Inflection Point (IPAX) Shareholders Approve Intuitive Machines Deal, But “No Votes” Were Heavier Than Normal
by Marlena Haddad on 2023-02-08 at 6:19pm

Inflection Point Acquisition Corp. (NASDAQ:IPAX) announced this afternoon that its shareholders approved its combination with space services company Intuitive Machines at a special meeting held earlier today.

At the meeting, a total of 33,753,152, or 81.89%, of Inflection Point’s issued and outstanding ordinary shares were present either in person or by proxy.  The sponsor holds 8,243,750 Class B shares and IPAX had previously secured a non-redemption agreement with Kingstown 1740 Fund L.P., an affiliate of the Sponsor, pursuant to which Kingstown agreed not to redeem the 2,900,000 Cayman Class A Shares held by it.

That means, there were 22,609,402 public SPAC shares participating at today’s completion vote.

Screen Shot 2023-02-08 at 6.04.09 PM

Of those 22,609,402 public SPAC shares voting, 10,170,081, or 44.98%, voted against the combination proposal. This is a significantly higher amount of “no votes” that we’ve seen previously.

SPAC votes are getting an increased amount of scrutiny by investors as a result of the 1% excise tax and whether funds held in trust will be used to pay for any potential tax.  IPAX did have language that left that possibility open by stating, “the imposition of the excise tax could reduce the amount of cash available to us for effecting the redemptions of our shares.”

Today’s filing did not include redemption figures or an expected closing date.

The parties announced their $815 million business combination in September 2022. Houston, Texas-based Intuitive Machines has designed a moon lander for future NASA missions as well as other aerospace products.

 

Inflection Point (IPAX) Shareholders Approve Intuitive Machines Deal, But “No Votes” Were Heavier Than Normal
Recent Posts
by Nicholas Alan Clayton on 2025-07-08 at 8:11pm

Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...

by Nicholas Alan Clayton on 2025-07-08 at 12:36pm

M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-08 at 8:18am

At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...

by Nicholas Alan Clayton on 2025-07-07 at 9:05am

Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...

by Nicholas Alan Clayton on 2025-07-07 at 8:50am

Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved