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Inflection Point Acquisition Corp. II (IPXXU0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $1,510,125 for the three months ended September 30, 2024. This income is attributed to interest and dividend income from marketable securities held in the Trust Account, offset by operating costs.
The company reported net income of $7,474,229 for the nine months ended September 30, 2024, with interest and dividend income from the Trust Account contributing significantly to this figure.
Inflection Point Acquisition Corp. II is a special purpose acquisition company incorporated in the Cayman Islands on March 6, 2023, with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination.
On August 21, 2024, the company entered into a Business Combination Agreement with USA Rare Earth, LLC and IPXX Merger Sub, LLC, a wholly owned subsidiary of the company. The transaction is referred to as the USARE Business Combination.
The company plans to change its jurisdiction of incorporation to Delaware prior to the completion of the USARE Business Combination, subject to shareholder approval.
The company has until November 30, 2024, to complete a Business Combination or face mandatory liquidation of the Trust Account. This condition raises substantial doubt about the company's ability to continue as a going concern.
Inflection Point Acquisition Corp. II had $141,201 in cash and a working capital deficit of $2,503,225 as of September 30, 2024.
The company has incurred transaction costs of $18,361,877 related to its initial public offering and the sale of private placement warrants.
The company has entered into several agreements related to the USARE Business Combination, including a Sponsor Support Agreement and a Fee Reduction Agreement with Cantor Fitzgerald & Co.
The company has also entered into Non-Redemption Agreements with certain counterparties to support the shareholder vote on the Extension Proposal to extend the date by which the company must consummate a Business Combination.
The filing also details various financial agreements and the company's plans to raise additional capital or consummate a Business Combination within the Completion Window.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inflection Point Acquisition Corp. II Unit quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.