Business Context and Reporting Period
Company: Inflection Point Acquisition Corp. V (formerly Maywood Acquisition Corp.)
Filing Type: Form 10-K (Annual Report)
Period Ended: December 31, 2025
Business Model: Cayman Islands exempted company (SPAC) formed to effect a business combination. The Company has no operating history and generates no operating revenue.
Key Event: On October 13, 2025, the Company entered into a Business Combination Agreement with GOWell Technology Limited ("GOWell"), an international provider of well logging technologies. The transaction is subject to shareholder approval and other closing conditions.
Key Financial Metrics
| Metric | Value (as of Dec 31, 2025) |
|---|---|
| Trust Account Balance | $89,339,290 (Marketable securities) |
| Cash (Operating) | $25,745 |
| Working Capital | Deficit of $2,079,709 |
| Net Income | $396,872 (Year ended Dec 31, 2025) |
| Total Assets | $89,528,052 |
| Total Liabilities | $6,218,470 |
| Deferred Underwriting Fee | $3,450,000 |
| Sponsor Loan Payable | $500,000 (Note: Subsequently amended to $700,000) |
| Shares Outstanding | 10,919,375 Class A; 990,000 Class B |
Material Changes vs. Prior Period
- Revenue & Income: The Company reported a net income of $396,872 for 2025, compared to a net loss of $7,712 for the period from inception (May 31, 2024) to December 31, 2024. The 2025 income was driven primarily by $3,089,290 in interest earned on Trust Account securities.
- Capital Structure: Following the February 2025 IPO, the Company raised $86,250,000 in gross proceeds. In September 2025, a "Sponsor Transfer Transaction" occurred where the Prior Sponsor sold 990,000 Founder Shares to the New Sponsor (Inflection Point Fund I LP) and converted remaining Founder Shares to Class A Ordinary Shares.
- Management: In September 2025, the Prior Sponsor's officers and directors (except Zikang Wu) resigned and were replaced by a new management team led by Michael Blitzer (CEO/Chairman) and Kevin Shannon (COO).
- Debt: The Sponsor Loan was assigned to the New Sponsor in September 2025. Subsequent to the reporting period (January 7, 2026), the loan was amended to increase the principal to $700,000.
Guidance, Outlook, Risks, and Contingencies
- Going Concern: The Company has a working capital deficit and substantial doubt exists regarding its ability to continue as a going concern if a business combination is not consummated by the deadline of August 14, 2026.
- Business Combination: The Company intends to complete the merger with GOWell. The transaction requires a minimum cash condition of $50,000,000 at closing, which the Company expects to satisfy through Trust Account funds and PIPE investments.
- Liquidity: The Company relies on interest income from the Trust Account and loans from the Sponsor to fund operations. As of December 31, 2025, operating cash was only $25,745.
- Risks:
- Redemption Risk: High redemption rates by public shareholders could prevent the Company from meeting the minimum cash condition for the GOWell merger.
- Regulatory Risk: The transaction may be subject to CFIUS review, though the Company does not currently believe a filing is mandatory.
- Trust Account Claims: Third-party claims could reduce the Trust Account balance below $10.00 per share, though the New Sponsor has agreed to indemnify the Company for such claims (subject to limitations).
Investor Verification Checklist
- Trust Account Balance: Verify the current per-share redemption value (approx. $10.36 as of Dec 31, 2025) and confirm no withdrawals have occurred for taxes or expenses.
- PIPE Financing: Confirm the status of Private Investment in Public Equity (PIPE) commitments required to meet the $50 million minimum cash condition for the GOWell deal.
- Redemption Levels: Monitor shareholder redemption requests prior to the shareholder vote on the business combination.
- Debt Obligations: Note the subsequent amendment to the Sponsor Loan increasing the principal to $700,000 and its repayment terms upon liquidation or merger.
- Management Alignment: Review the new management team's track record and any employment agreements or consulting fees contingent on the merger closing.