Plum Acquisition(PLMJ)

Search documents
Plum Acquisition(PLMJ) - 2022 Q3 - Quarterly Report
2022-11-09 21:50
Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $542,884, driven by interest and dividend income of $1,275,127 from investments held in the Trust Account[153]. - For the nine months ended September 30, 2022, the company recorded a net income of $6,769,548, resulting from a gain on fair value of warrant liability of $6,949,642 and interest income of $1,684,938[155]. - The company incurred net cash used in operating activities of $1,120,106 for the nine months ended September 30, 2022, primarily due to changes in fair value of the warrant liability[157]. Initial Public Offering (IPO) - The company completed its IPO on July 30, 2021, raising gross proceeds of $250.0 million from the sale of 25,000,000 Units at $10.00 per Unit, with offering costs of approximately $13.75 million[144]. - Underwriters partially exercised the over-allotment option to purchase an additional 3,250,000 Units at an offering price of $10.00 per Unit, totaling $32,500,000[167]. - A cash underwriting discount of $0.20 per Unit was paid, amounting to $5,650,000 in total, with an additional deferred fee of $0.35 per Unit, totaling $9,887,500[168]. Financial Position - As of September 30, 2022, the company held cash of $1,004,079 and current liabilities of $697,140, compared to cash of $2,124,185 and current liabilities of $193,254 as of December 31, 2021[151]. - As of September 30, 2022, the company had no off-balance sheet arrangements[166]. - The company has 28,250,000 Class A ordinary shares subject to possible redemption, which are classified outside of permanent equity due to redemption provisions[171]. Business Combination - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[152]. - The company intends to use substantially all funds in the Trust Account to complete its initial business combination, with the remaining proceeds potentially used for working capital[163]. - If the company fails to complete a business combination within the Combination Period, it will redeem Public Shares at a per-share price equal to the amount in the Trust Account[150]. - The company has incurred significant costs in pursuit of its initial business combination and may need additional financing to complete it[165]. Shareholder Equity - Changes in redemption value of redeemable ordinary shares are recognized immediately, adjusting the carrying value to equal the redemption value at each reporting period[172]. - Warrants are assessed for classification as either equity or liability based on specific terms, with initial fair value estimated using binomial/lattice and Black-Scholes models[175].
Plum Acquisition(PLMJ) - 2022 Q2 - Quarterly Report
2022-08-11 21:01
[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%201%20-%20FINANCIAL%20INFORMATION) This section presents the financial information for Alpha Partners Technology Merger Corp [Condensed Financial Statements](index=4&type=section&id=Item%201.%20CONDENSED%20FINANCIAL%20STATEMENTS) This section presents Alpha Partners Technology Merger Corp.'s unaudited condensed financial statements, detailing its balance sheets, operations, shareholder deficit, and cash flows [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2022, total assets were $284.7 million, liabilities $11.7 million, and shareholders' deficit improved to $9.9 million from $15.7 million Condensed Balance Sheet Summary (as of June 30, 2022 vs. December 31, 2021) | Metric | June 30, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $1,392,907 | $2,124,185 | | Investments held in Trust Account | $282,918,132 | $282,508,321 | | **Total Assets** | **$284,703,486** | **$285,166,743** | | **Liabilities & Shareholders' Deficit** | | | | Warrant liabilities | $1,258,767 | $8,276,150 | | Deferred underwriting fee payable | $9,887,500 | $9,887,500 | | **Total Liabilities** | **$11,666,983** | **$18,356,904** | | Class A ordinary shares subject to possible redemption | $282,918,132 | $282,508,321 | | **Total Shareholders' Deficit** | **($9,881,629)** | **($15,698,482)** | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) Net income for the three and six months ended June 30, 2022, was $3.0 million and $6.2 million, primarily due to non-cash gains from warrant liabilities Statements of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Operating and formation costs | ($575,990) | ($1,200,530) | | Interest and dividend income on investments | $381,481 | $409,811 | | Change in fair value of warrant liabilities | $3,203,124 | $7,017,383 | | **Net income** | **$3,008,615** | **$6,226,664** | | Basic and diluted net income per share, Class A | $0.08 | $0.17 | [Condensed Statements of Changes in Shareholders' Deficit](index=6&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Shareholders'%20Deficit) Shareholders' deficit improved from $15.7 million to $9.9 million by June 30, 2022, driven by $6.2 million net income - The total shareholders' deficit decreased from **$(15,698,482)** on January 1, 2022, to **$(9,881,629)** on June 30, 2022[19](index=19&type=chunk) - The primary drivers for the change in shareholders' deficit during the first six months of 2022 were net income of **$6,226,664** and remeasurement of Class A ordinary shares to redemption amount totaling **$(409,811)**[19](index=19&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $731,278 for the six months ended June 30, 2022, with cash decreasing to $1.4 million Cash Flow Summary (Six Months Ended June 30, 2022) | Cash Flow Activity | Amount | | :--- | :--- | | Net cash used in operating activities | ($731,278) | | Net cash provided by financing activities | $0 | | **Net Change in Cash** | **($731,278)** | | Cash - Beginning of period | $2,124,185 | | **Cash - End of period** | **$1,392,907** | [Notes to Condensed Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements%20(Unaudited)) Notes detail the company's blank check status, going concern warning, warrant liability classification, and related party transactions - The Company is a blank check company formed to effect a Business Combination and has not commenced any operations, with a 24-month deadline from its IPO closing (July 30, 2021) to complete a transaction[25](index=25&type=chunk)[38](index=38&type=chunk) - Management has determined that the company's liquidity condition and the July 30, 2023, deadline to complete a Business Combination raise substantial doubt about its ability to continue as a going concern[45](index=45&type=chunk) - The company accounts for its public, private, and founder warrants as liabilities at fair value, with changes recognized in the statement of operations due to terms precluding equity classification under ASC 815-40[113](index=113&type=chunk)[116](index=116&type=chunk) - The fair value of warrant liabilities decreased significantly, resulting in a gain of **$7.0 million** for the six months ended June 30, 2022, with Founder and Private Placement Warrants estimated at **$0.12** each as of June 30, 2022, down from **$0.78** at year-end 2021[130](index=130&type=chunk)[128](index=128&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's financial condition and results, highlighting its non-operating nature, reliance on non-cash gains, and liquidity challenges as a blank check company - The company's activities are limited to organizational tasks and identifying a target for a business combination, having generated no operating revenues to date[144](index=144&type=chunk) - Net income for the six months ended June 30, 2022, was **$6.2 million**, primarily from a **$7.0 million** non-cash gain on warrant liability fair value, offset by **$1.2 million** in operating costs[146](index=146&type=chunk) - As of June 30, 2022, the company had **$1,392,907** in cash held outside the Trust Account to fund its search for a business combination and other operating expenses[151](index=151&type=chunk) - The company has a deferred underwriting commission of **$9,887,500**, payable from the Trust Account only upon Business Combination completion[158](index=158&type=chunk) - Management acknowledges that the company may have insufficient funds to operate for the next year and may need to obtain additional financing to complete a business combination[155](index=155&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This item is not applicable as the company is a smaller reporting company - The company is a smaller reporting company and is therefore not required to provide the information requested under this item[168](index=168&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls were ineffective due to a material weakness in accounting for complex financial instruments, with remediation efforts underway - A material weakness was identified in the company's internal control over financial reporting concerning the accounting for complex financial instruments, leading to initial misclassification of warrants as equity instead of liabilities[170](index=170&type=chunk) - As of June 30, 2022, management concluded that the company's disclosure controls and procedures were not effective due to this material weakness[171](index=171&type=chunk) - Remediation efforts are underway, including enhancing processes to apply complex accounting standards and increasing consultation with third-party professionals[172](index=172&type=chunk) [PART II - OTHER INFORMATION](index=31&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section provides other required information, including legal proceedings, risk factors, and exhibits [Legal Proceedings](index=31&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company reports no legal proceedings to disclose - The company has no legal proceedings to report[173](index=173&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20RISK%20FACTORS) Updated risk factors include potential adverse effects from SEC's proposed SPAC rules and geopolitical instability impacting business combination efforts - The SEC's proposed rules on