Plum Acquisition I(PLMI) - 2024 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2024, the company reported an income of $3,225,787, with a loss from operations of$789,241 and other income of $4,015,028 [143]. - For the six months ended June 30, 2024, the company had a loss of$981,242, including a loss from operations of $1,708,374 and other income of$727,132 [144]. Trust Account and Cash Position - As of June 30, 2024, the company held $36,591,026 in the Trust Account and$1,969 in cash outside the Trust Account [146]. Business Combination - The company executed a Business Combination Agreement with Veea Inc. on November 27, 2023, and is working towards closing the business combination [141]. - The company plans to use funds held outside the Trust Account to complete the initial business combination with Veea Inc. [155]. - The company extended the Articles Extension Termination Date to September 14, 2024, to allow more time for the business combination [143]. - If the business combination is not completed by September 14, 2024, the company will cease operations except for liquidation purposes [159]. Shareholder Actions - An aggregate of 2,662,592 Class A ordinary shares were tendered for redemption at the BC EGM, totaling $29,926,030 [142]. - The company sold 31,921,634 units at$10.00 per unit, generating gross proceeds of $319,216,340 [148]. - All 31,921,634 Class A ordinary shares have a redemption feature, classified outside of permanent equity [167]. Costs and Liabilities - The company incurred$18,336,269 in Initial Public Offering related costs, including $6,384,327 in underwriting fees [149]. - The company has incurred significant costs related to its acquisition plans, raising doubts about its ability to continue as a going concern [158]. - As of June 30, 2024, the company has no off-balance sheet arrangements, obligations, assets, or liabilities [160]. - The company does not have any long-term debt, capital lease obligations, or long-term liabilities [161]. Accounting and Financial Instruments - Management applies significant judgments in accounting estimates, particularly regarding the fair value of warrant liabilities and conversion options [162]. - Warrant liabilities are classified as liabilities and recorded at fair value, with changes recognized as non-cash gains or losses [163]. - The company accounts for embedded conversion options in convertible notes as separate derivative financial instruments [164]. - The initial fair value of the subscription liability was estimated using a Black Scholes model [166]. - The diluted net income (loss) per common share is the same as basic net income (loss) per common share due to contingently exercisable warrants [168].