What changed
Integrated Rail & Resources Inc. agreed to sell 9,444 shares of Series A Convertible Preferred Stock to Huntington Oil & Gas III, LLC at $100.00 per share for an aggregate purchase price of $944,400. As of October 5, 2026, the company had received $600,000 in advance payments, leaving $344,400 unfunded. Closing is due no later than October 31, 2026 and is conditioned on Creto IRRX PIPE Investment, LLC purchasing 6,000 preferred shares for $600,000. The preferred stock carries cumulative dividends at 12% per annum and converts into common stock at an initial conversion price of $10.00 per share. Proceeds are intended for operational purposes and development of the Vernal refinery.
Why it matters
Integrated Rail & Resources Inc. agreed to sell 9,444 shares of Series A Convertible Preferred Stock to Huntington Oil & Gas III, LLC at $100.00 per share for an aggregate purchase price of $944,400.