The IRGMH investors are hoping to pause the closing of the reverse merger until the ongoing private arbitration can be resolved. The investors suing IRGMH in court are the same investors involved in the private arbitration, which concerns their alleged difficulty redeeming their investments. Reverse mergers allow for a previously private company to join with a publicly listed one to gain access to the public market. However, they don’t require the private company to jump through all the hoops required of a company making an initial public offering. This process of combining is different from special purpose acquisition companies, another mechanism to access the public market that was very popular around the pandemic.