Exhibit 99.1
INFLECTION POINT ACQUISITION CORP
BALANCE SHEET
SEPTEMBER 24, 2021
| | | September 24,
2021 | | | Pro Forma
Adjustments | | | As Adjusted | |
| | | | | | (unaudited) | | | (unaudited) | |
| Assets: | | | | | | | | | |
| Cash | | $ | 2,119,429 | | | $ | - | | | $ | 2,119,429 | |
| Prepaid expenses | | | 477,094 | | | | - | | | | 477,094 | |
| Total current assets | | | 2,596,523 | | | | - | | | | 2,596,523 | |
| Other assets | | | 446,602 | | | | - | | | | 446,602 | |
| Cash held in trust account | | | 300,000,000 | | | | 29,750,000 | (a) | | | 329,750,000 | |
| | | | | | | | 595,000 | (b) | | | | |
| | | | | | | | (595,000 | ) (c) | | | | |
| Total Assets | | $ | 303,043,125 | | | $ | 29,750,000 | | | $ | 332,793,125 | |
| | | | | | | | | | | | | |
| Liabilities and Shareholders’ Equity | | | | | | | | | | | | |
| Accrued offering costs and expenses | | | 1,374,837 | | | | - | | | | 1,374,837 | |
| Promissory note – related party | | | 188,805 | | | | - | | | | 188,805 | |
| Total Current Liabilities | | | 1,563,642 | | | | - | | | | 1,563,642 | |
| Deferred underwriters’ discount | | | 10,500,000 | | | | 1,041,250 | (c) | | | 11,541,250 | |
| Total Liabilities | | | 12,063,642 | | | | 1,041,250 | | | | 13,104,892 | |
| | | | | | | | | | | | | |
| Commitments | | | | | | | | | | | | |
| Class A ordinary shares subject to possible redemption, 31,588,110 shares at redemption value of $10.00 | | | 286,130,110 | | | | 29,750,000 | (a) | | | 315,880,110 | |
| | | | | | | | | | | | | |
| Shareholders’ Equity: | | | | | | | | | | | | |
| Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | | | - | | | | - | | | | - | |
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 1,386,989 issued and outstanding | | | 139 | | | | | | | | 139 | |
| | | | | | | | | | | | | |
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,243,750 shares issued and outstanding | | | 863 | | | | (38 | ) (e) | | | 825 | |
| Additional paid-in capital | | | 4,871,950 | | | | 595,000 | (b) | | | 3,830,738 | |
| | | | | | | | (595,000 | ) (c) | | | | |
| | | | | | | | (1,041,250 | ) (d) | | | | |
| | | | | | | | 38 | (e) | | | | |
| Accumulated deficit | | | (23,579 | ) | | | - | | | | (23,579 | ) |
| Total Shareholders’ Equity | | | 4,849,373 | | | | (1,041,250 | ) | | | 3,808,123 | |
| Total Liabilities and Shareholders’ Equity | | $ | 303,043,125 | | | $ | | | | $ | 332,793,125 | |
The accompany notes are an integral part of the financial statement.
NOTE 1 – CLOSING OF OVER-ALLOTMENT OPTION
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Inflection Point Acquisition Corp. (the “Company”) as of September 24, 2021, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on October 29, 2021.
The Company consummated its initial public offering (the “IPO”) of 30,000,000 units (the “Units”) on September 24, 2021. Each Unit consists of one Class A Ordinary Share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment.
The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $300,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 4,500,000 additional Units to cover over-allotments, if any. On October 29, 2021, the Underwriters partially exercised the over-allotment option and purchased an additional 2,975,000 Over-Allotment Units, generating an aggregate of gross proceeds of $29,750,000.
Simultaneously with the exercise of the Underwriters’ over-allotment option, the Sponsor of the Company purchased an additional 595,000 Private Placement Warrants, generating aggregate gross proceeds of $595,000.
Upon closing of the IPO and the sale of the Over-Allotment Units, a total of $329,750,000 ($10.00 per Unit) was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.
Pro forma adjustments to reflect the exercise of the Underwriters’ over-allotment option described above are as follows:
| Pro Forma Entries | | Debit | | | Credit | |
| (a) Cash held in trust account | | $ | 29,750,000 | | | | | |
| Class A ordinary shares subject to possible redemption | | | | | | $ | 29,750,000 | |
| To record proceeds from sale of over-allotment units | | | | | | | | |
| | | | | | | | | |
| (b) Cash held in trust account | | $ | 595,000 | | | | | |
| Additional paid-in capital | | | | | | $ | 595,000 | |
| To record proceeds from sale of additional private placement warrants deposited into Trust account | | | | | | | | |
| | | | | | | | | |
| (c) Additional paid-in capital | | $ | 595,000 | | | | | |
| Cash held in trust account | | | | | | $ | 595,000 | |
| To record underwriters’ cash discount paid arising from the sale of the over-allotment units | | | | | | | | |
| | | | | | | | | |
| (d) Additional paid-in capital | | $ | 1,041,250 | | | | | |
| Deferred underwriters’ fee payable | | | | | | $ | 1,041,250 | |
| To record additional deferred underwriters’ fee arising from the sale of the over-allotment units | | | | | | | | |
| | | | | | | | | |
| (e) Class B Ordinary Shares | | $ | 38 | | | | | |
| Additional paid-in capital | | | | | | $ | 38 | |
| To record forfeiture of 381,250 founder shares for portion of over-allotment not exercised | | | | | | | | |
