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: March 31, 2026
Status: Cayman Islands exempted company; Shell Company; Emerging Growth Company.
Business Model: Blank check company formed to effect a business combination. As of the reporting date, the Company has not commenced operations. All activity relates to formation, the IPO, and the search for a target.
Key Transaction: The Company entered into a definitive Business Combination Agreement in October 2025 with GOWell Technology Limited. The completion window was extended to August 14, 2026.
Key Financial Metrics
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Net Income | $240,456 | $379,937 |
| Operating Costs | $545,794 | $40,423 |
| Interest Income (Trust Account) | $785,555 | $417,209 |
| Cash (Operating) | $10,863 | $504,566 |
| Trust Account Balance | $90,124,845 | $89,339,290 |
| Working Capital Deficit | ($2,424,808) | N/A |
| Total Liabilities | $6,763,132 | N/A |
| Deferred Underwriting Fee | $3,450,000 | $3,450,000 |
| Sponsor Loan Payable | $700,000 | $500,000 |
Material Changes vs. Prior Period
- Operating Costs Surge: Formation and operating costs increased significantly to $545,794 in Q1 2026 compared to $40,423 in Q1 2025, reflecting active pursuit of the business combination.
- Net Income Decline: Despite higher interest income from the Trust Account ($785,555 vs. $417,209), net income decreased to $240,456 from $379,937 due to the spike in operating expenses.
- Cash Position: Operating cash decreased to $10,863 from $504,566 in the prior year period. Net cash used in operating activities was $214,882.
- Debt Increase: The Sponsor Loan payable increased from $500,000 to $700,000 due to a $200,000 working capital advance made in January 2026.
- Trust Account Growth: The Trust Account balance grew by approximately $785,555 due to interest earnings, reaching $90.1 million.
Outlook, Risks, and Management Commentary
- Going Concern: Management has identified substantial doubt about the Company's ability to continue as a going concern. The Company has a working capital deficit and must consummate a business combination by August 14, 2026, or face mandatory liquidation.
- Business Combination: The Company is actively pursuing the merger with GOWell Technology Limited. Closing is subject to shareholder approvals and other conditions.
- Subsequent Events: On April 2, 2026, the Sponsor Loan was amended to increase the principal to $800,000 following an additional $100,000 working capital advance.
- Risks: Geopolitical instability (Russia/Ukraine, Middle East) poses risks to global markets and the ability to complete a transaction. The Company is also subject to standard SPAC risks regarding redemption rights and the failure to close a deal.
- Guidance: No specific financial guidance is provided beyond the expectation to close the GOWell transaction prior to the August 14, 2026 deadline.
Investor Verification Checklist
- Liquidity Runway: Verify the sufficiency of the $10,863 operating cash balance against the $2.4 million working capital deficit and the timeline to the August 14, 2026 deadline.
- Transaction Status: Confirm the current status of the GOWell Technology Limited merger and any conditions precedent that remain unfulfilled.
- Redemption Risk: Assess the potential impact of shareholder redemptions on the Trust Account balance and the ability to pay the $3.45 million deferred underwriting fee.
- Sponsor Support: Review the terms of the amended Sponsor Loan ($800,000 total) and the New Sponsor's commitment to provide additional working capital if needed.
- Share Structure: Note the split between 8,625,000 redeemable Class A shares (temporary equity) and 2,294,375 non-redeemable Class A shares plus 990,000 Class B shares (permanent equity).