为(i) 一项购买权，根据与该Electra期权适用的条款和条件基本相同（包括到期日、行权条件和行权条款），确定的IRHO A类普通股数量（向下取整至最近的整数股），该数量通过将生效时间前立即该Electra期权所涉及的Electra A类普通股数量乘以转换比率确定，每IRHO A类普通股的行权价格（向上取整至最近的整数分）等于(A) 该Electra期权的Electra A类普通股每股行权价格除以(B) 转换比率，以及(ii) 根据业务合并协议中规定并受其条件限制，获得一定数量的或有支付股份的权利。

在生效时间，每个Electra可转换债券将转换为获得一定数量的IRHO普通股的权利，该数量等于(a) (i) 转换比率乘以(ii) 在生效时间前立即该Electra可转换债券转换后可发行的Electra普通股数量。

或有支付股份

从交割日开始的期间，直至交割日后的第五个周年日（“收益期”），作为合并的额外对价，Electra 普通股的持有者（但不包括异议股东）、Electra 优先股、Electra 期权（无论是否已行权）（“Electra 收益权持有者”，如修订后的业务合并协议中所定义）应根据其各自的收益权比例份额，有权获得最多总计 15,000,000 股额外的 IRHO 普通股（“收益上限”）（为避免疑义，对于仅持有 Electra A 类普通股、Electra 优先股或 Electra 期权的收益权持有者，该等收益股将作为 IRHO A 类普通股发行；对于持有任何 Electra B 类普通股的收益权持有者，该等收益股将作为 IRHO B 类普通股发行）（“收益股”），但须受以下条件限制：

在收益期内的任何时间，如果（1）在任何连续 20 个交易日内的任何 10 个交易日中，IRHO 普通股的 VWAP 大于或等于 14.00 美元/股，或（2）根据公司 10-Q 或 10-K 表格报告的年度运行率（根据业务合并协议定义，“ARR”）大于或等于 4500 万美元，以先发生者为准，那么在收益上限内，将获得三分之一（1/3）的收益股；

在收益期内的任何时间，如果（1）在交割日后一年内的任何连续 20 个交易日内的任何 10 个交易日中，IRHO 普通股的 VWAP 大于或等于 16.00 美元/股，或（2）根据公司 10-Q 或 10-K 表格报告的年度运行率（根据业务合并协议定义，“ARR”）大于或等于 5500 万美元，以先发生者为准，那么在收益上限内，将获得三分之一（1/3）的收益股；以及

在收益期内的任何时间，如果（1）在任何连续 20 个交易日内的任何 10 个交易日中，IRHO 普通股的 VWAP 大于或等于 18.00 美元/股，或（2）根据公司 10-Q 或 10-K 表格报告的年度运行率（根据业务合并协议定义，“ARR”）大于或等于 6500 万美元，以先发生者为准，那么在收益上限内，将获得三分之一（1/3）的收益股。

IRON HORSE ACQUISITION II CORP.

合并财务报表附注

2026 年 8 月 31 日

（未经审计）

注 1 — 组织架构、业务运营计划及持续经营考虑（续）

在任何此类收益里程碑达成后的 10 个营业日内，适用的收益股将迅速交付给 Electra 收益权持有者。每个收益里程碑仅在达成时发生一次。

交割条件

本次拟议业务合并的完成需满足双方的一些常规条件，包括但不限于：(i) 公司和Electra各自的股东批准拟议的业务合并及相关协议和交易；(ii) 注册声明生效；(iii) 公司的首次上市申请应在纳斯达克或其他全国性证券交易所获得有条件批准；(iv) Electra和公司各自未发生持续的实质性不利影响；(v) 各自的基本陈述在所有方面均真实准确；(vi) 公司的公司章程已向特拉华州州务卿提交并获批准；(vii) Electra和公司的所有高管证书均已提交；(viii) 各方已签署并相互交付了各自作为当事方的每份附属协议的副本；(ix) 截至交割前立即，公司各方累计未支付的费用、成本和开支（包括外部法律顾问的费用，但不包括递延承销佣金）合计不得超过200万美元，且须事先获得Electra的书面同意；双方同意，未经Electra事先书面同意产生的任何超额费用将减少留给发起人的股份对价，使得只有发起人承担此类超额费用、成本和开支，假设IRHO普通股价格为10美元；以及(x) 公司在交割时的现金金额应等于或超过3000万美元。

公司支持协议

在执行业务合并协议的过程中，公司与发起人和Electra签订了一份支持协议（“公司支持协议”），根据该协议，发起人同意，除其他事项外：(i) 对其所有的IRHO普通股投票支持与拟议的业务合并和业务合并协议相关的各种提案以及公司为完成拟议的业务合并而要求的任何其他事项；(ii) 反对任何替代提案或替代交易或与拟议的业务合并交易（除业务合并协议、合并或其中所设想的任何交易外）相关的任何提案；(iii) 反对任何合并协议或合并、合并、资产出售、重组、资本重组、解散、清算或清算或由公司进行的清算；(iv) 反对任何改变公司业务、管理或董事会的提案（除与业务合并协议、合并或其中所设想的任何交易有关的事项外）；(v) 反对任何提案、行动或协议，该提案、行动或协议将（A）阻碍、干扰、延迟、推迟、挫败、阻止或使公司支持协议、业务合并协议、附属协议或合并或其中所设想的任何交易的任何条款无效，（B）导致公司或合并子公司或发起人在业务合并协议或公司支持协议下的任何承诺、声明、保证或任何其他义务或协议在任何方面被违反，（C）导致业务合并协议第IX条中规定的任何条件未得到满足，或（D）以任何方式改变公司的股息政策或资本结构，包括任何类别股本的投票权；(vi) 对任何提议投票赞成延长公司根据其组织文件获得的完成首次业务合并的时间段，在每种情况下，均受公司支持协议条款和条件的约束。

自本协议生效之日起，至以下最早发生之日止：(a) 效力时间，(b) 根据其条款有效终止业务合并协议的日期和时间，以及(c) 公司清算之日，发起人不得在未获得Electra事先书面同意的情况下，直接或间接地，(i) 卖出、拟出售、订立或同意出售、质押、担保、授予购买期权或以其他方式处置或同意处置，或向证券交易委员会提交（或参与提交）注册声明（除代理声明/招股说明书外），或建立或增加看跌等价头寸或清算或减少看涨等价头寸，针对由发起人持有的任何IRHO普通股，(ii) 参与任何将部分或全部拥有任何由发起人持有的IRHO普通股的经济后果转移给其他方的掉期或其他安排，或(iii) 公开宣布任何交易的意图；但上述限制不适用于根据公司支持协议定义的允许转让。

IRON HORSE ACQUISITION II CORP.

