Ogier's de-SPAC experts advise A1R WATER on its proposed business combination with Inflection Point Acquisition Corp. III

Ogier's Corporate team in the Cayman Islands advised A1R WATER, a ground-breaking atmospheric water generation company, on its entry into a business combination agreement with Nasdaq-listed Inflection Point Acquisition Corp III, in a deal that implies a pro forma combined enterprise value of US$419 million excluding additional earnout consideration.

On closure of the business combination, the new combined entity, Air Water Ventures Limited, will begin trading on Nasdaq under the ticker symbol WATR. Proceeds from the transaction will be primarily focused on the expansion of A1R WATER’s US operations.

A1R WATER has transformed decades-old dehumidification technology into a commercial scale native source of drinking water, with more than 30 million gallons of BPA- and microplastic-free water expected to be generated, distributed and sold in 2025.

Inflection Point Acquisition Corp III, a special purpose acquisition company (SPAC), was publicly listed in April 2025 and is the third SPAC vehicle of Inflection Point Asset Management.

The Ogier team provided Cayman Islands legal counsel and was led by partner Cynthia Anandajayasekeram with support from senior associate Laura O'Byrne and associate Scott Parmenter.

Ogier’s Corporate experts in the Cayman Islands have significant SPAC and de-SPAC expertise, advising clients on the full life cycle from incorporation and listing of a SPAC through to business combination. Contact the team for more information.