Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 81

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 Rights Conversion, the number of Class A ordinary shares issued to such holder upon the Rights Conversion will be rounded down to the nearest whole number of Class A ordinary shares without cash settlement for such rounded fraction).

At the effective time of the First Merger (the
“First Merger Effective Time”), by virtue of the First Merger and without any action on the part of any party or the holders
of securities of Inflection Point or PubCo:

(i)each Class A ordinary share (other than any Excluded Shares, Redeeming Shares and Inflection Point Dissenting
Shares, each as defined below), which is issued and outstanding immediately prior to the First Merger Effective Time, shall be converted
into the right to receive one ordinary share, par value $0.0001 per share, of PubCo (each a “PubCo Ordinary Share”);

9

INFLECTION POINT ACQUISITION CORP. III

NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

SEPTEMBER 30, 2025

(Unaudited)

(ii)each ordinary share held in treasury by Inflection Point, if any (the “Excluded
                                                                 Shares”), that is issued and outstanding immediately prior to the First Merger Effective Time shall no longer be outstanding
                                                                 and shall automatically be cancelled and shall cease to exist, without any conversion thereof and no consideration shall be paid
                                                                 with respect thereto;

(iii)each Public Share validly tendered for redemption in connection with the Air Water Business Combination
pursuant to the Amended and Restated Memorandum and Articles of Association (the “Redeeming Shares”) will be redeemed by Inflection
Point (the “Redemption”) and each Redeeming Share shall automatically be cancelled and shall cease to exist, and each holder
of such Redeeming Shares shall thereafter cease to have any rights with respect to such securities except the right to be paid the Redemption
Price in accordance with the Amended and Restated Memorandum and Articles of Association;

(iv)each ordinary share issued and outstanding immediately prior to the First Merger Effective Time and held
by a shareholder who is entitled to demand and has properly exercised in writing dissenter rights in respect of such shares in accordance
with Section 238 of the Companies Act (Revised) of the Cayman Islands (the “Companies Act”) and who has otherwise complied
with all of the provisions of the Companies Act relevant to the exercise and perfection of dissenters’ rights (such ordinary shares
being