Schedule 13G: MMCAP Discloses 1.4M IPCXU Shares (5.38%)

Rhea-AI Filing Summary

Schedule 13G disclosure by MMCAP International Inc. SPC and MM Asset Management Inc. The two reporting persons together state beneficial ownership of 1,400,000 Class A ordinary shares of Inflection Point Acquisition Corp. III, representing 5.38% of 26,040,000 Class A shares outstanding as reported by the issuer. The holders report no sole voting or dispositive power and shared voting and dispositive power over 1,400,000 shares, indicating coordinated but not unilateral control.

The filing certifies the shares were not acquired to change or influence control of the issuer and reports routine ownership information required for investors and regulators.

Positive

• Disclosure of a material beneficial stake: 1,400,000 shares representing 5.38% of the Class A shares outstanding
• Transparency on control: reporting persons declare shared voting and dispositive power and certify no intent to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: A passive, disclosed stake of 5.38% (1.4M shares) is material for ownership transparency but shows no unilateral control.

The filing reports a >5% beneficial ownership position, which is material for market transparency because it signals a sizeable minority stake. Both reporting entities declare shared voting and dispositive power and no sole power, implying coordinated influence rather than direct control. The certification that the shares were not acquired to influence control aligns with a passive disclosure under Schedule 13G, limiting immediate corporate-governance implications based on the information provided.

Corporate Governance Expert

TL;DR: Disclosure is routine but important: >5% ownership requires reporting and clarifies voting/disposition rights.

This Schedule 13G identifies two reporting persons with combined beneficial ownership equal to 5.38%. The report specifies shared voting and dispositive authority and includes a certification denying an intent to change or influence control. From a governance perspective, the filing documents a notable minority stake and clarifies that, per the signatories, there is no present activist intent—information investors and boards use to assess potential shareholder engagement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Inflection Point Acquisition Corp. III

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G47875102

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G47875102

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,400,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,400,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,400,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.38 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: * The reporting person holds 1,400,000 Class A ordinary shares. **Based on 26,040,000 Class A ordinary shares outstanding of the Issuer, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on June 9, 2025.

SCHEDULE 13G

CUSIP No. G47875102

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,400,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,400,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,400,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.38 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: * The reporting person holds 1,400,000 Class A ordinary shares. **Based on 26,040,000 Class A ordinary shares outstanding of the Issuer, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on June 9, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Inflection Point Acquisition Corp. III
(b)	Address of issuer's principal executive offices: 167 Madison Avenue, Suite 205 #1017, New York, NEW YORK 10016
Item 2.
(a)	Name of person filing: MMCAP International Inc. SPC MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue Camana Bay, P.O. Box 1348 Grand Cayman, KY1-1108, Cayman Islands 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, ON M5J 2S1 Canada
(c)	Citizenship: Cayman Islands Ontario, Canada
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G47875102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,400,000
(b)	Percent of class: 5.38 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,400,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,400,000
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Director
Date:	08/12/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	President
Date:	08/12/2025

FAQ

How many IPCXU Class A shares do MMCAP and MM Asset Management report owning?

They report beneficial ownership of 1,400,000 Class A ordinary shares of Inflection Point Acquisition Corp. III.

What percentage of IPCXU does the 1,400,000-share position represent?

The position represents 5.38% of 26,040,000 Class A shares outstanding as reported by the issuer.

What voting and dispositive powers are reported for the holders of IPCXU?

Both reporting persons report 0 sole voting power and 1,400,000 shared voting power; similarly, 0 sole dispositive power and 1,400,000 shared dispositive power.

Does the filing state an intent to influence control of Inflection Point Acquisition Corp. III (IPCXU)?

No; the filing includes a certification that the securities were not acquired and are not held to change or influence control of the issuer.

Who are the reporting persons and where are they organized?

The reporting persons are MMCAP International Inc. SPC (organized in the Cayman Islands) and MM Asset Management Inc. (organized in Ontario, Canada).