It’s a bunch of criminals all ganging up on Iron Man.
Tony Stark has invented a machine that can inundate someone with cosmic rays (the “Cosmic Ray Intensifier”), and Red Ghost needs it because he (apparently) lost his powers after going to space against the Fantastic Four (in FF#29). So he hires Unicorn to take out Tony’s bodyguard, Iron Man.
The machine gives Red Ghost actual ghost powers. And transforms two monkeys into his new super ape accomplices.
Meanwhile, Tony is still trying to take over Cord Industries by dating the daughter of the deceased industrialist, and she meets Alex “I’m gonna be the next Crimson Dynamo” Niven.