Kingstown Capital Management's SPAC Inflection Point Acquisition files for a $300 million IPO

Inflection Point Acquisition, a blank check company formed by Kingstown Capital targeting consumer and tech, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million pursuant to a forward purchase agreement with Kingstown Capital Partners that will close concurrently with the initial business combination. At the proposed deal size, Inflection Point Acquisition will command a market value of $375 million.

The company is led by Executive Chairwoman Paula Sutter, who was Operating Partner at TSG Consumer Partners and CEO of TSG Fashion from 2014 to 2017 and served as Global President of Diane von Furstenberg prior to that. She is joined by Co-CEOs and Directors Michael Blitzer and Guy Shanon, who serve as the Co-CIOs of Kingstown Capital Management. Inflection Point Acquisition intends to focus on North American and European businesses in the consumer and technology sectors.

Inflection Point Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol IPAXU. Citi is the sole bookrunner on the deal.