Business Context and Reporting Period
Company: Inflection Point Acquisition Corp. V (f/k/a Maywood Acquisition Corp.)
Filing Type: Form 10-Q (Unaudited)
Period Ended: June 30, 2026
Status: Cayman Islands exempted company, shell company, and emerging growth company. The Company is a Special Purpose Acquisition Company (SPAC) formed to effect a business combination. As of the reporting date, it had not commenced operations other than the search for a target.
Key Financial Metrics
| Metric | Six Months Ended June 30, 2026 | Three Months Ended June 30, 2026 |
|---|---|---|
| Net Income | $598,000 | $357,544 |
| Operating Costs | $986,584 | $440,790 |
| Interest Income (Trust Account) | $1,583,288 | $797,733 |
| Cash (Operating) | $61,234 | $61,234 |
| Trust Account Balance | $90,922,578 | $90,922,578 |
| Working Capital Deficit | ($2,764,997) | ($2,764,997) |
| Total Liabilities | $7,173,984 | $7,173,984 |
| Deferred Underwriting Fee | $3,450,000 | $3,450,000 |
| Sponsor Loan Payable | $800,000 | $800,000 |
Note: The Company generates no operating revenue. Net income is derived primarily from interest earned on marketable securities held in the Trust Account.
Material Changes vs. Prior Period
- Net Income Decline: Net income for the six months ended June 30, 2026, was $598,000, a decrease from $1,241,448 in the same period in 2025. This was driven by a significant increase in formation and operating costs ($986,584 vs. $87,365) which outpaced the growth in interest income.
- Operating Costs Surge: Operating costs increased by approximately 1,031% year-over-year for the six-month period, reflecting increased activity in pursuing the business combination.
- Trust Account Growth: The Trust Account balance increased from $89,339,290 at December 31, 2025, to $90,922,578 at June 30, 2026, due to accrued interest.
- Debt Increase: The Sponsor Loan Payable increased from $500,000 to $800,000 due to two amendments in 2026 providing additional working capital advances of $300,000.
Outlook, Risks, and Subsequent Events
Business Combination Status
The Company has entered into a definitive agreement to merge with GOWell Technology Limited. The completion window was originally set for August 14, 2026.
Subsequent Events (Post-June 30, 2026)
- Extension Approved: On August 12, 2026, shareholders approved an amendment to extend the completion window to August 31, 2026, with the option to extend further up to December 31, 2026.
- Mass Redemptions: In connection with the extension, 7,475,610 public shares were redeemed for approximately $79.1 million ($10.59 per share).
- Remaining Capital: Following redemptions, approximately $12.2 million remained in the Trust Account, with 3,443,765 Class A shares and 990,000 Class B shares outstanding.
- Agreement Amendment: On July 13, 2026, the Business Combination Agreement was amended to adjust earnout structures and increase the cap on SPAC transaction expenses to $9,000,000.
Risks and Going Concern
The filing discloses substantial doubt about the Company's ability to continue as a going concern if a business combination is not consummated by the deadline. The Company has a working capital deficit of $2.76 million and relies on the successful completion of the GOWell transaction or further extensions to avoid mandatory liquidation.
Investor Verification Checklist
- Redemption Impact: Verify the sufficiency of the remaining $12.2 million in the Trust Account to consummate the GOWell Business Combination after the significant redemption of ~7.5 million shares.
- Extension Terms: Confirm the specific terms of the extension approved on August 12, 2026, and the conditions for further extensions up to December 31, 2026.
- Transaction Expenses: Review the amended cap on transaction expenses ($9,000,000) and the potential impact on the post-merger capital structure.
- Sponsor Loan: Note the $800,000 non-interest-bearing loan from the New Sponsor, which is repayable only upon a successful business combination or liquidation.
- Going Concern: Assess the risk of liquidation if the GOWell deal fails to close within the extended timeframe.