Bleichroeder III to merge with Ursa Major, rename as IPXX

Upon closing, Ursa Major will be a publicly traded critical munitions company, solving the most pressing defense challenges in hypersonics and solid rocket motor manufacturing.

The combined company is expected to trade on the Nasdaq following closing, which is anticipated in the first quarter of 2027.

Transaction Highlights The transaction is supported by at least $350 million of PIPE commitments, of which approximately $110 million will be funded at signing of the business combination agreement.

The PIPE commitment is anchored by Inflection Point and includes both new institutional investors and existing Ursa Major investors, including XN.

Ursa Major may also retain up to $345 million in additional proceeds depending on redemptions.

Proceeds are expected to accelerate the expansion of Ursa Major's proven production capabilities across solid rocket motors, the HAVOC Missile System and liquid hypersonic engines, and space mobility systems, helping the company deliver critical systems to customers at greater scale and speed.

Ursa Major and Inflection Point will make a recorded investor presentation available on August 25, 2026 at 8:30 a.m.

ET.

The webcast may be accessed at or via our website at ursamajor.com/investors.

The Board of Directors of both Ursa Major and Bleichroeder unanimously approved the transaction, which is expected to close in the first quarter of 2027 subject to shareholder and regulatory approvals and other customary closing conditions.

The transaction represents the next phase for a defense manufacturer that has spent more than a decade building the propulsion technology, adaptable manufacturing infrastructure, and safety, quality and qualification systems required to produce critical capabilities reliably and at scale.

The capital will allow Ursa Major to expand production against growing customer demand and help strengthen the U.S. defense industrial base. "Deterrence depends on what can be built reliably, safely and at scale," said Chris Spagnoletti, CEO of Ursa Major. "For eleven years, Ursa Major has invested in the hard work behind that outcome: propulsion, manufacturing, testing, qualification and flight.

This transaction will help us turn that foundation into the production capacity our customers need.

Becoming a public company aligns with our high standard of transparency and accountability, strengthening our ability to deliver responsibly for the warfighter over the long term." Founded in 2015, Ursa Major spent more than a decade building the propulsion technology, manufacturing system, and safety and qualification discipline required to build reliably and safely at scale before moving up to complete missile systems.

Ursa Major has previously raised approximately $380 million in the private markets and invested that capital in flight-proven systems, production infrastructure and the capabilities required to serve safety-critical national security programs.

The company has conducted more than 5,500 ground tests and 140,000 seconds of testing, and its engines have powered more than a dozen successful hypersonic missions.

Ursa Major employs more than 360 people across six facilities, with nearly 500 acres of integrated design, manufacturing and testing infrastructure. "Ursa Major spent more than a decade building and proving its technology, flight record and advanced manufacturing architecture before demand accelerated to today's extraordinary level.

That combination of technical maturity, manufacturing readiness and rapidly expanding demand is rare, and has resulted in a historically large PIPE anchored by Inflection Point," said Michael Blitzer, Chairman and Founder of Inflection Point. "This is not capital for a concept; it is capital to scale proven technology and production against some of the most urgent and well-funded priorities in U.S. national security.

We believe Ursa has the ingredients to become one of the defining national security companies of the next generation, and we are proud to be its partner in the public markets." Ursa Major's programs span solid rocket motors, hypersonics, and in-space mobility.

On the solid rocket motor side, the company is advancing the U.S.

Navy's MK 104 design through critical design review and static fire under a new $10M award, building on its second-source MK 104 Dual Thrust Rocket Motor work.

In hypersonics, Ursa Major Hadley engine powers the Department of War's hypersonic test bed, with more than 10 successful missions.

The company also served as prime contractor and vehicle integrator on the Affordable Rapid Missile Demonstrator (ARMD) with the Air Force Research Laboratory, powered by its Draper liquid rocket engine; the program has completed two successful flights, proving the propulsion and integration model that underpins the HAVOC Missile System, Ursa Major's complete, hypersonic all-up-round.

Ursa Major also delivers in-space propulsion capabilities supporting satellite maneuverability in contested environments.

Inflection Point is an experienced SPAC sponsor that seeks to identify, take public, and scale high-impact technology companies.

Its prior transactions include Intuitive Machines and USA Rare Earth.

Proceeds of the transaction anchored by Inflection Point will expand Ursa Major's established production capabilities across its end markets, enabling the company to meet growing customer demand at greater scale and speed.

Near-term capital will support the expansion of Ursa Major's Galeton, Colorado operations from a solid rocket motor test site into a large-scale production campus.

Proceeds from the transactions will also support continued expansion of liquid engine manufacturing, additive manufacturing, all-up-round development, and the working-capital needs associated with scaling production.