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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Inflection Point Acquisition Corporation II | NASDAQ:IPXX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.09% | 10.59 | 9.38 | 16.97 | 10.63 | 10.59 | 10.60 | 53,920 | 18:29:47 |
Concurrently with the closing of the initial public offering, the Company closed on a private placement of 7,650,000 warrants at a price of $1.00 per warrant, resulting in gross proceeds of $7,650,000. Inflection Point Holdings LLC, the Company’s sponsor, purchased 6,000,000 of the warrants and Cantor Fitzgerald & Co., the representative of the underwriters of the initial public offering, purchased 1,650,000 of the warrants. Each private placement warrant is exercisable to purchase one Class A ordinary share at $11.50 per share.
The Company intends to pursue a business combination with a North American or European business in disruptive growth sectors, which complements the expertise of its management team, but may pursue an initial business combination in any industry, sector or geographic region. The company is led by Executive Chairman and Chief Executive Officer Michael Blitzer, Chief Financial Officer Peter Ondishin and Directors Nicholas Shekerdemian, Elliot Richmond, Paula Sutter, Erica Dorfman, and Samuel Sayegh.
Cantor Fitzgerald & Co. served as the representative of the underwriters for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,300,000 units to cover over-allotments, if any. Concurrently with the closing of the initial public offering, the underwriters exercised the option to purchase an additional 3,000,000 units.
The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from: Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com.
Of the net proceeds received from the consummation of the initial public offering and simultaneous private placement, $251,250,000 ($10.05 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of May 30, 2023 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).
A registration statement relating to the securities was declared effective by the SEC on May 24, 2023. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds of the initial public offering and simultaneous private placement. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
About Inflection Point Acquisition Corp. II
Inflection Point Acquisition Corp. II’s acquisition and value creation strategy is to identify, partner with and help grow North American and European businesses in disruptive growth sectors, which complements the expertise of its management team. However, the Company may pursue an initial business combination in any industry, sector or geographic region.
ContactKevin ShannonInflection Point Acquisition Corp. IIkevin@inflectionpointacquisition.com
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