Inflection Point Acquisition Corp. V

Company Overview

Business Model: Inflection Point Acquisition Corp. V is a blank check company, incorporated on May 31, 2024, in the Cayman Islands as an exempted company. Its sole purpose is to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. The Company has not engaged in any operations or generated any revenue to date, functioning as a "shell company" with nominal assets consisting almost entirely of cash. Non-operating income is generated from interest earned on funds held in its Trust Account.

Market Position: As a blank check company, Inflection Point Acquisition Corp. V does not have an operating market position. It operates in the competitive landscape of special purpose acquisition companies (SPACs), competing with private investors, other blank check companies, private equity groups, leveraged buyout funds, public companies, and operating businesses seeking strategic acquisitions. Many competitors are well-established with extensive experience and potentially greater financial, technical, and human resources. The Company's ability to acquire larger targets is limited by available financial resources, and potential shareholder redemptions may reduce available capital, placing it at a competitive disadvantage.

Recent Strategic Developments:

• Initial Public Offering (IPO): On February 14, 2025, the Company consummated its IPO, selling 8,625,000 Units at $10.00 per Unit, generating gross proceeds of $86,250,000. Each Unit consists of one Class A ordinary share and one right to receive one-fifth of one Class A ordinary share upon business combination completion.
• Private Placement: Simultaneously with the IPO, 265,625 Private Placement Units were sold at $10.00 per Unit, generating gross proceeds of $2,656,250.
• Trust Account Establishment: A total of $86,250,000 from the IPO, Private Placement, and a Sponsor Loan was deposited into a Trust Account.
• Sponsor Transfer Transaction: On September 9, 2025, Maywood Sponsor LLC (Prior Sponsor) sold 990,000 Founder Shares to Inflection Point Fund I LP (New Sponsor) for $1,300,000 and assigned the $500,000 Sponsor Loan to the New Sponsor. The Prior Sponsor converted its remaining 2,028,750 Founder Shares into Class A Ordinary Shares. This transaction led to a change in management, with Michael Blitzer appointed Chairman, Chief Executive Officer, and Director, and Kevin Shannon appointed Chief Operating Officer.
• Name Change: On November 19, 2025, shareholders approved changing the Company's name from Maywood Acquisition Corp. to Inflection Point Acquisition Corp. V.
• Proposed Business Combination: On October 13, 2025, the Company entered into a Business Combination Agreement with GOWell Technology Limited, GOWell Energy Technology (PubCo), and IPCV Merger Sub Limited. GOWell Technology Limited is an international provider of innovative well logging technologies and distributed sensing solutions for energy companies globally, headquartered in Singapore with a global manufacturing and procurement network and operations in over 50 countries. The closing is subject to shareholder approvals and a minimum cash condition of $50,000,000.
• Sponsor Loan Amendment: On January 7, 2026, the Promissory Note with the New Sponsor was amended, increasing the aggregate principal amount to $700,000 to reflect a $200,000 advance for working capital.
• Completion Window: The Company has until August 14, 2026, to complete an initial business combination.

Geographic Footprint: Inflection Point Acquisition Corp. V is incorporated in the Cayman Islands and maintains executive offices in New York, NY. Its proposed target, GOWell Technology Limited, is headquartered in Singapore, with a global manufacturing and procurement network, regional hubs in the United States and UAE, and operations covering more than 50 countries.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Traditional profitability metrics such as Gross Margin and Operating Margin are not applicable for Inflection Point Acquisition Corp. V, as it is a blank check company with no operating revenue.
• Net Margin (based on non-operating income for 2025): 12.74%

Investment in Growth:

• R&D Expenditure: Not applicable for a blank check company.
• Capital Expenditures: Not applicable for a blank check company.
• Strategic Investments: Not applicable for a blank check company. The Company's primary activity is the identification and consummation of a business combination.