SPACs, issued March 30, 2022, may adversely affect the company's ability to negotiate and complete its Business Combination and could increase related costs and time[176](index=176&type=chunk) - Geopolitical conditions, particularly the invasion of Ukraine by Russia and subsequent sanctions, could materially and adversely affect the company's search for a Business Combination and the operations of a potential target business[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reports no unregistered sales of equity securities or use of proceeds - The company reports 'None' for this item[181](index=181&type=chunk) [Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company reports no defaults upon senior securities - The company reports 'None' for this item[182](index=182&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - This item is not applicable[183](index=183&type=chunk) [Other Information](index=32&type=section&id=Item%205.%20OTHER%20INFORMATION) The company reports no other information - The company reports 'None' for this item[184](index=184&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20EXHIBITS) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications and XBRL data - The exhibits filed with the report include certifications from the Principal Executive Officer and Principal Financial Officer, as required by the Sarbanes-Oxley Act, and XBRL interactive data files[186](index=186&type=chunk)
Plum Acquisition(PLMJ) - 2022 Q1 - Quarterly Report
2022-05-16 20:36
PART I—FINANCIAL INFORMATION [Item 1. Condensed Financial Statements](index=3&type=section&id=Item%201.%20CONDENSED%20FINANCIAL%20STATEMENTS) Alpha Partners Technology Merger Corp.'s unaudited Q1 2022 financial statements reflect pre-business combination status, dominated by trust account investments and net income from warrant liability revaluation [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) As of March 31, 2022, total assets were $284.8 million, primarily trust account investments, with $14.7 million in liabilities and a $12.5 million shareholders' deficit Condensed Balance Sheet Highlights (as of March 31, 2022) | Category | March 31, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $1,740,087 | $2,124,185 | | Investments held in Trust Account | $282,536,651 | $282,508,321 | | **Total Assets** | **$284,768,437** | **$285,166,743** | | **Liabilities & Shareholders' Deficit** | | | | Warrant liabilities | $4,461,891 | $8,276,150 | | Deferred underwriting fee payable | $9,887,500 | $9,887,500 | | **Total Liabilities** | **$14,740,549** | **$18,356,904** | | Class A ordinary shares subject to possible redemption | $282,536,651 | $282,508,321 | | **Total Shareholders' Deficit** | **($12,508,763)** | **($15,698,482)** | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) Q1 2022 net income of $3.2 million was primarily driven by a $3.8 million non-cash gain on warrant liabilities, offsetting operating costs Condensed Statement of Operations Summary | Item | Three Months Ended March 31, 2022 | Period from Feb 5, 2021 to Mar 31, 2021 | | :--- | :--- | :--- | | Operating and formation costs | ($624,540) | ($11,764) | | Interest and dividend income on investments | $28,330 | $0 | | Change in fair value of warrant liabilities | $3,814,259 | ($1,030,208) | | **Net income (loss)** | **$3,218,049** | **($2,255,514)** | | **Basic and diluted net income (loss) per share** | **$0.09** | **($0.36)** | [Condensed Statements of Changes in Shareholders' Deficit](index=6&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Shareholders'%20Deficit) Shareholders' deficit improved from $15.7 million to $12.5 million in Q1 2022, primarily due to a $3.2 million net income - The shareholders' deficit decreased from **$15.7 million** to **$12.5 million** during the first quarter of 2022, primarily due to the net income of **$3.2 million**[20](index=20&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $384,098 for Q1 2022, with no financing or investing activities, ending with $1.74 million cash Cash Flow Summary (Three Months Ended March 31, 2022) | Category | Amount | | :--- | :--- | | Net cash used in operating activities | ($384,098) | | Net cash provided by financing activities | $0 | | **Net Change in Cash** | **($384,098)** | | Cash—Beginning of period | $2,124,185 | | **Cash—End of period** | **$1,740,087** | [Notes to Condensed Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements%20(Unaudited)) Notes detail the company's blank check nature, going concern doubt due to limited liquidity, warrant accounting, and commitments - The Company is a blank check company formed to effect a Business Combination and has **24 months** from its IPO to do so[27](index=27&type=chunk)[39](index=39&type=chunk) - Management has determined there is substantial doubt about the Company's ability to continue as a going concern due to its liquidity condition, as cash held outside the trust account may be insufficient to operate for the next **12 