Shares of Inflection Point Acquisition Corp. (NASDAQ:IPAX – Get Free Report) dropped 1.3% on Friday. The stock traded as low as $13.92 and last traded at $14.05. 8,266,984 shares changed hands during mid-day trading, an increase of 2,877% from the average session volume of 277,739 shares. The stock had previously closed at $14.24.
Inflection Point Acquisition Stock Performance
The company’s 50 day simple moving average is $15.28 and its 200 day simple moving average is $21.43.
Inflection Point Acquisition Company Profile
Inflection Point Acquisition Corp. was a special purpose acquisition company, or SPAC, formed to identify and combine with a business through a merger, acquisition or similar transaction. Unlike an operating company, it did not develop or sell products and services of its own; its principal activities involved raising capital, evaluating potential targets and completing a business combination.
The company’s notable transaction was its business combination with Intuitive Machines, a space infrastructure and exploration company.
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