Company: IPCX
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111009
Chunk: 21

Company: Inflection Point Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 transactions contemplated
by the Air Water Business Combination Agreement, on August 25, 2025, Air Water entered into a subscription agreement (the “Pre-Funded
PIPE Subscription Agreement”) with Inflection Point Fund I, LP and certain other accredited investors named therein (collectively,
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 subscription agreements (the “Closing PIPE Subscription Agreements” and together with the Pre-Funded PIPE Subscription
Agreement, the “PIPE Agreements”) pursuant to which certain accredited investors named therein (collectively, 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.

12

INFLECTION POINT ACQUISITION CORP. III

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited)

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