NEW YORK, August 26, 2025 – Morgan Lewis is representing A1R WATER in a definitive agreement for a business combination with Inflection Point Acquisition Corp. III. Upon closing, the combined company will be named Air Water Ventures Limited, and its ordinary shares will be listed on the Nasdaq Stock Market under the symbol “WATR”. The proposed business combination implies a pro forma combined enterprise value of $419 million, excluding additional earnout consideration. The transaction is accompanied by a fully committed PIPE investment of $63.5 million, $32.5 million of which was funded at signing of the Business Combination Agreement.
A1R WATER designs and manufactures air-to-water technology to create clean water from humidity in the air with systems ranging from counter-top consumer units to 3,000 liter/day industrial systems that can supply utility-scale water farms. Inflection Point Acquisition Corp. is a publicly traded special purpose acquisition company and is the third SPAC vehicle of Inflection Point Asset Management.
The cross-border Morgan Lewis team included partner Russell Franklin and associates Matthew De Cataldo, Samuel Worth, Samuel Hare, Jessica Barrera, Yousif Alawoad Al-Shammari; and of counsel Thurston Hamlette, along with partners Etienne Shanon, Andrew Callaghan, Mark Geday, Richard Zarin, Gina Lyn Lauriero, Mark Gilligan, and Crystal Fang; and associates Jeanette Kernizan Adelson, Timothy Durbin, Ann Reynolds, Molly Tinker, Maxim Sidorenko, and Terresa Adams, and senior associate Ka Wai Kung.