Business Segment Analysis

Inflection Point Acquisition Corp. V operates as a single segment. The Chief Executive Officer, as the chief operating decision maker, reviews the Company's overall operating results, primarily focusing on interest earned on marketable securities held in the Trust Account and formation and operational costs. This review guides resource allocation and performance assessment, ensuring compliance with the trust agreement and managing working capital for business combination activities.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: None to date.
• Dividend Payments: No cash dividends have been paid to date, and none are intended prior to the completion of an initial business combination.
• Dividend Yield: Not applicable.
• Future Capital Return Commitments: The Company's primary commitment for capital return is the redemption of Public Shares in connection with a business combination or liquidation if a business combination is not completed within the prescribed timeframe.

Balance Sheet Position (as of December 31, 2025):

• Cash and Equivalents: $25,745
• Total Debt: $500,000 (Sponsor Loan Payable)
• Net Cash Position: $(474,255) (excluding Trust Account)
• Credit Rating: Not disclosed.
• Debt Maturity Profile: The Sponsor Loan is non-interest bearing and repayable upon the closing of the initial business combination. An additional $200,000 advance (as of January 7, 2026) is repayable upon the earlier of the closing of the initial business combination or liquidation. The deferred underwriting fee of $3,450,000 is payable only upon the successful completion of a business combination.

Cash Flow Generation (Year ended December 31, 2025):

• Operating Cash Flow: $(701,278) (net cash used in operating activities)
• Free Cash Flow: Not applicable for a blank check company.
• Cash Conversion Metrics: Not applicable for a blank check company.

Operational Excellence

Production & Service Model: Not applicable for a blank check company. The Company has no production or service operations.

Supply Chain Architecture: Not applicable for a blank check company.

Key Suppliers & Partners:

• Independent Registered Public Accounting Firm: Bush & Associates CPA LLC
• Trustee: Continental Stock Transfer & Trust Company
• Underwriters (IPO): Cohen & Company Capital Markets (division of Cohen & Company Securities, LLC) and Seaport Global Securities LLC
• Sponsors: Inflection Point Fund I LP (New Sponsor) and Maywood Sponsor LLC (Prior Sponsor)

Facility Network:

• Executive Offices: 167 Madison Avenue Suite 205 #1017, New York, NY 10016, provided by the New Sponsor.
• Manufacturing: Not applicable.
• Research & Development: Not applicable.
• Distribution: Not applicable.

Operational Metrics: Not applicable for a blank check company.

Market Access & Customer Relationships

Go-to-Market Strategy: Not applicable for a blank check company. The Company's "market" is the universe of potential target businesses for a business combination.

Customer Portfolio: Not applicable for a blank check company.

Geographic Revenue Distribution: Not applicable for a blank check company.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: Inflection Point Acquisition Corp. V operates within the special purpose acquisition company (SPAC) industry, characterized by intense competition for suitable target businesses. Competitors include other SPACs, private equity funds, leveraged buyout funds, public companies, and operating businesses seeking strategic acquisitions. The market is dynamic, with many well-established entities possessing significant financial, technical, and human resources.

Competitive Positioning Matrix: Not applicable for a blank check company without an operating business.

Direct Competitors

Primary Competitors:

• Other Special Purpose Acquisition Companies: Companies with similar business objectives.
• Private Equity Groups and Leveraged Buyout Funds: Entities focused on acquiring and investing in businesses.
• Public Companies and Operating Businesses: Companies seeking strategic acquisitions.

Emerging Competitive Threats: Not applicable for a blank check company.

Competitive Response Strategy: Not applicable for a blank check company. The Company's strategy is to leverage its management team's experience and network to identify and acquire a suitable target business.

Risk Assessment Framework

Strategic & Market Risks

Market Dynamics: The Company's ability to complete a business combination and the future performance of any acquired target may be materially adversely affected by external events beyond its control, including increased geopolitical unrest (e.g., Russia-Ukraine conflict, Middle East conflicts), pandemic outbreaks, and volatility in debt and equity markets. Changes in international trade policies, tariffs, and treaties could also negatively impact the search for or completion of a business combination, particularly if the target has international operations. Completion Window: The Company faces the risk of not completing its initial business combination within the prescribed 15-month period (or up to 18 months if a definitive agreement is signed), which would lead to liquidation and redemption of Public Shares. This deadline may give potential target businesses leverage in negotiations.

