Aug 2024
Conyers is acting as Cayman Islands legal counsel to Inflection Point Acquisition Corp. II (Nasdaq: IPXX), a special purpose acquisition company, on its entry into an US$870 million business combination agreement with USA Rare Earth, LLC (“USA Rare Earth”), which will result in USA Rare Earth becoming a publicly traded company upon completion of the business combination (expected to occur in early 2025, subject to closing conditions).
Founded in 2019, USA Rare Earth is building out a vertically integrated, domestic rare earth element magnet production supply chain. It has permanent magnet production equipment onsite at its Stillwater, Oklahoma location which, when operational, is expected to be initially supplied by third-party feedstock. USA Rare Earth intends to supply and scale the future of its magnet production from its control of the mining rights to the Round Top Mountain deposit in West Texas through its subsidiary.
Inflection Point Acquisition Corp. II is the second SPAC sponsored by the Inflection Point team for which Conyers, working alongside White & Case LLP as lead legal counsel, advised on both its initial public offering and business combination transaction.
The Conyers team is led by mergers and acquisitions Partner Alex Davies, Counsel Matthew Harkness and Associate Mauricio Da Rocha.