$IPXX
Inflection Point Acquisition Corp. II

2024 Q2 Form 10-Q Financial Statement

#000121390024069007 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $345.6K $329.5K
YoY Change 50.24%
Operating Profit -$345.6K
YoY Change 51.13%
Interest Expense $3.390M $3.396M
YoY Change 219.86%
% of Operating Profit
Other Income/Expense, Net $3.390M
YoY Change 220.02%
Pretax Income $3.045M $3.067M
YoY Change 266.86%
Income Tax
% Of Pretax Income
Net Earnings $3.045M $3.067M
YoY Change 266.5%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.10 $0.09
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.590K $275.7K
YoY Change -98.68%
Cash & Equivalents $6.587K $275.7K
Short-Term Investments
Other Short-Term Assets $53.48K $224.0K
YoY Change -89.3%
Inventory
Prepaid Expenses $53.48K $18.39K
Receivables
Other Receivables
Total Short-Term Assets $60.07K $499.7K
YoY Change -94.43%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $265.7M $259.0M
YoY Change 5.32%
Other Assets
YoY Change
Total Long-Term Assets $265.7M $259.0M
YoY Change 5.31%
TOTAL ASSETS
Total Short-Term Assets $60.07K $499.7K
Total Long-Term Assets $265.7M $259.0M
Total Assets $265.8M $259.5M
YoY Change 4.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $570.6K $310.0K
YoY Change 280.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $645.6K $310.0K
YoY Change 330.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.10M $13.10M
YoY Change 0.0%
Total Long-Term Liabilities $13.10M $13.10M
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $645.6K $310.0K
Total Long-Term Liabilities $13.10M $13.10M
Total Liabilities $13.75M $13.41M
YoY Change 3.74%
SHAREHOLDERS EQUITY
Retained Earnings -$13.69M -$12.91M
YoY Change 12.44%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.69M $246.1M
YoY Change
Total Liabilities & Shareholders Equity $265.8M $259.5M
YoY Change 4.89%

