Inflection Point expands shareholder lock-up requirements in Elroy Air deal
IPXG•Inflection Point Acquisition Corp. VII amended its merger agreement with Elroy Air on November 11, expanding lock-ups for certain equity holders and continuing employees. The amendment also provides for book-entry delivery of merger consideration at closing.
1. Expanded lock-ups
The amended agreement requires lock-ups for equity holders receiving at least 0.15% of aggregate consideration, including amounts receivable upon option exercise or restricted stock unit settlement. Elroy Air employees who continue with either company after closing face lock-ups regardless of their share of the consideration.
2. Consideration delivery
The amendment eliminates transmittal letters and share certificate surrender as conditions for receiving merger consideration, providing for book-entry delivery at closing. Elroy Air will survive its merger with an Inflection Point subsidiary.
