Apr 2025
Conyers acted as Cayman Islands legal counsel to Inflection Point Acquisition Corp. II (“IPXX”) on its successful business combination with USA Rare Earth, LLC (“USA Rare Earth”).
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.
The business combination was approved by IPXX stockholders in a special meeting held on 10 March 2025 and the transaction formally closed on 13 March 2025. USA Rare Earth and IPXX also announced an additional US$8 million upsize to the PIPE contributed by affiliates of IPXX and other investors in connection with this business combination. On 14 March 2025, USA Rare Earth’s common stock and public warrants began trading on the Nasdaq under the ticker symbol “USAR” and “USARW” respectively.
IPXX 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 was led by mergers and acquisitions Partner Alex Davies, Counsel Matthew Harkness and Senior Associate Mauricio Da Rocha.