Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 47

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 47
---
 the First Merger Effective Time (excluding, for the avoidance of doubt, any PubCo Ordinary Shares issued
at the First Merger Effective Time in connection with the First Merger) shall be irrevocably
                                            surrendered to PubCo for cancellation and for consideration equal to the subscription price
                                            (if any) that was paid for such PubCo Ordinary Share.

At the Second Merger Effective Time by virtue
of the Second Merger and without any action on the part of any party or the holders of securities of Air Water or PubCo:

(i)each Air Water Ordinary Share that is
                                            issued and outstanding immediately prior to the Second Merger Effective Time shall be converted
                                            into the right to receive a number of PubCo Ordinary Shares equal to the Exchange Ratio;

(ii)each Air Water Series A Preferred Share
                                            that is issued and outstanding immediately prior to the Second Merger Effective Time shall
                                            be converted into the right to receive a number of PubCo Series A Preferred Shares 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;

(iii)each 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, will be converted into the
                                            right to receive 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;

31

(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 Air Water RSU that is issued and
                                            outstanding immediately prior to the