Recent Updates — CMIIU

Inflection Point Acquisition Corp. VII entered into the First Amendment to its Business Combination Agreement with Elroy Air, Inc., modifying terms related to equity awards and financial statement delivery deadlines. The amendment clarifies that outstanding Elroy Air options will convert based on the Common Stock Exchange Ratio rather than a separate option exchange ratio. It also adjusts the maximum number of shares issuable under the New Elroy Air Incentive Plan to 12% of Purchaser Fully Diluted Capitalization and removes financial statement delivery failures as a breach condition. The transaction remains subject to shareholder approval via a proxy statement filed with the SEC. Inflection Point Acquisition Corp. VII is a blank check company focused on merging with or acquiring private companies, while Elroy Air designs and manufactures autonomous cargo aircraft.

Inflection Point Acquisition Corp. VII filed a Form 8-K under Item 7.01 to furnish an investor presentation from its virtual analyst day held on September 21, 2026, regarding the proposed business combination with Elroy Air, Inc. The filing reiterates that Merger Sub will merge into Elroy Air, which will survive as a wholly-owned subsidiary and change its name to Elroy Air, Inc., subject to shareholder approval and SEC effectiveness of a Form S-4 registration statement. The presentation highlights Elroy Air's autonomous hybrid-electric VTOL aircraft, the Chaparral, noting a 1,400+ unit commercial pipeline valued at approximately $4.9 billion based on a $3.5 million average selling price per unit. It also details a ~$46 million U.S. Army Phase III SBIR contract and Elroy Air's selection for the USDOT eVTOL Integration Pilot Program (eIPP). Inflection Point Acquisition Corp. VII operates as a blank check company focused on effecting a merger, capital stock exchange, asset acquisition, or other business combination with an emerging growth company.

Columbus Circle Capital Corp II entered into a Business Combination Agreement with Elroy Air, Inc. to merge, with Elroy Air continuing as the surviving company. The transaction is expected to close in the fourth quarter of 2026 and will result in the company renaming to Elroy Air, Inc. Columbus Circle Capital Corp II is a special purpose acquisition company (special purpose acquisition company) that seeks to complete a business combination with a target company.