ADDED
The accompanying notes are an integral part of the unaudited consolidated financial statements.
III NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (Unaudited) NOTE 1.
III (the Company or Inflection Point ) is a special purpose acquisition company incorporated as a Cayman Islands exempted company on January 31, 2024 .
On August 5, 2025, in connection with the Company s Business Combination Agreement (as defined below) IPCX Merger Sub Limited, a Cayman Islands exempted company (hereinafter, Merger Sub ), was formed and is wholly-owned subsidiary of the Company.
As of September 30, 2025, the Company had not commenced any operations.
III NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (Unaudited) Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 740,000 units (the Private Placement Units and together with the Public Units, the Units ), to the Sponsor and Cantor Fitzgerald Co., the representative of the underwriters ( Cantor ), at a price of $ 10.00 per unit, or $ 7,400,000 in the aggregate.
III NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (Unaudited) The Company will have until the date that is (i) 24 months from the closing of the Initial Public Offering or such earlier liquidation date as the board of directors may approve or (ii) such later date approved by the holders of the Company s ordinary shares pursuant to an amendment to the Company s Amended and Restated Memorandum and Articles of Association (such date, the Completion Window ) to complete a Business Combination.
III NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (Unaudited) Air Water Business Combination On August 25, 2025, Inflection Point, Air Water Ventures Holdings Limited, 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 ).
The Exchange Ratio will be equal to (A) the quotient of (i) $ 300,000,000 divided by (ii) the Redemption Price, divided by (B) the total number of Air Water Ordinary Shares (including the Air Water Ordinary Shares underlying the Air Water RSUs) issued and outstanding immediately prior to the Second Merger Effective Time.
Air Water Financings In connection with the transactions contemplated by the Air Water Business Combination Agreement, on July 25, Air Water Ventures Ltd, a company incorporated under the laws of England and Wales ( 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.
REMOVED
III (the Company ) is a special purpose acquisition company incorporated as a Cayman Islands exempted company on January 31, 2024.
As of June 30, 2025, the Company had not commenced any operations.
Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 740,000 units (the Private Placement Units and together with the Public Units, the Units ), to the Sponsor and Cantor Fitzgerald Co., the representative of the underwriters ( Cantor ), at a price of $ 10.00 per unit, or $ 7,400,000 in the aggregate.
The public shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount held in the Trust Account (initially $ 10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including interest earned on the funds held in the Trust Account (net of amounts withdrawn to fund our working capital requirements, subject to an annual limit of $ 250,000 (plus the rollover of unused amounts from prior years), and/or to pay for our taxes (any withdrawals to pay for our taxes (which shall exclude any 1 % U.S.
The Company will have until the date that is (i) 24 months from the closing of the Initial Public Offering or such earlier liquidation date as the board of directors may approve or (ii) such later date approved by the holders of the Company s ordinary shares pursuant to an amendment to the Company s Amended and Restated Memorandum and Articles of Association (such date, the Completion Window ) to complete a Business Combination.
III NOTES TO CONDENSED FINANCIAL STATEMENTS JUNE 30, 2025 (Unaudited) Liquidity and Capital Resources As of June 30, 2025, the Company had cash and cash equivalents of $ 1,509,466 .
As of June 30, 2025, no such Working Capital Loans were outstanding.
The Company had cash of $ 1,509,466 and $0 and did not have any cash equivalents as of June 30, 2025, and December 31, 2024.
At June 30, 2025, the assets held in the Trust Account of $ 253,957,808 were held in money market funds.
Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes ( ASC 740 ), which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.