Operational & Execution Risks

Redemption Risk: A high number of Public Share redemptions could make the Company's financial condition unattractive to potential targets, potentially preventing it from meeting minimum cash conditions required for a business combination (e.g., $50,000,000 for the GOWell Technology Limited transaction). This could also limit the Company's ability to optimize its capital structure. Due Diligence Limitations: The Company may have limited time to conduct comprehensive due diligence on potential target businesses, especially as the completion window approaches, potentially leading to a business combination on less favorable terms or with unforeseen issues. Management Conflicts of Interest: The Company's officers and directors have other business obligations and may have pecuniary interests in the Company's Founder Shares and Private Placement Units, which could influence their decisions regarding target selection and business combination terms. They may also negotiate employment or consulting agreements with a target business, creating potential conflicts. Lack of Diversification: If the Company completes a business combination with only a single entity, it will be solely dependent on that business, exposing it to concentrated economic, competitive, and regulatory risks. Target Management: The management of an acquired target business may be unfamiliar with U.S. securities laws and public company requirements, potentially leading to operational and regulatory challenges.

Financial & Regulatory Risks

Liquidity Risk: The Company's funds held outside the Trust Account may be insufficient to cover operating expenses until a business combination is completed, requiring reliance on loans from the New Sponsor or management team. Trust Account Claims: Funds in the Trust Account may be subject to claims from third parties if waivers are not obtained or enforceable, potentially reducing the per-share redemption amount for Public Shareholders. The New Sponsor has agreed to indemnify the Company for certain claims reducing the Trust Account below $10.00 per Public Share, but there is no assurance of its ability to satisfy these obligations. Investment Company Act Risk: There is a risk that the Company could be deemed an "investment company" under the Investment Company Act of 1940, which would impose burdensome compliance requirements or force liquidation. Regulatory Compliance: Changes in laws or regulations (e.g., SEC rules for SPACs, Sarbanes-Oxley Act compliance for the target) could adversely affect the Company's business and increase costs.

Geopolitical & External Risks

Foreign Investment Regulations (CFIUS): An initial business combination, particularly with a non-U.S. target, may be subject to U.S. foreign investment regulations and review by entities like the Committee on Foreign Investment in the United States (CFIUS), which could delay or prohibit the transaction. International Operations Risks: If the Company acquires a non-U.S. target (such as GOWell Technology Limited), it will be exposed to economic, political, and legal policies, developments, and conditions in foreign countries, including exchange rate fluctuations, difficulties in managing cross-border operations, and unpredictable legal systems.

Innovation & Technology Leadership

As a blank check company, Inflection Point Acquisition Corp. V does not have its own research and development focus, innovation pipeline, or intellectual property portfolio. These aspects would become relevant upon the successful completion of a business combination with an operating target company. The proposed target, GOWell Technology Limited, is described as having a multi-disciplinary research and development team and a robust patent portfolio.

Leadership & Governance

Executive Leadership Team

Leadership Continuity: The Company's operations and success in completing an initial business combination are dependent on its small group of officers and directors. There are no employment agreements or key-man insurance for these individuals, and their time commitment to the Company's affairs is not full-time, as they have other business endeavors.

Board Composition: The board of directors consists of five members and is divided into three staggered classes. Prior to the initial business combination, only holders of Class B Ordinary Shares are entitled to vote on the appointment or removal of directors.

• Audit Committee: Comprised of William Denkin (Chairperson and financial expert), Steven Tannenbaum, and Carolyn Trabuco, all of whom are independent directors.
• Compensation Committee: Comprised of Steven Tannenbaum (Chairperson), William Denkin, and Carolyn Trabuco, all of whom are independent directors.
• Director Nominations: The Company does not have a standing nominating committee; a majority of independent directors (William Denkin, Steven Tannenbaum, Carolyn Trabuco) recommend director nominees.

