Inflection Point Acquisition II, the second blank check company formed by Kingstown Capital targeting disruptive growth sectors, raised $220 million by offering 22 million units at $10. The company offered 2 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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, focusing on those that are tech-enabled and customer-focused with a large addressable market, among other characteristics.
Management's previous SPAC, Inflection Point Acquisition, went public in September 2021 and completed its combination with aerospace company Intuitive Machines (LUNR; -28% from $10 offer price) this past February.
Inflection Point Acquisition II plans to list on the Nasdaq under the symbol IPXXU. Cantor Fitzgerald acted as sole bookrunner on the deal.
