Inflection Point Acquisition Corp. VII (formerly Columbus Circle Capital Corp II) filed its quarterly report on Form 10-Q for the period ended September 30, 2026, with the SEC on November 13, 2026, disclosing share counts, a pending business combination with Elroy Air, Inc., and related amendments.

Key Highlights

  • Share count as of November 13, 2026: 23,665,000 Class A Ordinary Shares and 7,666,667 Class B Ordinary Shares were issued and outstanding.
  • Business Combination Agreement: The company entered into a Business Combination Agreement dated June 26, 2026 with IPGX Merger Sub, Inc. and Elroy Air, Inc., a Delaware corporation.
  • Two amendments filed: A first amendment (BCA Amendment) was dated October 27, 2026, and a second amendment (BCA Second Amendment) was dated November 11, 2026.
  • Business Combination Marketing Fee: A fee of $9,800,000, subject to certain adjustments, is payable upon completion of a Business Combination pursuant to the Business Combination Marketing Agreement.
  • Shell company status: The registrant indicated it is a shell company as defined in Rule 12b-2 of the Exchange Act.
  • Emerging growth company: The company is classified as a non-accelerated filer, smaller reporting company, and emerging growth company.

Elroy Air Merger and Share Structure Disclosed in Inflection Point VII Third-Quarter Report

Inflection Point Acquisition Corp. VII, trading on NASDAQ:IPXG (with units under IPXGU and warrants under IPXGW), filed its Form 10-Q for the quarterly period ended September 30, 2026. The filing identifies the company as formerly known as Columbus Circle Capital Corp II, incorporated in the Cayman Islands, with principal offices at 3 Columbus Circle, 24th Floor, New York, New York 10019. Commission File Number 001-43112 is assigned to the registrant, according to the filing.

According to the filing, as of November 13, 2026, the company had 23,665,000 Class A Ordinary Shares and 7,666,667 Class B Ordinary Shares issued and outstanding, each with a par value of $0.0001 per share. The registrant disclosed that Class A Ordinary Shares are exercisable via Redeemable Warrants at an exercise price of $11.50 per share, with each whole warrant exercisable for one Class A Ordinary Share.

The filing disclosed that the company entered into a Business Combination Agreement on June 26, 2026, with IPGX Merger Sub, Inc. and Elroy Air, Inc. That agreement was subsequently amended twice: a BCA Amendment dated October 27, 2026, and a BCA Second Amendment dated November 11, 2026. The company also disclosed a Business Combination Marketing Fee of $9,800,000, subject to certain adjustments, payable to the Representatives upon consummation of a Business Combination. The Administrative Services Agreement was dated February 10, 2026, entered into with an affiliate of the Sponsor. Cohen and Company Inc. (NYSE American: COHN) is identified in the filing as controlling the Sponsor through Cohen LLC and its subsidiaries.

What Was Disclosed

The Form 10-Q for the period ended September 30, 2026 disclosed the company's share structure, its pending Business Combination Agreement with Elroy Air, Inc. and two amendments to that agreement, and a $9,800,000 Business Combination Marketing Fee.