Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 83

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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 Water Series A-1 Preferred Share”) and series A2 redeemable preference shares of a nominal or par value of $0.0001
per share of Air Water (each an “Air Water Series A-2 Preferred Share,” together with the Air Water Series A-1 Preferred Shares,
the “Air Water Series A Preferred Shares” and together with the Air Water Ordinary Shares, the “Air Water Shares”)
that is issued and outstanding immediately prior to the Second Merger Effective Time shall be converted into the right to receive a number
of series A preferred shares of US $0.001 par value per share of PubCo (each a “PubCo Series A Preferred Share”) equal to
(i) the aggregate Accrued Value (as defined in Air Water’s amended and restated memorandum and articles of association) attributable
to such Air Water Series A Preferred Share divided by (ii) $1,000;

10

INFLECTION POINT ACQUISITION CORP. III

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited)

(iii)each warrant to purchase Air Water Ordinary Shares (each an “Air Water Warrant”) that is issued
and outstanding immediately prior to the Second Merger Effective Time that was issued pursuant to a Pre-Funded PIPE Subscription Agreement
or PIPE Agreement (each as defined below), will be converted into the right to receive a warrant to purchase PubCo Ordinary Shares (each
a “PubCo Series A Investor Warrant”) exercisable for a number of PubCo Ordinary Shares equal to (x) the number of Air Water
Ordinary Shares issuable upon conversion of the holder’s Air Water Series A Preferred Shares upon a hypothetical conversion of such
Air Water Series A Preferred Shares immediately prior to the Second Merger multiplied by (y) the Exchange Ratio;

(iv)each Air Water Warrant that is issued and outstanding immediately prior to the Second Merger Effective
Time which was not issued pursuant to a Pre-Funded PIPE Subscription Agreement or PIPE Agreement, will be converted into the right to
receive a PubCo Series A Investor Warrant exercisable for a number of PubCo Ordinary Shares equal to the number of Air Water Ordinary
Shares issuable upon a hypothetical conversion of such Air Water Warrant as of immediately prior to the Second Merger;

(v)each restricted stock unit of Air Water (each an “Air Water RSU”) that is issued and outstanding
immediately prior to the Second Mer