Cashflow Statement

Concept 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income $3.045M $3.067M
YoY Change 266.5%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$112.6K -$138.0K
YoY Change -81.23%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 73.67K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -112.6K -138.0K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000 73.67K
Net Change In Cash -112.6K -64.34K
YoY Change -120.48%
FREE CASH FLOW
Cash From Operating Activities -$112.6K -$138.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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ipxxu Deferred Offering Costs Paid By Sponsor In Exchange For Issuance Of Class B Ordinary Shares
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ipxxu Prepaid Services Contributed By Sponsor In Exchange For Issuance Of Class B Ordinary Shares
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ipxxu Deferred Offering Costs Paid Through Promissory Note Related Party
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ipxxu Deferred Underwriting Fee Payables
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us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 1 — Organization and Business Operations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inflection Point Acquisition Corp. II (the “Company”) is a special purpose acquisition company incorporated as a Cayman Islands exempted corporation on March 6, 2023. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2024, the Company had not commenced any operations. All activity for the period from March 6, 2023 (inception) through June 30, 2024 relates to the Company’s formation and the initial public offering (the “IPO”), which is described below, and subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on cash and cash equivalents and dividend income on marketable securities held in Trust Account. The Company has selected December 31<sup>st</sup> as its fiscal year end.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s sponsor is Inflection Point Holdings II LLC, a Delaware limited liability company (the “Sponsor”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement for the Company’s IPO was declared effective on May 24, 2023. On May 30, 2023, the Company consummated the IPO of 25,000,000 units (the “Units”), which includes the partial exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $250,000,000, which is discussed in Note 3. Each Unit consists of one Class A ordinary share (the “Public Shares”) and one half of one redeemable warrant (the “Public Warrants”) of the Company, with each whole warrant entitling the holder to purchase one Class A ordinary share for $11.50 per share, subject to adjustment. Simultaneously with the closing of the IPO, the Company consummated the sale of 7,650,000 private placement warrants (the “Private Placement Warrants”) to the Sponsor and Cantor Fitzgerald &amp; Co., the representative of the underwriters of the IPO, at a price of $1.00 per Private Placement Warrant, or $7,650,000 in the aggregate, which is described in Note 4. Of those 7,650,000 Private Placement Warrants, the Sponsor purchased 6,000,000 Private Placement Warrants and Cantor Fitzgerald &amp; Co. purchased 1,650,000 Private Placement Warrants. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the Private Placement Warrants, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination (less deferred underwriting commissions).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transaction costs amounted to $18,361,877 consisting of $4,400,000 of cash underwriting discount, $13,100,000 of deferred underwriting fees, and $861,877 of other offering costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net balance in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts and taxes payable on the income earned on the Trust Account) at the time of the signing of an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the closing of the IPO, on May 30, 2023, an amount of $251,250,000 ($10.05 per Unit) from the net proceeds of the sale of the Units in the IPO and the sales of the Private Placement Warrants was placed in the trust account (the “Trust Account”) and will be held as cash or invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the proceeds from the IPO and the sale of the Private Placement Warrants placed into the Trust Account will not be released from the Trust Account until the earliest of (i) the completion of the Company’s initial Business Combination, (ii) the redemption of the Company’s Public Shares if the Company is unable to complete the initial Business Combination within 18 months from the closing of the IPO or by such earlier liquidation date as the Company’s board of directors may approve (the “Completion Window”), subject to applicable law, or (iii) the redemption of the Company’s Public Shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s Public Shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will provide the Company’s public shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their Public Shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (less taxes payable), divided by the number of then outstanding Public Shares, subject to the limitations. The amount in the Trust Account is initially anticipated to be $10.05 per Public Share (without taking into account interest earned or taxes payable).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ordinary shares subject to redemption were recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will have only the duration of the Completion Window to complete the initial Business Combination. If the Company is unable to complete its initial Business Combination within the Completion Window, the Company will as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will constitute full and complete payment for the Public Shares and completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation or other distributions, if any), subject to the Company’s obligations under Cayman Islands law to provide for claims of creditors and subject to the other requirements of applicable law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares and Public Shares in connection with the completion of the initial Business Combination or an earlier redemption in connection with the commencement of the procedures to consummate the initial Business Combination if the Company determines it is desirable to facilitate the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their founder shares and Public Shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the Trust Account; and (iv) vote any founder shares held by them and any Public Shares purchased during or after the IPO (including in open market and privately-negotiated transactions) in favor of the initial Business Combination. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company (except for the Company’s independent auditors), or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (except for the Company’s independent auditors), reduce the amount of funds in the Trust Account to below the lesser of (i) $10.05 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.05 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Going Concern Consideration</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2024, the Company had $6,587 of cash and working capital deficit of $585,499. The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. The Company’s cash and working capital are not sufficient to complete its planned activities one year from the issuance date of the financial statements. In addition, the Company has until November 30, 2024 to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time or that the Company will elect to seek shareholder approval to extend the date by which the Company must consummate a Business Combination. If a Business Combination is not consummated by the Business Combination deadline, there will be a mandatory liquidation of the Trust Account. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management plans to address this uncertainty through a Business Combination. There is no assurance that the Company’s plans to raise capital or to consummate a Business Combination will be successful within the Completion Window. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p>