合并财务报表附注

2026年8月31日

(未审)

注 1 — 组织、业务运营计划和持续经营考虑 (续)

Electra支持协议

鉴于签署业务合并协议，公司与Electra及Electra的某些股东（“Electra支持股东”）签订了一份支持协议（“Electra支持协议”），根据该协议，Electra支持股东同意，除其他事项外，(i) 投票批准和通过业务合并协议及其所设想的交易，(ii) 投票反对任何合并协议或合并、合并、出售重大资产、重组、资本重组、解散、清算或Electra的清算或解散（除业务合并协议或附属协议及合并及其他相关交易外），(iii) 投票反对任何违反业务合并协议的业务变更、管理层或董事会（除与业务合并协议及所设想的交易有关的事项，包括合并），以及(iv) 投票反对任何可能（A）阻碍、干扰、延迟、推迟、挫败、阻止或使Electra支持协议、业务合并协议、附属协议或合并或其任何交易的任何条款无效的提案、行动或协议，(B) 导致Electra或Electra股东在业务合并协议或Electra支持协议下的任何契约、陈述、保证或任何其他义务或协议的任何违反，(C) 导致业务合并协议第九章中规定的任何条件未被满足，或(D) 以任何方式改变Electra的股息政策或资本结构，包括Electra任何股份的投票权。

此外，Electra支持股东同意，在从进入Electra支持协议之日起至以下最早日期（a）生效时间，（b）根据协议条款有效终止业务合并协议的日期和时间）期间，每个Electra支持股东同意，在未经公司事先书面同意的情况下，直接或间接地（i）出售、拟出售、订约或同意出售、质押、转让、质押、授予购买期权或以其他方式处置或同意处置或转让，针对该Electra支持股东持有的任何Electra股份，（ii）参与任何将部分或全部所有权经济后果转移给其他方的掉期或其他安排，或（iii）公开宣布任何此类交易的意图；但上述限制不适用于根据Electra支持协议定义的允许转让。

锁定期协议

在交割日之前，公司和Electra将与Electra的某些股东和发起人签订一份锁定期协议，根据该协议，交割后立即由这些股东持有的IRHO普通股以及任何其他可转换、可交换或代表获得IRHO普通股权利的权益证券（如有）将在锁定期期间受到限制。锁定期是指从交割日开始，到交割日后连续四个相等的季度期结束的期间，具体安排如下：

(a)

在Electra发布其第一份季度财报后，且该财报至少在交割日后120天发生时，将释放四分之一的锁定期证券；

(b)

在Electra发布其第二份季度财报后，且该财报至少在交割日后120天发生时，将释放四分之一的锁定期证券；

(c)

在Electra发布其第三份季度财报后，且该财报至少在交割日后120天发生时，将释放四分之一的锁定期证券；以及

(d)

在Electra发布其第四份季度财报后，且该财报至少在交割日后120天发生时，将释放四分之一的锁定期证券。

IRON HORSE ACQUISITION II CORP.

合并财务报表附注

2026年8月31日

（未经审计）

注 1 — 组织、业务运营计划及持续经营考虑（续）

修订和重述的优先认购权协议

《业务合并协议》设想，在交割时，公司、Electra、发起人以及Electra的某些股东（统称为“持有人”）将签订一份修订和重述的登记权协议（“登记权协议”），根据该协议，公司将同意根据《证券法》第415条的规定，为持有人不时持有的某些IRHO普通股进行登记，包括（a）任何已发行的IRHO普通股以及任何其他股权证券行权后发行或可发行的IRHO普通股，以及公司由持有人在交割后立即持有的任何股权奖励行权后发行或可发行的IRHO普通股（包括根据业务合并协议可分发的任何证券）；（b）任何已发行的IRHO普通股、股权奖励、业绩股、公司任何其他股权证券行权后发行或可发行的IRHO普通股，由持有人在交割日后获得，且该等证券属于“受限证券”（根据规则144定义）或由公司的“关联方”（根据规则144定义）持有；（c）任何额外持有人普通股（根据登记权协议定义）；以及（d）根据上述（a）、（b）或（c）项所述证券，通过股票股息或股票分割或与重组、合并、合并、分拆、重组或类似交易相关而发行或可发行的公司或其任何子公司的其他股权证券。

《登记权协议》修订并重述了公司、发起人及其他相关方在公司首次公开募股时签订的登记权协议。《登记权协议》将在以下较早日期终止：（a）《登记权协议》日期的五年 anniversary；或（b）对于任何持有人而言，该持有人不再持有任何可登记证券（如协议中定义）的日期。

2026年5月14日，公司与《业务合并协议》签订了修订协议（“修订协议”）。除其他事项外，修订协议修订了《业务合并协议》的某些条款，包括：

	●	合并对价总额、公司业绩持有人、转换比率的定义；

	●	合并对价总额和转换比率的计算；

	●	与Electra的桥式融资相关发行的公司可转换债券的处理；

	●	最低持股门槛条款；以及

●

业务合并交割后适用的业绩股条款。

持续经营考虑

截至2026年8月31日，公司拥有现金1,522美元，营运资金165,238美元，股东权益赤字11,173,616美元。公司已发生并预计将继续发生大量费用以完成业务合并，公司的业务计划依赖于在规定时间内完成业务合并，如果未能完成，公司将停止所有运营，仅保留清算目的。

在与公司根据FASB ASC 205-40《财务报表列报——持续经营》对持续经营考虑因素进行评估相关的情况下，公司管理层确定，公司目前缺乏维持运营合理时间（至少为附带未经审计的合并财务报表发布之日起一年）所需的流动性，因为公司预计将继续在追求收购计划的过程中产生重大成本。此外，管理层确定，如果公司在组合期限内无法完成首次业务合并，则公司将停止所有运营，仅保留清算目的。这些情况引发了对公司持续作为持续经营能力的重大疑虑。管理层计划在组合期限结束前完成首次业务合并。如果公司在组合期限结束后被要求清算，未对资产或负债的账面价值进行调整。无法保证公司筹集资金或完成首次业务合并的计划将取得成功。

IRON HORSE ACQUISITION II CORP.

合并财务报表附注

2026年8月31日

(未经审计)

注 1 — 组织架构、业务运营计划及持续经营考虑因素 (续)

风险与不确定性

The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the military escalations between the United States and Iran, the ongoing Russia-Ukraine conflict and other similar geopolitical conflicts. Ongoing military escalation between the United States and Iran has heightened risks to critical infrastructure, shipping routes, and energy supplies. Any further deterioration could drive sustained increases in oil prices, disrupt global trade, contribute to macroeconomic instability, and materially heighten the risk of a global recession. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyberattacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from these geopolitical conditions could reduce the pool of viable attractive target candidates for an initial Business Combination, the military escalations between the United States and Iran, the Russian invasion of Ukraine, the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s search for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed with the SEC on December 18, 2025, the Company’s Current Report on Form 8-K, as filed with the SEC on December 23, 2025, as well as the Company’s Annual Report on Form 10-K for the period ended November 30, 2025, as filed with the SEC on February 13, 2026. The interim results for the three and nine months ended August 31, 2026 are not necessarily indicative of the results to be expected for the year ending November 30, 2026 or for any future periods.

IRON HORSE ACQUISITION II CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2026

(Unaudited)

Note 2 — Significant Accounting Policies (cont.)

Principles of Consolidation

Merger Sub, a direct, wholly owned subsidiary of the Company, was incorporated on April 17, 2026 and was formed for the purpose of merging with Electra prior to the transactions contemplated in the Business Combination Agreement to facilitate the consummation of the Proposed Business Combination.

The accompanying consolidated financial statements include the accounts of the Company and Merger Sub. All significant intercompany balances and transactions have been eliminated in the consolidation.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $1,522 and $432 in cash as of August 31, 2026 and November 30, 2025, respectively, and no cash equivalents.

Notes Receivable

Notes receivable are stated at the outstanding principal balance, plus accrued interest, if any, net of an allowance for expected credit losses. In accordance with ASC Topic 326, “Financial Instruments — Credit Losses,” the Company measures expected credit losses over the contractual life of the notes on an ongoing basis, considering past-due status, the absence of collateral, the financial condition of the counterparty and reasonable and supportable forecasts. As of August 31, 2026, the entire outstanding principal balance of $255,000 was contractually past due. Based on management’s evaluation, including the subsequent collection of $150,000 of principal on October 2, 2026, management determined that expected credit losses on the notes receivable were not material; therefore, no allowance for credit losses was recorded as of August 31, 2026.

On May 1, 2026 and May 15, 2026, the Company entered into unsecured promissory notes with Electra in connection with a short-term financing arrangement for $150,000 and $105,000, respectively. The notes are non-interest bearing through their maturity dates of May 15, 2026 and June 15, 2026, respectively. After the maturity date, the notes bear interest at a rate of 18% per annum. As of August 31, 2026, the outstanding principal balance of the notes receivable amounted to $255,000, both notes were past their stated maturity dates, and the balance is presented in the accompanying unaudited consolidated balance sheets. No interest was accrued as of August 31, 2026 as management had waived the interest on the May 1, 2026 note, and the interest on the May 15, 2026 note would be de-minimis. Subsequent to August 31, 2026 through filing date, the Company received payment of $150,000 on October 2, 2026 while the remaining $105,000 remain uncollected.

IRON HORSE ACQUISITION II CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2026

(Unaudited)

Note 2 — Significant Accounting Policies (cont.)

Cash and Investments Held in Trust Account

As of August 31, 2026 and November 30, 2025, the assets held in the Trust Account, amounted to $235,645,815 and $0, respectively. As of August 31, 2026, the assets held in the Trust Account are held in cash and in money market funds which are invested primarily in U.S. treasury securities. Investments in money market funds are presented on the accompanying unaudited consolidated balance sheets at fair value at the end of each reporting period. Interest and dividends earned from investments in these securities are included in the accompanying unaudited consolidated statements of operations.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes that the Company is not exposed to significant risks on such account. The Company is also exposed to a concentration of credit risk with respect to its notes receivable, which consist of $255,000 of unsecured notes due from a single counterparty, Electra, and which were past due as of August 31, 2026.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying unaudited consolidated balance sheets, primarily due to their short-term nature.

Income Taxes

The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of August 31, 2026 and November 30, 2025, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

Effective July 25, 2025, the Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. Prior to such date, the Company was a Delaware entity and the provision for income taxes was deemed to be de minimis from November 26, 2024 (inception) through July 25, 2025.

Offering Costs

The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Offering costs consist principally of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between ordinary shares and Share Rights, using the residual method by allocating Initial Public Offering proceeds first to the fair value of the Public Rights and then to the ordinary shares. Offering costs allocated to the Public Shares were charged to temporary equity, and offering costs allocated to Public Rights and Private Placement Units were charged to shareholders’ deficit, as the Share Rights, after management’s evaluation, were accounted for under equity treatment.

Share Rights

The Company accounted for the Public and Private Placement Rights issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 480, “Distinguishing Liabilities from Equity,” and FASB ASC Topic 815, “Derivatives and Hedging,” including ASC 815-40-15 and ASC 815-40-25. Accordingly, the Company determined that the Share Rights are not within the scope of ASC 480, are indexed to the Company’s own ordinary shares and meet the conditions for equity classification; the Share Rights are therefore classified within shareholders’ deficit at their fair value at issuance.

IRON HORSE ACQUISITION II CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2026

(Unaudited)

Note 2 — Significant Accounting Policies (cont.)

Ordinary Shares Subject to Possible Redemption

The Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, as of August 31, 2026, ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s unaudited consolidated balance sheets. As of August 31, 2026, the ordinary shares subject to possible redemption reflected in the unaudited consolidated balance sheets are reconciled in the following table:

Gross proceeds	$	230,000,000
Less:
Proceeds allocated to Public Rights		(3,404,000	)
Allocated value of transaction costs to ordinary shares subject to possible redemption		(15,344,116	)
Plus:
Remeasurement of carrying value to redemption value		24,393,931
Ordinary shares subject to possible redemption, August 31, 2026	$	235,645,815

Net Income (Loss) Per Ordinary Share

The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding for the period. Remeasurement associated with the redeemable ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

The calculation of diluted net income (loss) per ordinary share does not consider the effect of the 2,357,000 ordinary shares issuable upon conversion of the rights issued in connection with the (i) Initial Public Offering, and (ii) the private placement because their issuance is contingent upon the occurrence of future events.

For the nine months ended August 31, 2026, basic net income per non-redeemable ordinary share includes the Founder Shares beginning on December 18, 2025, the date the over-allotment option was fully exercised. Diluted net income per non-redeemable ordinary share treats the Founder Shares as outstanding as of the beginning of the period in which the contingent condition was satisfied. Accordingly, upon the exercise of the over-allotment option on December 18, 2025, the Founder Shares are included in the calculation of diluted net income per non-redeemable ordinary share as if outstanding from the beginning of the period on December 1, 2025.

