Columbus Circle Capital Corp II

Inflection Point Acquisition Corp. II (CMII), now operating as Inflection Point Acquisition Corp. VII, has entered into a Second Amendment to its Business Combination Agreement with Elroy Air, Inc. The amendment streamlines the stock exchange process by removing the requirement for a letter of transmittal for Elroy Air shareholders. It also expands the scope of lock-up agreements to include employees of Elroy Air who will continue with the combined entity, irrespective of the amount of consideration they receive. The agreement also updates the form of the Seller Lock-Up Agreement and removes references to the letter of transmittal as a condition for receiving merger consideration.

Columbus Circle Capital Corp II announced an Extraordinary General Meeting for August 26, 2026, to vote on changing its name to Inflection Point Acquisition Corp. VII. This proposed name change is linked to recent management changes and a new partnership with Inflection Point Asset Management LLC. Shareholders will also vote on an Adjournment Proposal, which would allow for additional proxy solicitation if needed.

Columbus Circle Capital Corp II (CMII) has entered into a definitive Business Combination Agreement with Elroy Air, Inc. The transaction will result in Elroy Air becoming a direct, wholly-owned subsidiary of CMII, which will be renamed Elroy Air, Inc. post-closing. Prior to the merger, CMII will redomicile from the Cayman Islands to Delaware. The Business Combination is anticipated to close in the fourth quarter of 2026, subject to shareholder approvals and customary closing conditions. Additionally, Elroy Air entered into Securities Purchase Agreements to issue convertible promissory notes and warrants to investors.

Columbus Circle Capital Corp II (CMII), a SPAC, has entered into a definitive Business Combination Agreement with Elroy Air, Inc., a developer of autonomous heavy-cargo drones. The transaction values Elroy Air at $800 million pre-money equity, resulting in a post-transaction enterprise value of approximately $1.0 billion. The deal includes over $165 million in committed PIPE capital, with $65 million pre-funded concurrently with the signing. The Business Combination is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals, after which the combined company will be renamed Elroy Air, Inc. and listed on Nasdaq under the ticker symbol "ELRY".

Columbus Circle Capital Corp II (CMII) reported a net income of $853,252 for the three months ended March 31, 2026, with basic and diluted net income per share of $0.04. The blank check company consummated its Initial Public Offering on February 12, 2026, raising $230,000,000, which, along with private placement proceeds, resulted in $231,052,687 held in its Trust Account. The company's operations are focused on identifying a business combination, with non-operating income primarily from interest on Trust Account investments.