Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 139

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 139
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 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 Air Water Series A1 Preferred Shares and Air Water Warrants to purchase Air Water Ordinary Shares.

In connection with the transactions contemplated
by the Air Water Business Combination Agreement, on August 25, 2025, Air Water entered into the Pre-Funded PIPE Subscription Agreement
with the Pre-Funded PIPE Investors. Pursuant to the Pre-Funded PIPE Subscription Agreement, the Pre-Funded PIPE Investors agreed, among
other things, to subscribe for and purchase, and Air Water agreed, among other things, to issue and allot, Air Water Series A1 Preferred
Shares and Air Water Warrants to purchase Air Water Ordinary Shares, for aggregate consideration of approximately $28.5 million, substantially
concurrently with the execution and delivery of the Air Water Business Combination Agreement.

In addition, on August 25, 2025, Air Water entered
into the Closing PIPE Subscription Agreements pursuant to which the Closing PIPE Investors agreed, among other things, to subscribe for
and purchase, and Air Water agreed, among other things, to issue and allot, Air Water Series A1 Preferred Shares or Air Water Series
A2 Preferred Shares and Air Water Warrants, for aggregate consideration of approximately $31.0 million, immediately prior to the Second
Merger Effective Time.

Closing Conditions

The obligations of Inflection Point, Air
Water, PubCo and Merger Sub to consummate the Air Water Business Combination are subject to the satisfaction or waiver of customary
closing conditions, including without limitation: (i) the adoption and/or approval, as applicable, by Inflection Point’s
shareholders of (A) the adoption and approval of the Air Water Business Combination Agreement, the Mergers and the other
transactions contemplated by the Air Water Business Combination, (B) the entry into