Company: IPCX
Filing Date: 2025-08-25
Form Type: 425
Source: 0001213900-25-080147
Chunk: 1

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-08-25
Form: 425
Chunk 1
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 holder to receive one tenth (1/10) of one Class A ordinary share                                                      |     | IPCXR           |     | The Nasdaq Stock Market LLC |

Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

Business Combination Agreement

On August 25, 2025 (the “Effective Date”) Inflection Point Acquisition Corp. III, a Cayman Islands exempted company (“Inflection Point”), Air
Water Ventures Holdings Limited, a Cayman Islands exempted company (the “Company”), Air Water Ventures Limited, a Cayman
Islands exempted company (“PubCo”) and IPCX Merger Sub Limited, a Cayman Islands exempted company (“Merger Sub”), entered into a Business Combination Agreement (the “Business Combination Agreement”). The transactions
contemplated by the Business Combination Agreement are referred to herein as the “Transactions.” Unless otherwise indicated,
capitalized terms used but not defined in this Current Report on Form 8-K (this “Report”) have the respective meanings
given to them in the Business Combination Agreement.

Pursuant to terms of the Business
Combination Agreement and subject to the terms and conditions set forth therein: (a) Inflection Point will be merged with and into PubCo,
as a result of which the separate corporate existence of Inflection Point shall cease and PubCo shall continue as the surviving company
(the “First Merger”), and (b) one Business Day after the First Merger, the Company will be merged with and into Merger
Sub, as a result of which the separate corporate existence of the Company shall cease and Merger Sub shall continue as the surviving company
and a wholly owned direct subsidiary of PubCo (the “Second Merger” and, together with the First Merger, the “Mergers”).

The Business Combination Agreement
and the transactions contemplated thereby were unanimously approved by the board of directors