Business Context and Reporting Period
Company: Maywood Acquisition Corp. (filing as Inflection Point Acquisition Corp. V)
Reporting Period: Quarter ended September 30, 2025
Status: The Company is a Cayman Islands exempted company formed as a blank check entity (SPAC) for the purpose of effecting a business combination. As of the reporting date, the Company had not commenced operations. On October 13, 2025 (subsequent to the period end), the Company entered into a definitive agreement to merge with GOWell Technology Limited.
Capital Structure: The Company consummated its IPO on February 14, 2025, selling 8,625,000 Units (including full over-allotment) at $10.00 per unit, generating gross proceeds of $86,250,000. Simultaneously, it completed a private placement of 265,625 Units.
Key Financial Metrics
| Metric | Value (Sep 30, 2025) | Value (Dec 31, 2024) |
|---|---|---|
| Total Assets | $88,835,774 | $131,602 |
| Cash and Cash Equivalents (Operating) | $289,580 | $0 |
| Marketable Securities (Trust Account) | $88,485,688 | $0 |
| Total Liabilities | $4,610,725 | $114,314 |
| Deferred Underwriting Fee | $3,450,000 | $0 |
| Sponsor Loan Payable | $500,000 | $0 |
| Working Capital Deficit | ($310,639) | N/A |
| Net Income (9 Months Ended Sep 30, 2025) | $1,312,339 | N/A |
| Net Income (3 Months Ended Sep 30, 2025) | $70,891 | N/A |
Revenue: The Company has no operating revenue. Income is derived solely from interest earned on marketable securities held in the Trust Account ($2,235,688 for the nine months ended Sep 30, 2025).
Material Changes vs. Prior Period
- Asset Growth: Total assets increased from $131,602 to $88.8 million, driven by the IPO proceeds deposited into the Trust Account.
- Profitability: The Company transitioned from a net loss of $7,687 for the period from inception (May 31, 2024) to September 30, 2024, to a net income of $1.31 million for the nine months ended September 30, 2025. This shift is primarily due to interest income on the Trust Account.
- Liabilities: Liabilities increased significantly due to the recognition of the deferred underwriting fee ($3.45 million) and the Sponsor Loan ($500,000).
- Equity Structure: Class A ordinary shares subject to possible redemption are now classified as temporary equity ($88.49 million), whereas no such shares existed at the prior period end.
Outlook, Risks, and Unusual Items
Management Commentary and Outlook
Management intends to consummate the proposed business combination with GOWell Technology Limited prior to the deadline of August 14, 2026 (18 months from IPO closing). The Company has filed a proxy statement to change its name to "Inflection Point Acquisition Corp. V" to reflect the new management team from Inflection Point Asset Management.
Risks and Contingencies
- Going Concern: The Company has a working capital deficit of $310,639 and substantial doubt exists regarding its ability to continue as a going concern if a business combination is not completed by August 14, 2026. Mandatory liquidation would occur if the deadline is missed.
- Geopolitical Risks: Management notes potential negative impacts from global conflicts (Russia/Ukraine, Israel/Palestine) on financial markets and the ability to complete a business combination.
- Redemption Risk: Public shareholders have the right to redeem their shares upon the completion of a business combination, which could reduce the funds available for the transaction.
Unusual Items
- Sponsor Transfer: On September 9, 2025, the Prior Sponsor sold 990,000 Class B shares and assigned the $500,000 Sponsor Loan to the New Sponsor (Inflection Point Fund I LP) for $1.8 million. The Prior Sponsor also converted 2,028,750 Class B shares to Class A shares.
- Debt Forgiveness: The Prior Sponsor forgave $12,502 in outstanding administrative fees, recorded as "Forgiveness of debt" in other income.
Investor Verification Checklist
- Trust Account Balance: Verify the current balance of $88,485,688 in the Trust Account and the interest rate assumptions used for future projections.
- Business Combination Agreement: Review the definitive agreement with GOWell Technology Limited (filed Oct 13, 2025) for valuation, redemption thresholds, and closing conditions.
- Going Concern Liquidity: Assess the sufficiency of the $289,580 operating cash balance to fund operations until the business combination closes or liquidation occurs.
- Deferred Underwriting Fee: Confirm the $3.45 million deferred fee obligation and its impact on net proceeds upon closing.
- Shareholder Redemption Rights: Understand the redemption mechanics and the potential dilution impact on non-redeeming shareholders.