The following table reflects the calculation of basic and diluted net income(loss) per ordinary share (in dollars, except per share amounts):

	For the Three Months Ended August 31,		For the Nine Months Ended August 31,
	2026		2025			2026		2025
	Redeemable		Non-redeemable			Redeemable		Non-redeemable	Redeemable			Non-redeemable			Redeemable		Non-redeemable
Basic net income (loss) per ordinary share
Numerator:
Allocation of net income (loss)	$	1,471,599		$	404,370		$	—	$	(71,471	)		$	3,516,067		$	1,019,898	$	—	$	(167,328	)
Denominator:
Basic weighted-average shares outstanding		23,000,000			6,320,000			—		5,000,000				21,489,051			6,233,285		—		5,000,000
Basic net income (loss) per ordinary share	$	0.06		$	0.06		$	—	$	(0.01	)		$	0.16		$	0.16	$	—	$	(0.03	)

IRON HORSE ACQUISITION II CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2026

(Unaudited)

Note 2 — Significant Accounting Policies (cont.)

Net Income (Loss) Per Ordinary Share (cont.)

	For the Three Months Ended August 31,		For the Nine Months Ended August 31,
	2026		2025			2026		2025
	Redeemable		Non-redeemable			Redeemable		Non-redeemable	Redeemable			Non-redeemable			Redeemable		Non-redeemable
Diluted net income (loss) per ordinary share
Numerator:
Allocation of net income (loss)	$	1,471,599		$	404,370		$	—	$	(71,471	)		$	3,509,829		$	1,026,136	$	—	$	(167,328	)
Denominator:
Diluted weighted-average shares outstanding		23,000,000			6,320,000			—		5,000,000				21,489,051			6,282,555		—		5,000,000
Diluted net income (loss) per ordinary share	$	0.06		$	0.06		$	—	$	(0.01	)		$	0.16		$	0.16	$	—	$	(0.03	)

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying unaudited consolidated financial statements.

Note 3 — Initial Public Offering

In the Initial Public Offering on December 18, 2025, the Company sold 23,000,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one share of the Company’s ordinary shares, $0.0001 par value, and one Public Right to one-tenth (1/10) of one ordinary share upon the consummation of the Company’s initial Business Combination.

Note 4 — Private Placement

Simultaneously with the closing of the Initial Public Offering, the Sponsor and Cantor Fitzgerald & Co. purchased an aggregate of 570,000 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement. Each Unit consists of one Private Placement Share and one Private Placement Right to receive one tenth (1/10) of one ordinary share upon the consummation of an initial Business Combination. Of those 570,000 Private Placement Units, the Sponsor purchased 370,000 Private Placement Units and Cantor Fitzgerald & Co. purchased 200,000 Private Placement Units. The Private Placement Units are identical to the units sold in the Initial Public Offering, subject to certain limited exceptions.

IRON HORSE ACQUISITION II CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2026

(Unaudited)

Note 5 — Commitments and Contingencies

Registration Rights

The holders of the Founders Shares issued and outstanding, as well as the holders of the Private Placement Units, including those to be issued upon conversion of the rights, and any rights the initial shareholders, officers, directors or their affiliates may be issued in payment of working capital loans made to the Company (and all underlying securities), will be entitled to registration rights pursuant to an agreement signed on December 16, 2025. The holders of a majority of these securities are entitled to make up to two demands that the Company register such securities. The holders of the majority of the Founders Shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these ordinary shares are to be released from escrow. The holders of a majority of the public and private rights issued to our initial shareholders, officers, directors or their affiliates in payment of working capital loans made to the Company (or underlying securities) can elect to exercise these registration rights at any time after the Company consummates a Business Combination. Notwithstanding anything to the contrary, the underwriter may only make a demand on one occasion and only during the five-year period beginning on the effective date of the registration statement relating to the Company’s Initial Public Offering. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our consummation of a Business Combination; provided, however, that the underwriter may participate in a “piggy-back” registration only during the seven-year period beginning on the effective date of the Initial Public Offering. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters a 45-day option from the date of Initial Public Offering to purchase up to 3,000,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On December 18, 2025, the underwriters elected to fully exercise their over-allotment option to purchase an additional 3,000,000 Units at a price of $10.00 per Unit.

The underwriters were entitled to a cash underwriting discount of 2.0% of the gross proceeds of the Initial Public Offering other than those sold pursuant to the underwriters’ over-allotment option, or $4,000,000, which was paid upon the closing of the Initial Public Offering.

Additionally, the underwriters were entitled to a deferred underwriting discount of 4.50% of the gross proceeds of the Initial Public Offering held in the Trust Account other than those sold pursuant to the underwriters’ over-allotment option and 6.50% of the gross proceeds sold pursuant to the underwriters’ over-allotment option, or $10,950,000 in the aggregate. The deferred underwriting discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its Initial Business Combination.

Deferred Legal Fee

On March 18, 2026, the Company entered into an agreement with its legal advisor in connection with services rendered associated with the Business Combination Agreement. As of August 31, 2026, the Company had a total of $413,467 of deferred legal fee incurred to be paid to the Company’s legal advisor upon the earlier to occur of (i) the closing of the Business Combination, (ii) the termination of the Business Combination Agreement, and (iii) the liquidation of the Company. As of November 30, 2025, there were no deferred legal fee payable. The deferred fee is classified as a non-current liability in the accompanying unaudited consolidated balance sheets.

Service Provider Agreement

On May 11, 2026, the Company entered into an agreement with a service provider in connection with regulatory filings associated with the Business Combination Agreement. Upon completion of a successful Business Combination, this service provider will be entitled to a success fee of $100,000.

IRON HORSE ACQUISITION II CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2026

(Unaudited)

Note 6 — Related Party Transactions

Founder’s Shares

On November 29, 2024, Iron Horse Acquisitions Corp. II issued an aggregate of 12,321,429 ordinary shares to the previous sponsor, Bengochea SPAC Sponsors II LLC (the “Founder Shares”) for an aggregate purchase price of $25,000. As of November 30, 2024, the $25,000 had not been received for the issuance of the Founder Shares and it is presented as a subscription receivable on the equity statement. Subsequently on December 27, 2024, the Company received the $25,000 for the Founder Shares. On May 8, 2025, through a share recapitalization, the previous sponsor surrendered 6,571,429 ordinary shares, as a result of which the previous sponsor held an aggregate of 5,750,000 ordinary shares. As described in Note 1 and below, the previous sponsor’s 5,750,000 ordinary shares were cancelled in connection with the September 30, 2025 merger of Iron Horse Acquisitions Corp. II with and into the Company, and on September 18, 2025 the Sponsor acquired 5,750,000 newly issued ordinary shares of the Company for $32,000. The 5,750,000 ordinary shares held by the Sponsor are the Founder Shares outstanding as of August 31, 2026. Because the merger was accounted for as a transaction between entities under common control, with the assets and liabilities recorded at their historical cost and the net assets received reported retrospectively, all share and per share data have been retrospectively presented for all periods presented. The Founder Shares include an aggregate of up to 750,000 shares subject to forfeiture by the holders to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the holders will collectively own 20% of the Company’s issued and outstanding shares after the Initial Public Offering assuming the initial shareholders do not purchase any Public Shares in the Initial Public Offering. The holders of the Founder Shares agreed not to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees) until the earlier of (i) 180 days after the completion of a Business Combination or (ii) if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property.

