IRAB.U

Iris Acquisition Corp II units are derivative securities combining ordinary shares with warrants in a single tradable package issued by this special purpose acquisition company. Each unit typically consists of one share of Class A common stock and a fraction of one redeemable warrant. Units allow SPAC investors to participate in both the equity and potential upside from warrant conversion. These securities trade as a combined instrument until the company announces a separation date, after which shares and warrants trade independently.