Nasdaq Files Form 25 to Delist Inflection Point Acquisition Corp. V

What happened

Nasdaq Stock Market LLC filed a Form 25 with the Securities and Exchange Commission on September 25, 2026 to strike Inflection Point Acquisition Corp. V's securities from listing and registration, according to the filing. The securities named are the company's Class A ordinary shares, rights and units.

The filing is signed by Tara Petta, an assistant vice president at Nasdaq, who certifies that the exchange has reasonable grounds to believe it meets the requirements for filing the form. The form cites Rule 17 CFR 240.12d2-2(b), which states that the exchange has complied with its own rules to remove the securities.

On the same day, the stock closed at $3.16, down 57.75% from the prior close of $7.48, on volume of 759,900 shares — roughly 15.5 times its average volume of 49,065.

The filing does not state a reason for the delisting. Neither the Form 25 text provided nor the price data explains why the shares fell or why Nasdaq acted.

The company

Inflection Point Acquisition Corp. V is incorporated in the Cayman Islands and listed on Nasdaq as a blank check company, according to its SEC filing metadata. Its principal executive offices are at 167 Madison Ave, Suite 205, New York.

A blank check company, often called a special purpose acquisition company or SPAC, is a shell corporation formed to raise money through an initial public offering and then use the proceeds to acquire or merge with an operating business. Until a deal closes, the company has no operating business of its own — its only assets are the cash raised and any trust account holding investor money.

The company's securities trade as units (a bundle of shares and rights), Class A ordinary shares, and rights. Rights typically entitle the holder to receive a fraction of a share if a qualifying business combination is completed. The Form 25 lists all three classes for removal.

What this means

A Form 25 is the mechanism by which a security is removed from a stock exchange listing and from registration under Section 12(b) of the Securities Exchange Act of 1934. Either the company or the exchange can file it. Here, Nasdaq filed it, and the form indicates that the exchange has completed the steps required under its own rules.

This is a Form 25 for common equity — Class A ordinary shares, rights and units — not for debt securities. That distinction matters. A Form 25 filed for maturing bonds or notes is often routine housekeeping, because the bond is simply being repaid and delisted on schedule. A Form 25 for common stock is a substantive event: the shares will no longer trade on Nasdaq.

Removal from listing is not the same as the company ceasing to exist. The filing removes the securities from exchange trading and from Section 12(b) registration, but the company itself remains a legal entity. What happens to the shares after delisting — whether they trade over the counter, are redeemed, or are cancelled in a liquidation — is not stated in the filing.

The Form 25 does not say what caused the delisting. Nasdaq may delist a company for failing to meet listing standards such as minimum share price, market value, or timely filing of financial reports, or because the company is winding up or completing a merger. This filing does not identify which of those, if any, applied.

For blank check companies specifically, delisting is often associated with the end of the SPAC's life — either the completion of a business combination that results in a new listed entity, or the failure to complete a deal within the required window, triggering a return of trust funds to investors. The sources here do not confirm either scenario for Inflection Point Acquisition Corp. V.