The Company had initially engaged D. Boral Capital LLC (“D. Boral”) to act as the lead underwriter in connection with the Initial Public Offering. In May 2025, D. Boral and the Company agreed to terminate such engagement, and in consideration therefore, the Sponsor has agreed to transfer 10,000 Founder Shares to D. Boral in full settlement of any fees incurred by D. Boral in connection with their engagement (the “D. Boral Shares”). The D. Boral Shares will be subject to the same lock-up and transfer restrictions as the other holders of Founder Shares.

On September 18, 2025, after the Company migrated, by way of continuation, to the Cayman Islands, as more fully described above and in Note 1, the Sponsor contributed $32,000 for the issuance of 5,750,000 ordinary shares, $0.0001 par value per share at approximately $0.0056 per share, of which up to 750,000 ordinary shares are subject to forfeiture to the extent that the over-allotment option was not exercised by the underwriters in full or in part, so that the initial shareholders will continue to own approximately 20% of the issued and outstanding ordinary shares after the Initial Public Offering. Previously, Bengochea SPAC Sponsors II LLC, the “previous sponsor” held 5,750,000 ordinary shares in Iron Horse Acquisitions Corp. II, which shares are now cancelled. On September 30, 2025, Iron Horse Acquisitions Corp. II merged with Iron Horse Acquisition II Corp., which is the surviving entity, and the continuing company. On December 18, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 750,000 Founder Shares are no longer subject to forfeiture as of August 31, 2026.

Promissory Note — Related Party

On October 1, 2025, the Company entered into a promissory note agreement with the Sponsor for $300,000. The promissory note is non-interest bearing, and due the earlier of April 30, 2026, or the date the Company consummates the Initial Public Offering. As of November 30, 2025, the Company had outstanding borrowings of $300,000 under the promissory note. On December 18, 2025, the Company repaid the total outstanding balance of the promissory note amounting to $300,000. Borrowings under the promissory note are no longer available as of August 31, 2026.

IRON HORSE ACQUISITION II CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2026

(Unaudited)

Note 6 — Related Party Transactions (cont.)

Due from Sponsor

The Company paid the Sponsor an aggregate amount of $38,718 in excess of the outstanding promissory note balance at the closing of the Initial Public Offering. On December 22, 2025, the Sponsor wired the $38,718 back to the Company. As of August 31, 2026 and November 30, 2025, no balance was outstanding from the Sponsor.

Due to Sponsor

The Sponsor has paid certain offering and operating expenses on behalf of the Company. As of August 31, 2026 and November 30, 2025, the balance due to the Sponsor amounted to $25,545 and $11,914, respectively.

Reimbursement to Officers

For the three and nine months ended August 31, 2026, the Company incurred $59,650 and $222,456, respectively, of reimbursable expenses to its officers which are included in general, formation and operational costs in the unaudited consolidated statements of operations. For the three and nine months ended August 31, 2025, no reimbursements to officers were incurred. As of August 31, 2026 and November 30, 2025, $101,804 and $0, respectively, of reimbursable expenses are included in the unaudited consolidated balance sheets.

Working Capital Loans

In order to finance transaction costs in connection with a Business Combination, the initial shareholders, the Sponsor, the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company funds from time to time or at any time, as may be required (“Working Capital Loans”). Each Working Capital Loan would be evidenced by a promissory note. The notes would be paid upon consummation of an initial Business Combination, without interest. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from the Trust Account would be used for such repayment. These loans would be repaid at completion of the initial Business Combination. As of August 31, 2026 and November 30, 2025, no Working Capital Loans were outstanding.

Note 7 — Shareholders’ Deficit

Preference Shares

The Company is authorized to issue 1,000,000 shares of preference shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. As of August 31, 2026 and November 30, 2025, there were no preference shares issued or outstanding.

Ordinary Shares

The Company is authorized to issue 50,000,000 ordinary shares with a par value of $0.0001 per share. As of August 31, 2026 and November 30, 2025, there were 6,320,000 and 5,750,000 ordinary shares issued and outstanding, excluding 23,000,000 and 0 shares subject to possible redemption, respectively. Subject to certain limited exceptions, these shares will not be transferred, assigned, sold, or released from escrow for a period ending on the 180-day anniversary of the date of the consummation of the initial Business Combination, or earlier if, subsequent to the initial Business Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property.

Rights

Each holder of a right will receive one-tenth (1/10) of one ordinary share upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination as the consideration related thereto has been included in the unit purchase price paid for by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in the transaction on an as-converted into ordinary shares basis and each holder of a right will be required to affirmatively convert its rights in order to receive one-tenth (1/10) of one share underlying each right (without paying additional consideration).

IRON HORSE ACQUISITION II CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2026

(Unaudited)

Note 7 — Shareholders’ Deficit (cont.)

Additionally, in no event will the Company be required to net cash settle the rights. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights. Accordingly, the rights may expire worthless.

Note 8 — Fair Value Measurements

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1:

Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:

Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:

Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.

At August 31, 2026, cash and investments held in the Trust Account were comprised of $567 in cash and $235,645,248 in money market funds which are invested primarily in U.S. Treasury Securities. Through August 31, 2026, the Company withdrew $175,000 of interest earned on the Trust Account for working capital purposes, of which $175,000 was withdrawn during the nine months ended August 31, 2026.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at August 31, 2026 and November 30, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description	Level		August 31, 2026			November 30, 2025
Assets:
Investments held in Trust Account – money market funds		1		$	235,645,248		$	—

The fair value of the Public Rights issued in the Initial Public Offering is $3,404,000, or $0.148 per Public Right. The Public Rights have been classified within shareholders’ deficit and will not require remeasurement after issuance. The Public Rights were classified within Level 3 of the fair value hierarchy at the measurement date due to the use of unobservable inputs inherent in assumptions related to the market adjustments as noted below. The following table presents the quantitative information regarding market assumptions used in the valuation of the Public Rights:

	December 18, 2025
Unit price	$	9.95
Stock price	$	9.80
Pre-adjusted value per right	$	0.98
Market adjustment⁽¹⁾		15.13	%

(1)

The Market adjustment reflects additional factors, which may include the likelihood of Business Combination occurring, market perception of lack of available or suitable targets, or possible post-acquisition decline of stock price prior to conversion of the Public Rights. The adjustment is determined by comparing traded Public Right prices to simulated model outputs. The market adjustment was determined by calibrating traded Public Rights prices as of the valuation dates.

