Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 49

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 respectively, upon the occurrence of each of the following four Triggering Events:

●(a) with respect to any full fiscal quarter
                                            of PubCo ending on or prior to June 30, 2026, the revenue from continuing operations (excluding
                                            extraordinary gains) for such fiscal quarter exceeds $25,000,000, or (b) PubCo or any of
                                            its consolidated subsidiaries enters into a binding and definitive agreement on or prior
                                            to June 30, 2026 with the US Federal Emergency Management Agency, the US Department of War
                                            or other US federal agency or Regenerate1 LLC that provides for minimum annual and recurring
                                            Revenue of at least $100,000,000;

●with respect to any full fiscal quarter
                                            of PubCo ending on or prior to December 31, 2026, the revenue from continuing operations
                                            (excluding extraordinary gains) for such fiscal quarter exceeds $50,000,000;

32

●with respect to any full fiscal quarter
                                            of PubCo ending on or prior to December 31, 2026, the EBITDA (as defined and reported by
                                            Bloomberg L.P.) for such fiscal quarter exceeds $12,500,000; and

●within the time period beginning on the
                                            date that is the 6-month anniversary of the Second Merger Effective Time and ending on the
                                            date that is the 18-month anniversary of the Second Merger Effective Time, the closing sale
                                            price of one PubCo Ordinary Share as reported on Nasdaq (or the exchange on which the PubCo
                                            Ordinary Shares are then listed) for a period of at least twenty (20) days out of thirty
                                            (30) consecutive trading days ending on the trading day immediately prior to the date of
                                            determination, is greater than or equal to $20.00, in each case subject to equitable adjustments for any reclassification, share
                                            split (including a reverse share split), reorganization, recapitalization, split-up, combination,
                                            exchange of shares, readjustment, or other similar transaction, or a share dividend or share
                                            distribution.

Air Water Financings

In connection with the transactions contemplated
by the Air Water Business Combination Agreement, on July 25, Air Water UK entered into a subscription agreement with IPF, pursuant to
which IPF subscribed for and purchased from Air Water UK preferred shares for an aggregate of $4 million. Such preferred shares were exchange
for