Human Capital Strategy

Workforce Composition:

• Total Employees: Three officers (Michael Blitzer, Zikang Wu, Kevin Shannon).
• Geographic Distribution: Executive officers are based in New York, NY.
• Skill Mix: The officers possess experience in investment, financial services, asset management, SPAC industry, and strategic advisory.
• The Company does not intend to have any full-time employees prior to the completion of an initial business combination.

Talent Management: Not applicable for a blank check company.

Diversity & Development: Not applicable for a blank check company.

Environmental & Social Impact

Not applicable for a blank check company. The Company has no operations that generate environmental or social impact.

Business Cyclicality & Seasonality

Demand Patterns: Not applicable for a blank check company. The Company's activities are driven by the M&A market for target businesses rather than seasonal or cyclical demand for products or services.

Economic Sensitivity: The Company's ability to identify and complete a business combination can be sensitive to general market conditions, capital market volatility, and broader economic trends.

Industry Cycles: Not applicable for a blank check company.

Planning & Forecasting: The Company's planning and forecasting are focused on managing its cash resources and timeline to complete a business combination.

Regulatory Environment & Compliance

Regulatory Framework:

• Industry-Specific Regulations: The Company is subject to rules and regulations from the SEC and Nasdaq Stock Market LLC, including evolving regulatory measures for SPACs. Compliance with these regulations, such as those related to disclosure and potential "investment company" status, requires ongoing management attention and resources.
• International Compliance: As a Cayman Islands exempted company, the Company is governed by Cayman Islands law. If a business combination with a non-U.S. target is completed, the combined entity would be subject to the regulatory frameworks of the target's operating jurisdictions.
• Trade & Export Controls: Not applicable for a blank check company.

Legal Proceedings: There is no material litigation, arbitration, or governmental proceeding currently pending against Inflection Point Acquisition Corp. V or its management team.

Tax Strategy & Considerations

Tax Profile: Inflection Point Acquisition Corp. V is a Cayman Islands exempted company and has received a 20-year tax exemption undertaking from the Cayman Islands government, meaning no tax will be levied on its profits, income, gains, or appreciations, nor on its shares, debentures, or distributions. For U.S. investors, an investment in the Company's securities may result in uncertain U.S. federal income tax consequences, including the potential for the Company to be classified as a Passive Foreign Investment Company (PFIC), which could lead to adverse tax implications.

Geographic Tax Planning: The Company's current tax structure is based on its Cayman Islands incorporation. In connection with a business combination, the Company may consider reincorporating in another jurisdiction, which could have tax consequences for shareholders.

Tax Reform Impact: The Inflation Reduction Act of 2022 introduced a 1% U.S. federal excise tax on certain stock repurchases. While currently not expected to apply to the Company as a Cayman Islands entity, it could become applicable if the Company domesticates to a U.S. corporation in connection with a business combination, potentially reducing cash available for redemptions or impacting non-redeeming shareholders.

Insurance & Risk Transfer

Risk Management Framework: The Company has implemented a risk management framework that includes:

• Insurance Coverage: A directors' and officers' liability insurance policy has been purchased to cover defense costs, settlements, or judgments in certain circumstances.
• Risk Transfer Mechanisms: Indemnification agreements are in place with current and former officers and directors, providing indemnification to the maximum extent permitted by law. An indemnification agreement with the New Sponsor provides broader coverage for claims related to the Company's operations, business combination activities, or the New Sponsor's equity ownership, with specific carve-outs for willful misconduct, gross negligence, bad faith, or breach of agreement.
• Waivers: Officers and directors have waived their rights to liquidating distributions from the Trust Account. The New Sponsor has agreed to be liable for third-party claims that reduce the Trust Account below $10.00 per Public Share, subject to certain exceptions.