IRON HORSE ACQUISITION II CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AUGUST 31, 2026

(Unaudited)

Note 9 — Segment Information

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.

The Company’s CODM has been identified as the Chief Financial Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the unaudited consolidated statements of operations as net income or loss. The measure of segment assets is reported on the unaudited consolidated balance sheets as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

	August 31, 2026		November 30, 2025
Cash	$	1,522		$	432
Cash and investments held in Trust Account	$	235,645,815		$	—

	For the Three Months Ended August 31,		For the Nine Months Ended August 31,
	2026		2025			2026		2025
General, formation and operational costs	$	233,398		$	71,471		$	1,284,850	$	167,328
Interest earned on cash and investments held in Trust Account	$	2,109,367		$	—		$	5,820,815	$	—

The CODM reviews the position of total assets available with the Company to assess if the Company has sufficient resources available to discharge its liabilities. The CODM is provided with details of cash and liquid resources available with the Company. The CODM reviews the interest earned on the Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the trust agreement.

General, formation and operational costs and interest earned on investments held in Trust Account are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination or similar transaction within the Combination Period. The CODM also reviews general, formation and operational costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General, formation and operational costs, as reported on the unaudited consolidated statements of operations, are the significant segment expenses provided to the CODM on a regular basis.

Note 10 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited consolidated financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited consolidated financial statements.

On October 2, 2026, the Company collected $150,000 of the notes receivable while the remaining $105,000 remain uncollected.

Item 2. Management’s Discussion and Analysis\nof Financial Condition and Results of Operations

References in this report (the “Quarterly\nReport”) to “we,” “us” or the “Company” refer to Iron Horse Acquisition II Corp. References\nto our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor”\nrefer to IRHO SPAC Sponsor LLC. The following discussion and analysis of the Company’s financial condition and results of operations\nshould be read in conjunction with the unaudited consolidated financial statements and the notes thereto contained elsewhere in this Quarterly\nReport. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve\nrisks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking\nstatements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical\nfacts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All\nstatements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s\nDiscussion and Analysis of Financial Condition and Results of Operations” the Company’s financial position, business strategy\nand the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,”\n“believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar\nwords and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events\nor future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could\ncause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking\nstatements, including that the conditions of the Proposed Business Combination are not satisfied. For information identifying important\nfactors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to\nthe Risk Factors section of the Company’s final prospectus for its Initial Public Offering filed with the U.S. Securities and Exchange\nCommission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website\nat www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update\nor revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company initially incorporated\nas a Delaware corporation on November 26, 2024, formed for the purpose of effecting a merger, share exchange, asset acquisition, share\npurchase, recapitalization, reorganization or other similar business combination with one or more businesses. On July 25, 2025, we transferred,\nby way of continuation, to the Cayman Islands. On September 12, 2025, Iron Horse Acquisition II Corp. was incorporated in the Cayman Islands.\nOn September 30, 2025, Iron Horse Acquisitions Corp. II merged with Iron Horse Acquisition II Corp., which is the surviving entity, and\nwe are now incorporated as a Cayman Islands exempted company. We intend to effectuate our business combination using cash derived from\nthe proceeds of the Initial Public Offering and the sale of the Private Placement Units, our shares, debt or a combination of cash, shares\nand debt.

We expect to continue to incur significant costs\nin the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

Although we initially intended to focus on target\ncompanies within the media and entertainment industry, on April 21, 2026, we entered into the Business Combination Agreement with\nElectra Vehicles, Inc., as described below.

Proposed Transactions

On April 21, 2026, we entered into a merger agreement\n(as amended, the “Business Combination Agreement”), by and among us, IRHO Merger Sub Inc., a Delaware corporation and our\ndirect, wholly owned subsidiary (“Merger Sub”), and Electra Vehicles, Inc., a Delaware corporation (“Electra”).\nElectra is dedicated to enhancing battery performance through AI-powered battery intelligence, providing solutions for electric vehicles,\nbattery energy storage systems (BESS) and fleet operators. The Business Combination Agreement was amended on May 14, 2026 to revise certain\ndefined terms, the calculation of the aggregate merger consideration and the conversion ratio, the treatment of Electra’s convertible\nnotes, the minimum ownership threshold provisions and the earnout share provisions.

Capitalized terms used but not defined in this\nsection have the meanings given to them in the Business Combination Agreement.

Pursuant to the Business Combination Agreement,\nwe will domesticate from the Cayman Islands to the State of Delaware (the “Domestication”) and, at least one business day\nfollowing the Domestication, Merger Sub will merge with and into Electra (the “Merger”), with Electra surviving the Merger\nas our wholly owned subsidiary, and we will change our name to “Electra AI, Inc.” The Domestication, the Merger and the other\ntransactions contemplated by the Business Combination Agreement are referred to as the “Proposed Business Combination.”

We have agreed to acquire all of the equity interests\nof Electra for $250,000,000 plus the Aggregate Exercise Price, as adjusted pursuant to the terms of the Business Combination Agreement,\npayable in shares of our post-Domestication common stock (the “IRHO Common Shares”) valued at $10.00 per share, subject to\nautomatic upward adjustment until the Aggregate Merger Consideration represents at least 50.1% of the Aggregate Company Fully Diluted\nShares. As additional consideration, the Electra Earnout Holders may earn up to an aggregate of 15,000,000 IRHO Common Shares in three\nequal tranches during the five-year period following the Closing Date, upon achievement of share price milestones of $14.00, $16.00 and\n$18.00 per share or annual run rate milestones of $45 million, $55 million and $65 million, respectively.

In connection with the execution of the Business\nCombination Agreement, we entered into the Company Support Agreement with our Sponsor and Electra, and the Electra Support Agreement with\nElectra and certain of its stockholders, in each case providing for voting and transfer restrictions in support of the Proposed Business\nCombination. The Business Combination Agreement further contemplates that we will enter into a lock-up agreement with our Sponsor and\ncertain Electra stockholders on or before the Closing Date, and an amended and restated registration rights agreement with the Holders\nat the Closing.

The Closing remains subject to the satisfaction\nor waiver of customary closing conditions, including approval by our shareholders and by Electra’s stockholders, effectiveness of\nthe Registration Statement, conditional approval of our initial listing application on NASDAQ or another national securities exchange,\nour accrued but unpaid fees, costs and expenses (excluding the deferred underwriting commission) not exceeding $2,000,000 without Electra’s\nprior written consent, and our closing cash equaling or exceeding $30,000,000. There can be no assurance that the Proposed Business Combination\nwill be completed. For additional information regarding the Business Combination Agreement and the related agreements, see Note 1 to our\nunaudited consolidated financial statements included elsewhere in this Quarterly Report.

