Inflection Point Acquisition III, the third blank check company led by Michael Blitzer targeting disruptive growth sectors, raised $220 million by offering 22 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination.
The company is led by CEO and Chairman Michael Blitzer, the founder and Co-CEO of Kingstown Capital Management. It plans to target North American and European businesses in disruptive growth sectors.
Management's previous SPACs include Inflection Point Acquisition II, which merged with rare earth miner and explorer USA Rare Earth (USAR; +32% from $10 offer price) this past March, and Inflection Point Acquisition, which merged with space exploration company Intuitive Machines (LUNR; -16%) in February 2023.
Inflection Point Acquisition III plans to list on the Nasdaq under the symbol IPCXU. Cantor Fitzgerald acted as sole bookrunner on the deal.
