Key Highlights

● Inflection Point Fund I, LP filed an amended Schedule 13D on September 25, 2026 disclosing it now holds zero Class A ordinary shares of Inflection Point Acquisition Corp. V after its Business combination with GOWell Energy Technology closed September 24-25, 2026.

● Before the transaction, the reporting persons held 990,000 Class B ordinary shares, which converted into Class A shares and then into ordinary shares of the surviving company, GOWell Energy Technology.

● The surviving public company now trades as NASDAQ:IPEX, with GOWell Energy Technology emerging from the SPAC Merger as the operating business.

● The filing does not detail the merger's valuation, share exchange ratios, lock-up provisions, or whether signatory Michael Blitzer retained any GOWell shares directly.

Inflection Point Fund I, LP filed an amended Schedule 13D on September 25, 2026 disclosing that it, along with affiliated entities Inflection Point GP I LLC and Michael Blitzer, now holds zero Class A ordinary shares of Inflection Point Acquisition Corp. V, after the special purpose acquisition company's business combination with GOWell Energy Technology (NASDAQ:IPEX) closed on September 24 and 25, 2026. The filing amends an original Schedule 13D from September 16, 2025.

From 990,000 Shares to Zero

Before the transaction, the reporting persons held 990,000 Class B ordinary shares of the SPAC, which were convertible into Class A ordinary shares on a one-for-one basis. According to the amended filing, those Class B shares converted into Class A shares, and then, through the merger transactions that closed September 24-25, 2026, those Class A shares converted into ordinary shares of GOWell Energy Technology, the entity that survived the business combination. The result, as reported in the 13D/A, is that the reporting persons' beneficial ownership of the original SPAC issuer's Class A shares fell to zero, representing 0.00% of the class.

Why the Filing Exists

Schedule 13D and its amendments are SEC disclosures required of investors who beneficially own more than 5% of a voting class of a public company's Equity securities, and they must be updated whenever there is a material change in the reported facts, including a change in beneficial ownership. Because the underlying SPAC shares were converted away entirely as part of the closing of the business combination, this amendment effectively closes out Inflection Point Fund I's reporting obligation with respect to the original issuer. The filing identifies Michael Blitzer, the signatory, as the "former Chairman and Chief Executive Officer of the Issuer," indicating his prior operating role at the SPAC before the merger closed.

What the Merger Accomplished

The filing itself is procedural rather than descriptive of the underlying business combination, but it confirms the key mechanics and dates: the SPAC, Inflection Point Acquisition Corp. V, completed its combination with GOWell Energy Technology over September 24 and 25, 2026, and GOWell emerged as the surviving public company, now trading as NASDAQ:IPEX. SPAC mergers of this type typically convert the blank-check company's founder and public shares into shares of the operating business being taken public, which is consistent with what this amendment describes for the Inflection Point-affiliated holdings.

Limited Disclosure Beyond the Ownership Change

The 13D/A does not detail the terms of the GOWell merger itself, such as valuation, share exchange ratios for public shareholders, or any lock-up provisions that might apply to insiders. It also does not disclose whether Blitzer or other Inflection Point-affiliated individuals retained any ordinary shares of GOWell Energy Technology directly, since the filing addresses only the reporting persons' holdings in the original SPAC issuer, which are now nil.

Context on the Original Stake

The original Schedule 13D, filed September 16, 2025, would have disclosed the reporting persons' 990,000-share Class B stake, the kind of founder-share position sponsors typically receive at nominal cost in exchange for organizing and capitalizing a blank-check company ahead of an eventual merger. Founder shares of this type usually convert into Class A shares around the time a business combination closes, which is consistent with the sequence this amendment describes: conversion into Class A shares followed by conversion into ordinary shares of the surviving operating company. The brevity of this 13D/A is typical for a closing-related ownership update, since its purpose under SEC rules is to correct the reported beneficial ownership figures rather than to narrate the terms of the underlying transaction.

GOWell's Debut as a Public Company

Investors should watch for any subsequent Schedule 13D or 13G filings disclosing stakes in GOWell Energy Technology (IPEX) itself, along with GOWell's first periodic reports as a newly public company following the merger's close. Whether Michael Blitzer or other Inflection Point principals take on roles at the combined company, and trading activity in IPEX shares now that the SPAC structure has been resolved, are also worth tracking.