Inflection Point Acquisition Corp. II Files Q3 2024 10-Q
Ticker: USAR · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 1970622
Sentiment: neutral
Topics: spac, 10-q, financial-reporting
TL;DR
Inflection Point Acquisition Corp. II filed its 10-Q for Q3 2024. SPAC life continues.
AI Summary
Inflection Point Acquisition Corp. II filed its 10-Q for the quarter ended September 30, 2024. The company, incorporated in the Cayman Islands with its principal executive offices in New York, is a blank check company. Its SEC file number is 001-41711.
Why It Matters
This filing provides an update on the financial status and operations of Inflection Point Acquisition Corp. II, a special purpose acquisition company (SPAC), which is crucial for investors tracking its progress towards a potential business combination.
Risk Assessment
Risk Level: medium — As a SPAC, Inflection Point Acquisition Corp. II faces inherent risks related to its ability to identify and complete a business combination within its specified timeframe.
Key Numbers
- 001-41711 — SEC File Number (Identifies the company's filings with the SEC.)
- 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
Key Players & Entities
- Inflection Point Acquisition Corp. II (company) — Registrant
- 001-41711 (company) — SEC file number
- September 30, 2024 (date) — Quarter end date
- Cayman Islands (company) — Jurisdiction of incorporation
- New York (company) — Principal executive office location
FAQ
What is the primary business of Inflection Point Acquisition Corp. II?
Inflection Point Acquisition Corp. II is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
When is the deadline for Inflection Point Acquisition Corp. II to complete a business combination?
While not explicitly stated in this excerpt, SPACs typically have a limited timeframe, often 18-24 months from their IPO, to complete a business combination. Failure to do so can result in liquidation.
Where is Inflection Point Acquisition Corp. II incorporated?
Inflection Point Acquisition Corp. II is incorporated in the Cayman Islands.
What is the filing date of this 10-Q report?
This 10-Q report was filed on November 14, 2024.
What is the SIC code for Inflection Point Acquisition Corp. II?
The Standard Industrial Classification (SIC) code for Inflection Point Acquisition Corp. II is 6770, which corresponds to 'Blank Checks'.
Filing Stats: 4,687 words · 19 min read · ~16 pages · Grade level 18.7 · Accepted 2024-11-14 17:05:00
Key Financial Figures
- $0.0001 — nsisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemab
- $11.50 — ordinary share at an exercise price of $11.50 per share IPXXW The Nasdaq Stock Market
Filing Documents
- ea0220678-10q_infle2.htm (10-Q) — 635KB
- ea022067801ex31-1_infle2.htm (EX-31.1) — 12KB
- ea022067801ex31-2_infle2.htm (EX-31.2) — 12KB
- ea022067801ex32-1_infle2.htm (EX-32.1) — 4KB
- ea022067801ex32-2_infle2.htm (EX-32.2) — 4KB
- 0001213900-24-098549.txt ( ) — 4288KB
- ipxxu-20240930.xsd (EX-101.SCH) — 45KB
- ipxxu-20240930_cal.xml (EX-101.CAL) — 18KB
- ipxxu-20240930_def.xml (EX-101.DEF) — 241KB
- ipxxu-20240930_lab.xml (EX-101.LAB) — 359KB
- ipxxu-20240930_pre.xml (EX-101.PRE) — 235KB
- ea0220678-10q_infle2_htm.xml (XML) — 451KB
Financial Information
Part I. Financial Information 1 Item 1. Interim Financial Statements 1 Condensed Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Statements of Operations for the three and nine months ended September 30, 2024, three months ended September 30, 2023 and for the period from March 6, 2023 (inception) through September 30, 2023 (Unaudited) 2 Condensed Statements of Changes in Shareholders' Deficit for the three and nine months ended September 30, 2024, three months ended September 30, 2023 and for the period from March 6, 2023 (inception) through September 30, 2023 (Unaudited) 3 Condensed Statements of Cash Flows for the nine months ended September 30, 2024 and for the period from March 6, 2023 (inception) through September 30, 2023 (Unaudited) 4 Notes to Condensed Financial Statements (Unaudited) 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.
Quantitative and Qualitative Disclosures Regarding Market Risk
Quantitative and Qualitative Disclosures Regarding Market Risk 29 Item 4
Controls and Procedures
Controls and Procedures 29
Other Information
Part II. Other Information 30 Item 1.
Legal Proceedings
Legal Proceedings 30 Item 1A.
Risk Factors
Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31
Signatures
Part III. Signatures 32 i
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Interim Financial Statements
Item 1. Interim Financial Statements. INFLECTION POINT ACQUISITION CORP. II CONDENSED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) Assets: Current assets: Cash $ 141,201 $ 275,665 Prepaid expenses 38,309 18,390 Prepaid insurance 43,438 205,604 Total Current Assets 222,948 499,659 Marketable securities held in Trust Account 269,138,646 258,971,518 Total Assets $ 269,361,594 $ 259,471,177 Liabilities and Shareholders' Deficit: Current liabilities: Accounts payable and accrued expenses $ 2,026,173 $ 234,985 Accrued offering costs — 75,000 Convertible promissory note – related party 700,000 — Total Current Liabilities 2,726,173 309,985 Deferred underwriting fee payable 13,100,000 13,100,000 Total Liabilities 15,826,173 13,409,985 Commitments and Contingencies (Note 6) Class A ordinary shares subject to possible redemption, 25,000,000 issued and outstanding shares at redemption value of $ 10.77 and $ 10.36 per share as of September 30, 2024 and December 31, 2023, respectively 269,138,646 258,971,518 Shareholders' Deficit Preferred shares, $ 0.0001 par value; 5,000,000 shares authorized; none issued and outstanding — — Class A ordinary shares, $ 0.0001 par value; 500,000,000 shares authorized; none issued and outstanding (excluding 25,000,000 shares subject to possible redemption) as of September 30, 2024 and December 31, 2023 — — Class B ordinary shares, $ 0.0001 par value; 50,000,000 shares authorized; 6,250,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023 625 625 Additional paid-in capital — — Accumulated deficit ( 15,603,850 ) ( 12,910,951 ) Total Shareholders' Deficit ( 15,603,225 ) ( 12,910,326 ) Total Liabilities and Shareholders' Deficit $ 269,361,594 $ 259,471,177 The accompanying notes are an integral part of the unaudited condensed financial statements. 1 INFLECTION POINT ACQUISITION CORP. II CONDENSED STATEME