IPEX merger with GOWell Technology Limited

GOWell Technology Limited is a Singapore-headquartered international energy technology company specializing in well logging technologies and distributed sensing solutions for the oil and gas sector. Founded in 2007, the company provides a comprehensive suite of wireline logging equipment, software, and technology solutions spanning well integrity evaluation, production optimization, diagnostics and monitoring, flow profiling, and energy transition applications. GOWell maintains a multi-disciplinary research and development team with a robust patent portfolio, and its proprietary technologies include its Selective Non-Harmonic Resonance (SNHR) technique for cement evaluation and its GOTrac next-generation well tractor for efficient wellsite operations. The company serves a global, diverse customer base with long-term relationships with major oil service companies and operators, maintaining regional hubs in the United States and the UAE alongside regional operations in more than 50 countries across Latin America, the Middle East, Europe, Africa, Asia Pacific, and North America. With approximately 201 to 500 employees and revenue described as in the mid-hundred-millions, GOWell positions itself between boutique providers and large mega-vendors such as Baker Hughes, Halliburton, and Weatherford.

The company operates within the upstream oilfield services and well-logging technology market, which GOWell estimates at $7.4 billion and which is being driven by aging well infrastructure and increasingly stringent well integrity regulations. GOWell's solutions are applicable across both traditional energy and energy transition contexts, including late-life well management and abandonment preparation, where operators face growing needs to evaluate cement and casing integrity without removing concentric tubulars, thereby reducing time, cost, and associated carbon emissions. In December 2025, GOWell participated in an advanced well integrity benchmarking program coordinated by an independent Net Zero organization at the NORCE testing facility in Stavanger, Norway, where it deployed its SNHR and dual-tubular azimuthal evaluation technologies under controlled conditions alongside a major international oil company. Dr. Qinshan Yang, GOWell's Vice President of R&D, emphasized the company's confidence in its technical approaches given the challenging testing conditions.

In October 2025, GOWell entered into a business combination agreement with Inflection Point Acquisition Corp. V (formerly Maywood Acquisition Corp.), a Cayman Islands-based SPAC led and backed by Inflection Point Asset Management, in a transaction valued at a pro forma enterprise value of US$401.4 million. The original agreement was dated October 13, 2025, with a first amendment in December 2025 and a second amendment on July 13, 2026 that adjusted the 2026 EBITDA-based earnout structure to allow partial achievement at both 80% and 90% of the target, aligning it with the existing 2027 and 2028 earnout structures, and raised the cap on SPAC Transaction Expenses from $8 million to $9 million. The joint registration statement on Form F-4 was filed with the SEC on March 23, 2026, and an extraordinary general meeting of IPEX shareholders to vote on the merger was scheduled for September 3, 2026. Upon closing, the combined company will be named GOWell Energy Technology and listed on Nasdaq under the ticker symbol GOW.

GOWell is pursuing the SPAC route to access public capital and achieve a public listing more quickly than through a traditional IPO, while also gaining balance-sheet flexibility to support growth capital and expansion. The transaction structure includes a preferred-share component with an assumed accrued value of approximately $25.2 million and a PIPE component, though the PIPE size and investor names were not fully disclosed in the accessible filings. The deal remains subject to regulatory and stockholder approvals, SEC effectiveness of the registration statement, and