Correspondence 0001213900-23-004056 from Intuitive Machines, Inc. (LUNR, LUNRW) (CIK 0001844452) (LUNR)
Intuitive Machines, Inc. (LUNR, LUNRW) (CIK 0001844452)
Date: Jan. 20, 2023 · CIK: 0001844452 · Accession: 0001213900-23-004056
AI Filing Summary & Sentiment
File numbers found in text: 333-267846
Referenced dates: January 19, 2023
Letter
VIA EDGAR United States Securities and Exchange Commission Division of Corporation Finance Office of Manufacturing Re: Inflection Point Acquisition Corp. Amendment No. 3 to Registration Statement on Form S-4 Filed January 12, 2023 File No. 333-267846
Dear Mr. King / Mr. Kruczek:
On behalf of our client, Inflection Point Acquisition Corp., a Cayman Islands exempted company (the “Company”), we are writing to submit the Company’s responses to the comments of the staff of the Division of Corporation Finance of the United States Securities and Exchange Commission (the “Staff”) contained in the Staff’s letter dated January 19, 2023 (the “Comment Letter”), with respect to the above-referenced Amendment No. 3 to Registration Statement on Form S-4, filed on January 12, 2023 (the “Registration Statement”).
The Company has filed via EDGAR Amendment No.4 to the Registration Statement (“Amendment No.4”), which reflects the Company’s responses to the comments received by the Staff and certain updated information. For ease of reference, each comment contained in the Comment Letter is printed below in bold and is followed by the Company’s response. All page references in the responses set forth below refer to page numbers in Amendment No.4. Capitalized terms used but not defined herein have the meanings set forth in Amendment No.4.
Amendment No.3 to Registration Statement on Form S-4 filed January 12, 2023
Exhibits
1. Refer to Exhibit 8.1 and your disclosure beginning on page 189. Because it appears counsel cannot provide a “will” opinion, the disclosure, including on page 189, summary and risk factors, should explain why it cannot give a “will” opinion (e.g., lack of authority) and to describe the degree of uncertainty in the opinion and the risks of uncertain tax treatment to investors. Additionally, it also appears inappropriate to exclude from the scope of the opinion Section 367 and the PFIC rules, as Exhibit 8.1 indicates. See Staff Legal Bulletin No. 19, footnote 44 and accompanying text. Please file a revised opinion.
Response: The Company advises the Staff that White & Case LLP has delivered an updated opinion of counsel to Inflection Point that states that the Domestication “will” qualify as a reorganization within the meaning of Section 368(a)(1)(F) of the Code (the “Revised Tax Opinion”). The Revised Tax Opinion is filed as Exhibit 8.1 to Amendment No.4. The Company has revised the disclosures on pages 19, 69-70 and 189 of Amendment No.4 to reflect the Revised Tax Opinion.
In accordance with Staff Legal Bulletin No. 19, footnote 44 and accompanying text, the Revised Tax Opinion also more clearly states that White & Case LLP is unable to opine on the effects of Section 367(b) and the application of the PFIC rules with respect to the Domestication due to the inherently factual nature of the analysis or the uncertainty in the application of the law.
Please do not hesitate to contact Joel Rubinstein at (212) 819-7642 of White & Case LLP with any questions or comments regarding this letter.
Sincerely,
/s/ White & Case LLP
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filename1.htm
January 20, 2023
VIA EDGAR
United States Securities and Exchange Commission
Division of Corporation Finance
Office of Manufacturing
100 F Street, NE
Washington, D.C. 20549
Attn:
Alex King & Geoffrey Kruczek
Re:
Inflection Point Acquisition Corp.
Amendment No. 3 to Registration Statement
on Form S-4
Filed January 12, 2023
File No. 333-267846
Dear Mr. King / Mr. Kruczek:
On behalf of our client, Inflection
Point Acquisition Corp., a Cayman Islands exempted company (the “Company”), we are writing to submit the Company’s
responses to the comments of the staff of the Division of Corporation Finance of the United States Securities and Exchange Commission
(the “Staff”) contained in the Staff’s letter dated January 19, 2023 (the “Comment Letter”),
with respect to the above-referenced Amendment No. 3 to Registration Statement on Form S-4, filed on January 12, 2023 (the “Registration
Statement”).
The Company has filed via
EDGAR Amendment No.4 to the Registration Statement (“Amendment No.4”), which reflects the Company’s responses
to the comments received by the Staff and certain updated information. For ease of reference, each comment contained in the Comment Letter
is printed below in bold and is followed by the Company’s response. All page references in the responses set forth below refer to
page numbers in Amendment No.4. Capitalized terms used but not defined herein have the meanings set forth in Amendment No.4.
Amendment No.3 to Registration Statement on
Form S-4 filed January 12, 2023
Exhibits
1.
Refer to Exhibit 8.1 and your disclosure beginning on page 189. Because it appears counsel cannot provide a “will” opinion, the disclosure, including on page 189, summary and risk factors, should explain why it cannot give a “will” opinion (e.g., lack of authority) and to describe the degree of uncertainty in the opinion and the risks of uncertain tax treatment to investors. Additionally, it also appears inappropriate to exclude from the scope of the opinion Section 367 and the PFIC rules, as Exhibit 8.1 indicates. See Staff Legal Bulletin No. 19, footnote 44 and accompanying text. Please file a revised opinion.
Response: The Company advises
the Staff that White & Case LLP has delivered an updated opinion of counsel to Inflection Point that states that the Domestication
“will” qualify as a reorganization within the meaning of Section 368(a)(1)(F) of the Code (the “Revised Tax Opinion”).
The Revised Tax Opinion is filed as Exhibit 8.1 to Amendment No.4. The Company has revised the disclosures on pages 19, 69-70 and 189
of Amendment No.4 to reflect the Revised Tax Opinion.
In accordance with Staff Legal Bulletin
No. 19, footnote 44 and accompanying text, the Revised Tax Opinion also more clearly states that White & Case LLP is unable to opine
on the effects of Section 367(b) and the application of the PFIC rules with respect to the Domestication due to the inherently factual
nature of the analysis or the uncertainty in the application of the law.
Please do not hesitate to contact Joel Rubinstein
at (212) 819-7642 of White & Case LLP with any questions or comments regarding this letter.
Sincerely,
/s/ White & Case LLP
White & Case LLP
cc:
Michael Blitzer, Inflection Point Acquisition Corp.