Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 15

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 of the Company shall cease and Merger Sub shall continue
as the surviving company (such surviving company after such merger, “Air Water OpCo”) and a wholly owned direct
subsidiary of PubCo (the “Second Merger” and, together with the First Merger, the “Mergers” and the Mergers
together with the other transactions contemplated by the Business Combination Agreement, the “Air Water Business
Combination”), resulting in a combined company whereby PubCo will own Air Water OpCo and substantially all of the assets and
the business of the combined company will be held and operated by Air Water OpCo and its subsidiaries.

Structure and consideration

One day prior to the First Merger Effective Date
(as defined below):

(i)each then-issued and outstanding Units shall be automatically detached and separated into one Class A
ordinary share and one right to receive one-tenth of one Class A ordinary share, upon the closing of Inflection
Point’s initial business combination (each a “Right”);

(ii)pursuant to Inflection Point’s Amended and Restated Memorandum and Articles of Association and the
Sponsor Support Agreement (as defined below) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share,
of Inflection Point will convert automatically, on a one-for-one basis, into one Class A ordinary share of Inflection Point; and

(iii)each Right that is then-issued and outstanding shall be automatically converted into one-tenth of one Class A ordinary share of Inflection Point (the “Rights Conversion”) (provided, that if a holder of Rights would be entitled to receive a fraction of a Class A ordinary share upon the 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