Results of Operations

We have neither engaged in any operations nor\ngenerated any revenues to date. Our only activities from November 26, 2024 (inception) through August 31, 2026 were organizational activities,\nthose necessary to prepare for the Initial Public Offering, described below, and, after our Initial Public Offering, identifying a target\ncompany for a Business Combination. We do not expect to generate any operating revenues until after the completion of our Business Combination.\nWe generate non-operating income in the form of interest income on cash and investments held in the Trust Account. We incur expenses as\na result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence\nexpenses.

For the three months ended August 31, 2026, we\nhad a net income of $1,875,969, which consists of interest earned on cash and investments held in the Trust Account of $2,109,367, offset\nby general, formation and operational costs of $233,398.

For the nine months ended August 31, 2026, we\nhad a net income of $4,535,965, which consists of interest earned on cash and investments held in the Trust Account of $5,820,815, offset\nby general, formation and operational costs of $1,284,850.

For the three months ended August 31, 2025, we\nhad a net loss of $71,471, which consists of general, formation and operational costs of $71,471.

For the nine months ended August 31, 2025, we\nhad a net loss of $167,328, which consists of general, formation and operational costs of $167,328.

Liquidity and Capital Resources

On December 18, 2025, we consummated the Initial\nPublic Offering of 23,000,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount\nof 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000. Simultaneously with the closing of the Initial Public\nOffering, we consummated the sale of 570,000 Private Placement Units at a price of $10.00 per Private Placement Unit, in a private placement\nto the Sponsor and Cantor Fitzgerald & Co., generating gross proceeds of $5,700,000. Of those 570,000 Private Placement Units, the\nSponsor purchased 370,000 Private Placement Units, Cantor Fitzgerald & Co. purchased 200,000 Private Placement Units.

Following the Initial Public Offering, the full\nexercise of the over-allotment option, and the sale of the Private Placement Units, a total of $230,000,000 was placed in the Trust Account.\nWe incurred transaction costs of $15,590,100, consisting of $4,000,000 of cash underwriting fee, $10,950,000 of deferred underwriting\nfee, and $640,100 of other offering costs.

For the nine months ended August 31, 2026, cash\nused in operating activities was $934,273. Net income of $4,535,965 was affected by interest earned on cash and investments held in the\nTrust Account of $5,820,815. Changes in operating assets and liabilities provided $350,577 of cash for operating activities.

For the nine months ended August 31, 2025, cash\nused in operating activities was $115,011. Net loss of $167,328 was affected by changes in operating assets and liabilities which provided\n$52,317 of cash for operating activities.

As of August 31, 2026, we had cash and investments\nheld in the Trust Account of $235,645,815 (including $5,645,815 of interest income, net of $175,000 interest withdrawn from the Trust\nAccount for working capital purposes). We intend to use substantially all of the funds held in the Trust Account, including any amounts\nrepresenting interest earned on the Trust Account (which interest shall be net of any permitted withdrawals and excluding deferred underwriting\ncommissions), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration\nto complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the\noperations of the target business or businesses, make other acquisitions and pursue our growth strategies.

As of August 31, 2026, we had cash of $1,522.\nWe intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence\non prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their\nrepresentatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate\nand complete a Business Combination.

In order to finance transaction costs in connection\nwith a Business Combination, the initial shareholders, the Sponsor, or our officers and directors or their affiliates may, but are not\nobligated to, loan us funds from time to time or at any time, as may be required (“Working Capital Loans”). Each Working Capital\nLoan would be evidenced by a promissory note. The notes would be paid upon consummation of an initial Business Combination, without interest.\nIn the event that the initial Business Combination does not close, we may use a portion of the working capital held outside the Trust\nAccount to repay such loaned amounts, but no proceeds from the Trust Account would be used for such repayment. These loans would be repaid\nat completion of the initial Business Combination. As of August 31, 2026, no Working Capital Loans were outstanding.

We may need to obtain additional financing either\nto complete our Business Combination or because we become obligated to redeem a significant number of our Public Shares upon consummation\nof our Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination.\nOur officers, directors and our Sponsor may, but are not obligated to, loan us funds as may be required. Accordingly, we may not be able\nto obtain additional financing. If we are unable to raise additional capital, we may be required to take additional measures to conserve\nliquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction,\nand reducing overhead expenses. We cannot provide any assurance that new financing will be available to it on commercially acceptable\nterms, if at all.

As of August 31, 2026, we had $255,000 of notes\nreceivable that were past due. On October 2, 2026, we subsequently collected $150,000 of such notes receivable, with the remaining $105,000\noutstanding. We intend to use the proceeds from the collection to fund our working capital needs.

Going Concern

In connection with our assessment of going concern\nconsiderations in accordance with FASB ASC 205-40, “Financial Statement Presentation — Going Concern,” our management\nhas determined that we currently lack the liquidity needed to sustain operations for a reasonable period of time, which is considered\nto be at least one year from the date that the accompanying unaudited consolidated financial statements are issued as we expect to continue\nto incur significant costs in pursuit of our acquisition plans. In addition, our management has determined that if we are unable to complete\nan initial Business Combination within the Combination Period, then we will cease all operations except for the purpose of liquidating.\nThese conditions raise substantial doubt about our ability to continue as a going concern. Our management plans to consummate an initial\nBusiness Combination prior to the end of the Combination Period. No adjustments have been made to the carrying amounts of assets or liabilities\nshould we be required to liquidate after the end of the Combination Period. There can be no assurance that our plans to raise capital\nor to consummate an initial Business Combination will be successful.

Off-Balance Sheet Arrangements

We have no obligations, assets or liabilities,\nwhich would be considered off-balance sheet arrangements as of August 31, 2026. We do not participate in transactions that create relationships\nwith unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established\nfor the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements,\nestablished any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

Underwriting Agreement

The underwriters were entitled to a deferred underwriting\ndiscount of 4.50% of the gross proceeds of the Initial Public Offering held in the Trust Account other than those sold pursuant to the\nunderwriters’ over-allotment option and 6.50% of the gross proceeds sold pursuant to the underwriters’ over-allotment option,\nor $10,950,000 in the aggregate. The deferred underwriting discount will become payable to the underwriters from the amounts held in the\nTrust Account solely in the event the Company completes its Initial Business Combination.

