Air Water Ventures (WATR) investor relations material

Executive summary

• Air Water Ventures Limited completed a business combination with Inflection Point Acquisition Corp. III, resulting in a new public entity listed on Nasdaq under the symbol "WATR" as of August 14, 2026.

• The transaction included the conversion of various classes of shares, warrants, and RSUs into new PubCo securities, and the issuance of up to 20 million earnout shares contingent on future revenue, EBITDA, and share price milestones.

• Prior to the transaction, PubCo had no material operations; post-closing, it became the parent of Air Water OpCo, which holds and operates the business.

Significant events and developments

• 24.5 million Inflection Point Class A shares were redeemed for $256.9 million, leaving 751,339 shares outstanding at closing.

• As of closing, 31,639,454 PubCo Ordinary Shares and 117,037.283 PubCo Series A Preferred Shares were outstanding.

• Lock-up agreements restrict the transfer of certain shares by legacy shareholders and sponsors for up to six months post-closing, with some waivers to meet Nasdaq public float requirements.

• A new registration rights agreement was executed, granting resale rights to key shareholders and PIPE investors.

Capital allocation and financing

• The company is authorized to issue up to 499,870,000 Ordinary Shares and 130,000 Series A Preferred Shares.

• Series A Investor Warrants are outstanding and exercisable for up to 12,121,349 Ordinary Shares at an initial exercise price of $12.00 per share.

• No cash dividends have been paid to date; future dividends are at the board's discretion and subject to financial condition and agreements.