SPAC Tribe Capital Growth I changes name and overhauls management after co-sponsor pulls out; renamed Iris Acquisition

Tribe Capital Growth I announced on Wednesday in an 8-K that the company would change its name, management, and acquisition strategy after Tribe Capital withdrew as a co-sponsor of the company. The SPAC, now named Iris Acquisition (IRAAU), went public in a March 2021 IPO that raised $240 million. In the 8-K, the company stated that Tribe Capital has forfeited its interests in the sponsor to co-sponsor Arrow Capital.

Arjun Sethi has resigned as CEO and Chairman, Omar Chohan has resigned as CFO, Ted Maidenberg resigned as the company's Secretary, and Henry Ward resigned from his role as an independent director.

The company does not state why Tribe Capital withdrew, only noting that the management departures were not the result of any disagreement between the company and the individuals on any matter relating to the company's operations, policies, or practices.

Iris Acquisition is now led by CEO Sumit Mehta, who previously served as the SPAC's VP, CFO Lisha Parmar, a VP at Arrow Capital, and Chairman Rohit Nanani, the founder and CEO of Arrow Capital.

The company also changed its acquisition strategy, saying it would now prioritize targeting companies in emerging markets, followed by the US and Asia (excluding China and Hong Kong), and technology-led companies in essential sectors.