Deferred Legal Fee

On March 18, 2026, we entered into an agreement\nwith its legal advisor in connection with services rendered associated with the Business Combination Agreement. As of August 31, 2026,\nwe had a total of $413,467 of deferred legal fee incurred to be paid to our legal advisor upon the earlier to occur of (i) the closing\nof the Business Combination, (ii) the termination of the Business Combination Agreement, and (iii) our liquidation. As of November 30,\n2025, there were no deferred legal fee payable. The deferred fee is classified as a non-current liability in the accompanying unaudited consolidated\nbalance sheets.

Service Provider Agreement

On May 11, 2026, we entered into an agreement\nwith a service provider in connection with regulatory filings associated with the Business Combination Agreement. Upon completion of a\nsuccessful Business Combination, this service provider will be entitled to a success fee of $100,000.

Critical Accounting Estimates

The preparation of the unaudited consolidated\nfinancial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America\nrequires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent\nassets and liabilities at the date of the unaudited consolidated financial statements, and income and expenses during the periods reported.\nActual results could materially differ from those estimates. We have not identified any critical accounting estimates as of August 31,\n2026.

Recent Accounting Pronouncements

Management does not believe that any recently\nissued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our unaudited consolidated\nfinancial statements.

Item 3. Quantitative and Qualitative Disclosures\nRegarding Market Risk

We are a smaller reporting company as defined\nby Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed\nto ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported\nwithin the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our\nmanagement, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate\nto allow timely decisions regarding required disclosure.

Under the supervision and with the participation\nof our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness\nof our disclosure controls and procedures as of August 31, 2026, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange\nAct. Based on this evaluation, our principal executive officer and principal financial officer have concluded that during the period covered\nby this Report, our disclosure controls and procedures were not effective as of August 31, 2026, because of the identification of the\nmaterial weaknesses in our internal control over financial reporting relating to (1) inadequate segregation of duties within account processes\ndue to limited personnel, and (2) insufficient written policies and procedure for accounting, IT, financial reporting and record keeping.\nIn light of these material weaknesses, we performed additional analysis as deemed necessary to ensure that our financial statements were\nprepared in accordance with U.S. GAAP. Accordingly, management believes that the financial statements included in this Report present\nfairly in all material respects our financial position, results of operations and cash flows for the periods presented.

Changes in Internal Control over Financial\nReporting

There was no change in our internal control over\nfinancial reporting that occurred during the fiscal quarter ended August 31, 2026 covered by this Quarterly Report on Form 10-Q that has\nmaterially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

Factors that could cause our actual results to\ndiffer materially from those in this report include the risk factors described in our Annual Report on Form 10-K and final prospectus\nfor its Initial Public Offering filed with the SEC. As of the date of this Report, there have been no material changes to the risk factors\ndisclosed in our Annual Report on Form 10-K and final prospectus for its Initial Public Offering filed with the SEC.

Item 2. Unregistered Sales of Equity Securities\nand Use of Proceeds.

On December 18, 2025, we consummated the Initial\nPublic Offering of 23,000,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount\nof 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000. Cantor acted as sole book-running manager, of the Initial\nPublic Offering. The securities in the offering were registered under the Securities Act on registration statement on Form S-1 (No. 333-284331).\nThe Securities and Exchange Commission declared the registration statements effective on December 16, 2025.

Simultaneously with the closing of the Initial\nPublic Offering, we consummated the sale of 570,000 Private Placement Units at a price of $10.00 per Private Placement Unit, in a private\nplacement to the Sponsor and Cantor Fitzgerald & Co., generating gross proceeds of $5,700,000. Of those 570,000 Private Placement\nUnits, the Sponsor purchased 370,000 Private Placement Units, Cantor Fitzgerald & Co. purchased 200,000 Private Placement Units. Each\nUnit consists of one Private Placement Share and one Private Placement Right to receive one tenth (1/10) of one ordinary share upon the\nconsummation of an initial Business Combination. The issuance was made pursuant to the exemption from registration contained in Section\n4(a)(2) of the Securities Act.

The Private Placement Units are identical to the\nunits sold in the Initial Public Offering, subject to certain limited exceptions.

Of the gross proceeds received from the Initial\nPublic Offering, the exercise of the over-allotment option and the Private Placement Units, an aggregate of $230,000,000 was placed in\nthe Trust Account.

We incurred a total transaction cost of $15,590,100,\nconsisting of $4,000,000 cash underwriting fee, $10,950,000 of deferred underwriting fee, and $640,100 of other offering costs related\nto the Initial Public Offering.

For a description of the use of the proceeds generated\nin our Initial Public Offering, see Part I, Item 2 of this Form 10-Q.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

None

Item 6. Exhibits

The following exhibits are filed as part of, or\nincorporated by reference into, this Quarterly Report on Form 10-Q.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

No.		Description of Exhibit
1.1		Underwriting Agreement, dated December 16, 2025, by and among the Company, Cantor Fitzgerald & Co., as representatives of the several underwriters. (1)
3.1		Amended and Restated Memorandum and Articles of Association. (1)
4.1		Rights Agreement, dated December 16, 2025, by and between the Company and CST, as rights agent. (1)
10.1		Registration Rights Agreement, dated December 16, 2025, by and among the Company and security holders. (1)
10.2		Letter Agreement, dated December 16, 2025, by and among the Company, its officers, directors and the Sponsor. (1)
10.3		Investment Management Trust Agreement, dated December 16, 2025, by and between the Company and CST, as trustee. (1)
10.5.1		Private Units Purchase Agreement, dated December 16, 2025, by and between the Company and the Sponsor. (1)
10.5.2		Private Units Purchase Agreement, dated December 16, 2025, by and between the Company and Cantor Fitzgerald & Co. (1)
10.6		Form of Indemnity Agreement (1)
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

\n\n\n\n\n\n\n

*	Filed herewith.
(1)	Previously filed as an exhibit to our Current Report on Form 8-K filed on December 18, 2025 and incorporated by reference herein.

SIGNATURES

In accordance with the requirements\nof the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	IRON HORSE ACQUISITION II CORP.

Date: October 9, 2026	By:	/s/ Jose Bengochea
	Name:	Jose Bengochea
	Title:	Chief Executive Officer
		(Principal Executive Officer) and Chairman of the Board

Date: October 9, 2026	By:	/s/ William Caragol
	Name:	William Caragol
	Title:	Chief Financial Officer and Director
		(Principal Financial and Accounting Officer)

Date: October 9, 2026	By:	/s/ Tarron Hecox
	Name:	Tarron Hecox
	Title:	Director

Date: October 9, 2026	By:	/s/ Daniel Becker
	Name:	Daniel Becker
	Title:	Director

Date: October 9, 2026	By:	/s/ Thayer Wade
	Name:	Thayer Wade
	Title:	Director

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