Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 80

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 a Cayman Islands exempted company (“Air Water”), Air Water Ventures Limited, a Cayman
Islands exempted company (“PubCo”) and Merger Sub, entered into a Business Combination Agreement (the “Air Water
Business Combination Agreement”).

Pursuant to terms of the Air Water Business
Combination Agreement and subject to the terms and conditions set forth therein: (a) Inflection Point will be merged with and into
PubCo, as a result of which the separate corporate existence of Inflection Point shall cease and PubCo shall continue as the
surviving company (the “First Merger”), and (b) one business day after the First Merger, Air Water will be merged with
and into Merger Sub, as a result of which the separate corporate existence of the Company shall cease and Merger Sub shall continue
as the surviving company (such surviving company after such merger, “Air Water OpCo”) and a wholly owned direct
subsidiary of PubCo (the “Second Merger” and, together with the First Merger, the “Mergers” and the Mergers
together with the other transactions contemplated by the Business Combination Agreement, the “Air Water Business
Combination”), resulting in a combined company whereby PubCo will own Air Water OpCo and substantially all of the assets and
the business of the combined company will be held and operated by Air Water OpCo and its subsidiaries.

Structure and consideration

One day prior to the First Merger Effective Date
(as defined below):

(i)each then-issued and outstanding Units shall be automatically detached and separated into one Class A
ordinary share and one right to receive one-tenth of one Class A ordinary share, upon the closing of Inflection
Point’s initial business combination (each a “Right”);

(ii)pursuant to Inflection Point’s Amended and Restated Memorandum and Articles of Association and the
Sponsor Support Agreement (as defined below) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share,
of Inflection Point will convert automatically, on a one-for-one basis, into one Class A ordinary share of Inflection Point; and

(iii)each Right that is then-issued and outstanding shall be automatically converted into one-tenth of one Class A ordinary share of Inflection Point (the “Rights Conversion”) (provided, that if a holder of Rights would be entitled to receive a fraction of a Class A ordinary share upon the