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dei Document Type
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CY2023Q2 us-gaap Temporary Equity Accretion To Redemption Value
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2023Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Investment Income Dividend
InvestmentIncomeDividend
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us-gaap Investment Income Dividend
InvestmentIncomeDividend
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ipxxu Increase Decreases In Prepaid Insurance
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
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us-gaap Proceeds From Issuance Of Private Placement
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the unaudited condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
3044937 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q2 us-gaap Investment Income Dividend
InvestmentIncomeDividend
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us-gaap Investment Income Dividend
InvestmentIncomeDividend
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CY2024Q2 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 ipxxu Accretion Of Temporary Equity To Redemption Value
AccretionOfTemporaryEquityToRedemptionValue
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ipxxu Accretion Of Temporary Equity To Redemption Value
AccretionOfTemporaryEquityToRedemptionValue
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CY2023Q2 us-gaap Investment Income Dividend
InvestmentIncomeDividend
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us-gaap Investment Income Dividend
InvestmentIncomeDividend
1059469 usd
CY2023Q2 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
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ipxxu Afterthe Closing Business Combination Commercially Effortsof Business Days
AftertheClosingBusinessCombinationCommerciallyEffortsofBusinessDays
P20D
ipxxu Effective Within Business Days Followingthe Initial Business Combination
EffectiveWithinBusinessDaysFollowingtheInitialBusinessCombination
P60D
ipxxu Common Stock Threshold Trading Days
CommonStockThresholdTradingDays
P20D
ipxxu Common Stock Threshold Consecutive Trading Days
CommonStockThresholdConsecutiveTradingDays
P30D
CY2023Q2 ipxxu Share Capitalization
ShareCapitalization
575000 shares
ipxxu Common Stock Threshold Trading Days
CommonStockThresholdTradingDays
P20D
ipxxu Common Stock Threshold Consecutive Trading Days
CommonStockThresholdConsecutiveTradingDays
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ipxxu Commencing Afterthe Completion Of Initial Business Combination Days
CommencingAftertheCompletionOfInitialBusinessCombinationDays
P150D
CY2023Q2 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
179665 usd
CY2024Q2 us-gaap Payments For Fees
PaymentsForFees
27083 usd
CY2024Q1 us-gaap Payments For Fees
PaymentsForFees
17708 usd
CY2024Q1 us-gaap Payments For Fees
PaymentsForFees
24091 usd
CY2024Q3 us-gaap Payments For Fees
PaymentsForFees
24091 usd
CY2024Q2 us-gaap Payments For Fees
PaymentsForFees
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CY2024Q2 us-gaap Fees And Commissions Mortgage Banking And Servicing
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us-gaap Fees And Commissions Mortgage Banking And Servicing
FeesAndCommissionsMortgageBankingAndServicing
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CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
37768 usd
us-gaap Fees And Commissions Mortgage Banking And Servicing
FeesAndCommissionsMortgageBankingAndServicing
27083 usd
ipxxu Working Capital Loan
WorkingCapitalLoan
1500000 usd
CY2024Q3 us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
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CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 ipxxu Share Capitalization
ShareCapitalization
575000 shares
CY2023Q2 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
75000 shares
CY2024Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
265710795 usd
CY2023Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
258971518 usd
us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
1
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ipxxu Prepaid Insurance Current
PrepaidInsuranceCurrent
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CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q2 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
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us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
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CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
usd
ipxxu Formation Cos Paid By Sponsor In Exchange Forssuance Of Class Bordinary Shares
FormationCosPaidBySponsorInExchangeForssuanceOfClassBordinaryShares
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us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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ipxxu Deferred Offering Costs Paid By Sponsor In Exchange For Issuance Of Class B Ordinary Shares
DeferredOfferingCostsPaidBySponsorInExchangeForIssuanceOfClassBOrdinaryShares
usd
ipxxu Prepaid Services Contributed By Sponsor In Exchange For Issuance Of Class B Ordinary Shares
PrepaidServicesContributedBySponsorInExchangeForIssuanceOfClassBOrdinaryShares
usd
ipxxu Deferred Offering Costs Paid Through Promissory Note Related Party
DeferredOfferingCostsPaidThroughPromissoryNoteRelatedParty
usd
ipxxu Deferred Underwriting Fee Payables
DeferredUnderwritingFeePayables
usd
ipxxu Forfeiture Of Founder Shares
ForfeitureOfFounderShares
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CY2024Q2 ipxxu Accretion Of Temporary Equity To Redemption Value
AccretionOfTemporaryEquityToRedemptionValue
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ipxxu Accretion Of Temporary Equity To Redemption Value
AccretionOfTemporaryEquityToRedemptionValue
usd
CY2023Q2 ipxxu Initial Business Combination Expire Term
InitialBusinessCombinationExpireTerm
P5Y
ipxxu Initial Business Combination Expire Term
InitialBusinessCombinationExpireTerm
P5Y
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001970622

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