Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 50

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 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 the first plan of merger, (C) the adoption and
approval of any other proposals as the SEC may indicate are necessary in its comments to the registration statement related to the
Air Water Business Combination, and D) the adoption and approval of such other matters as Air Water and Inflection Point shall
hereafter mutually determine to be necessary or appropriate in order to effect the Air Water Business Combination, (ii) the approval
of the holders of Air Water Shares (voting together as a single class and not as a separate series, and on an as-converted basis) of
(A) the adoption and approval of the Air Water Business Combination Agreement and the Mergers, (B) the entry into the second plan of
merger, and