Inflection Point Acquisition (IPXX) and USA Rare Earth said Tuesday they have received an additional $15.3 million in PIPE financing from Inflection Point's affiliates and other investors, in connection with their previously announced proposed business combination.
This brings the total investment of Inflection Point's affiliates and other investors to roughly $30 million, according to the companies.
The new investments lifted the total gross proceeds to the combined company from the PIPE financing to about $40.8 million from $25.5 million, the companies added.
USA Rare Earth intends to use the net proceeds from the proposed business combination for general corporate purposes, the companies said.
The business combination agreement was signed in August 2024 under which USA Rare Earth agreed to go public through a business combination with Inflection Point.
Shares of Inflection Point were down 3.8% in recent Tuesday trading.
Price: 12.70, Change: -0.50, Percent Change: -3.79
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