10:03 AM EDT, 04/21/2026 (MT Newswires) -- Iron Horse Acquisition II (IRHO) and Electra Vehicles said Tuesday they have agreed to merge in a deal valued at over $250 million, aiming to create a publicly traded AI battery intelligence company.

The combined company will operate as Electra AI and is expected to remain listed on the Nasdaq under a new ticker symbol following the transaction's close, which is expected in the second half of 2026.

The boards of directors of both companies approved the business combination agreement, which includes earn-out targets, and the deal remains subject to approval by Iron Horse shareholders, registration with the US Securities and Exchange Commission and other customary closing conditions, with no assurance it will be completed, the companies said.

Upon closing, the merged entity is expected to reincorporate in Delaware, according to a joint statement.

Price: 9.96, Change: +0.05, Percent Change: +0.45