months**[43](index=43&type=chunk)[44](index=44&type=chunk) - Warrants are accounted for as liabilities at fair value, with changes recognized in the statement of operations, due to specific terms precluding equity classification under ASC 815-40[56](index=56&type=chunk)[100](index=100&type=chunk) - The company has a commitment to pay an affiliate of the Sponsor **$55,000 per month** for administrative support services[84](index=84&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the blank check company's Q1 2022 net income of $3.2 million, limited liquidity of $1.74 million, and potential need for additional financing - The company is a blank check company with the purpose of effectuating a business combination, with activities focused on organization, IPO, and target search[117](index=117&type=chunk)[126](index=126&type=chunk) - For Q1 2022, net income of **$3,218,049** was driven by a **$3,814,259** gain on the fair value of warrant liability, offsetting **$624,540** in operating costs[127](index=127&type=chunk) - As of March 31, 2022, the company had **$1,740,087** in cash held outside the Trust Account to fund its search for a business combination and other operating expenses[132](index=132&type=chunk) - The company may have insufficient funds to operate for the next year and may need to obtain additional financing from its Sponsor or affiliates to complete a business combination[135](index=135&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This item is not applicable as the company qualifies as a smaller reporting company - The company is a smaller reporting company and is not required to provide the information under this item[147](index=147&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Disclosure controls were ineffective as of March 31, 2022, due to a material weakness in warrant accounting, with remediation efforts underway - A material weakness was identified in internal control over financial reporting due to the incorrect initial accounting for warrants as equity instead of liabilities[149](index=149&type=chunk) - As a result of the material weakness, the Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were not effective as of March 31, 2022[150](index=150&type=chunk) - Remediation efforts are underway, including enhancing processes to identify and apply complex accounting standards[152](index=152&type=chunk) PART II—OTHER INFORMATION [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company reports no legal proceedings - None[153](index=153&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20RISK%20FACTORS) Key risks include adverse effects from proposed SEC SPAC rules and geopolitical conditions impacting business combination efforts - Proposed SEC rules from March 30, 2022, relating to SPACs could materially and adversely affect the company's ability to negotiate and complete its Business Combination and may increase related costs and time[156](index=156&type=chunk) - The company's search for a Business Combination may be materially and adversely affected by geopolitical conditions resulting from the invasion of Ukraine by Russia, which could lead to market disruptions, volatility, and supply chain interruptions[157](index=157&type=chunk)[158](index=158&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reports no unregistered sales of equity securities or use of proceeds during the period - None[160](index=160&type=chunk) [Item 3. Defaults Upon Senior Securities](index=29&type=section&id=Item%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company reports no defaults upon senior securities - None[161](index=161&type=chunk) [Item 4. Mine Safety Disclosures](index=29&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[162](index=162&type=chunk) [Item 5. Other Information](index=29&type=section&id=Item%205.%20OTHER%20INFORMATION) The company reports no other information - None[163](index=163&type=chunk) [Item 6. Exhibits](index=30&type=section&id=Item%206.%20EXHIBITS) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications and Inline XBRL documents - Exhibits filed with the report include Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to Sarbanes-Oxley Act Sections 302 and 906, as well as various Inline XBRL files[165](index=165&type=chunk)
Plum Acquisition(PLMJ) - 2021 Q4 - Annual Report
2022-03-31 20:33
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40677 ALPHA PARTNERS TECHNOLOGY MERGER CORP. Washington, D.C. 20549 (Exact name of registrant as specified in its charter) FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Securities registered pu ...
Plum Acquisition(PLMJ) - 2021 Q3 - Quarterly Report
2021-11-22 22:26
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 001-40677 ALPHA PARTNERS TECHNOLOGY MERGER CORP. (Exact name of registrant as specified i ...
Plum Acquisition(PLMJ) - 2021 Q2 - Quarterly Report
2021-09-10 21:12
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40677 ALPHA PARTNERS TECHNOLOGY MERGER CORP. (Exact name of registrant as specified in its charter) Cayman Islands 98-15 ...