Iron Horse Acquisitions

What Iron Horse Acquisitions does

Iron Horse Acquisitions Corp. is a Delaware-incorporated Special Purpose Acquisition Company (SPAC) franchise founded in 2023 by Jose Antonio Bengochea and William Caragol. The franchise operates through multiple sequential blank-check vehicles listed on Nasdaq, each formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization or similar business combination with one or more prospective target companies. Each vehicle raises capital through an IPO of units priced at $10.00 and holds proceeds in a trust until a business combination is completed; the sponsor earns economics from founder shares and any promote, while public shareholders retain redemption rights. There is no proprietary technology product; the offering is purely a regulated financial vehicle with associated M&A advisory and trust-account mechanics executed through underwriters (EF Hutton LLC) and outside legal counsel (Lucosky Brookman LLP).

The franchise's first vehicle, Iron Horse I (Nasdaq: IROH), raised $69M at IPO in December 2023 and completed its business combination with Zhong Guo Liang Tou Group Limited (d/b/a China Food Investment) on September 30, 2025, creating CN Healthy Food Tech Group Corp. (Nasdaq: UCFI), a health and agricultural biotechnology food products company with a $523M post-transaction enterprise value. The second vehicle, Iron Horse Acquisition II Corp. (Nasdaq: IRHO), priced 20 million units at $10.00 in December 2025 and upsized the offering to close at $230M, with an explicit focus on prospective targets in AI, music and entertainment, animation, fashion and consumer packaged goods in the United States. The lead management — Harvard Law/MBA-trained CEO Bengochea with prior Sony Global Business Development and Jenner & Block experience, CPA CFO Caragol with multiple Nasdaq board seats, and a board anchored by entertainment-law veteran Ken Hertz and former Coinstar/Real Networks CFO Brian Turner — is designed to differentiate the franchise in target sourcing and de-SPAC execution.

The franchise's "customers" in the conventional sense are the prospective target companies it pursues; the franchise generates no operating revenue and no ARR, and its primary monetization is the value created at the moment a business combination closes. Distribution is via Nasdaq-listing infrastructure and Business Wire / SEC Edgar filings, with the combined company's shares tradeable globally to institutional and retail investors.

Name

Iron Horse Acquisitions

Legal name

Iron Horse Acquisition Corp.

Website

https://ironhorseacquisition.com

Company type

Public

Founded year

2023

Operating status

Operating

Short description

Iron Horse Acquisitions is a SPAC franchise that raises public capital through Nasdaq-listed blank-check vehicles to execute business combinations with target companies. Founder Jose Antonio Bengochea leads the franchise; Iron Horse I completed a $523M de-SPAC with China Food Investment and Iron Horse II raised $230M targeting AI, media and entertainment.

Ownership category

akta.pro rank

Headquarters

HQ city

Toluca Lake

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. IPO Proceeds: Iron Horse raises capital through IPOs of units (20 million units at $10 each for Iron Horse II), then uses the proceeds to acquire target companies in business combinations. The company earns fees and equity value through successful SPAC mergers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Iron Horse Acquisitions is a Special Purpose Acquisition Company (SPAC) franchise that raises capital through IPOs on Nasdaq and uses the proceeds to identify and complete business combinations with target companies. The franchise operates two vehicles — Iron Horse I (IROH, now closed after merging with China Food Investment to form UCFI) and Iron Horse II (IRHO) — targeting prospective acquisitions in AI, music & entertainment, fashion, and consumer packaged goods (CPG). Iron Horse provides a faster alternative path to public listing compared with a traditional IPO, supported by a management team with deep media and entertainment industry experience.

Product overview

Iron Horse Acquisitions operates as a SPAC franchise with two active vehicles. Iron Horse I (IROH) completed its first business combination with China Food Investment (now CN Healthy Food Tech Group Corp.) in September 2025. Iron Horse II is a media and entertainment-focused SPAC that completed a $230 million IPO in December 2025, targeting music, animation, and AI sectors. Both SPACs focus on go-public transactions with companies in AI, music & entertainment, fashion, and CPG spaces.

Differentiator

Problem solved

Functional benefit

Products and services

• Iron Horse Acquisition Corp. (Iron Horse I) First SPAC vehicle in the Iron Horse franchise, structured as a blank check company to effect a merger, share exchange, asset acquisition, share purchase, or reorganization with a target. Iron Horse I successfully completed its business combination with China Food Investment (Rosey Sea Holdings/Zhong Guo Liang Tou Group Limited) in September 2025, with an estimated post-transaction enterprise value of $523 million. Aimed at prospective targets in AI, music & entertainment, fashion, and CPG.
• Iron Horse Acquisition II Corp. (Iron Horse II) Second SPAC vehicle in the Iron Horse franchise, focused on identifying and merging with target companies in media, entertainment, music, animation, AI, fashion, and CPG sectors in the United States. Led by CEO Jose Antonio Bengochea and CFO William Caragol.

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• Electra Vehicles Inc.coreStrategic or Co-development Partner · 21 April 2025Iron Horse II announced a definitive business combination agreement with Electra Vehicles Inc. to create the world's first publicly traded AI-Battery Intelligence company. Electra is a clean tech/AI company in the electric vehicle battery space.
• Electra Vehicles Inc. (Post-BCA)coreStrategic or Co-development Partner · 21 April 2025Following the business combination announcement, the combined entity will operate as CN Healthy Food Tech Group Corp. trading under ticker UCFI on Nasdaq.
• Lucosky Brookman LLPminorImplementation/ SI/ Consulting Partner · 2 October 2024Lucosky Brookman LLP is serving as legal counsel to Iron Horse for the business combination transactions.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Churchill Capital Corp: Michael Klein's serial SPAC franchise (Churchill Capital III–IX), best known for taking Lucid Motors public via Churchill Capital V. Operates the same SPAC franchise model as Iron Horse, competing for sponsor economics, target pipeline, and underwriter relationships.
• The Gores Group: Alec Gores's SPAC franchise with multiple Gores Holdings vehicles that completed de-SPACs including Hims & Hers and Matterport. Direct competitor to Iron Horse in the repeat SPAC sponsor model.
• Acamar Films: SPAC vehicle associated with the public listing of Entertainment One (the Peppa Pig franchise owner). Media- and entertainment-focused SPAC sponsor directly comparable to Iron Horse II's media and animation vertical.
• Digital World Acquisition Corp: SPAC that took Trump Media & Technology Group public. A media-focused SPAC sponsor demonstrating both the sector overlap with Iron Horse II and the heightened regulatory/redemption dynamics SPAC deals can face.
• Reinvent Technology Partners: Reid Hoffman / Mark Pincus SPAC franchise that pursued enterprise technology targets. Operates a multi-vehicle SPAC platform comparable to Iron Horse's franchise approach.
• Pershing Square Tontine Holdings: Bill Ackman's 2020 SPAC vehicle ($4B raised) that ultimately liquidated without a deal. Illustrates the scale capital a single SPAC can attract and the redemption/regulatory risks SPAC sponsors face—directly comparable to Iron Horse's franchise dynamics.

Broad incumbents

• Equity Group Investments: Sam Zell's diversified private investment firm that has sponsored SPAC-style vehicles and broader public-market transactions. Competes with Iron Horse for sponsor capital and target opportunities at a more diversified scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/ironhorseacq

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Iron Horse Acquisitions