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Plum Acquisition I(PLMI) - 2022 Q3 - Quarterly Report
PLMIPlum Acquisition I(PLMI)2022-11-14 21:29

Financial Performance - For the three months ended September 30, 2022, the company reported a loss from operations of 633,050,withotherincomeof633,050, with other income of 3,118,342, including an unrealized gain on warrant liabilities of 1,674,871[109].−FortheninemonthsendedSeptember30,2022,thecompanyhadalossfromoperationsof1,674,871[109]. - For the nine months ended September 30, 2022, the company had a loss from operations of 2,686,622, with other income of 10,422,422,whichincludedanunrealizedgainonwarrantliabilitiesof10,422,422, which included an unrealized gain on warrant liabilities of 8,499,501[110]. - For the nine months ended September 30, 2022, cash used in operating activities was 748,365,withnetincomeof748,365, with net income of 7,735,800 primarily offset by an unrealized gain on warrant liabilities[119]. Cash and Assets - As of September 30, 2022, the company held 321,155,523intheTrustAccount,withcashoutsidetheTrustAccountamountingto321,155,523 in the Trust Account, with cash outside the Trust Account amounting to 108,859[113]. - The company generated gross proceeds of 319,216,340fromthesaleof31,921,634unitsat319,216,340 from the sale of 31,921,634 units at 10.00 per unit during its Public Offering[116]. - The company incurred 18,336,269inInitialPublicOfferingrelatedcosts,including18,336,269 in Initial Public Offering related costs, including 6,384,327 in underwriting fees[117]. - The company has committed to loan funds as needed, with $750,000 in Working Capital Loans issued as of September 30, 2022[122]. Business Operations and Risks - If the company cannot complete a Business Combination by March 18, 2023, it will cease operations and liquidate[125]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2022[126][127]. Accounting and Reporting - The company recognizes changes in the redemption value of its Class A ordinary shares immediately as they occur, affecting the carrying value of the security[132]. - Management does not believe that any recently issued accounting standards would have a material effect on the Company's unaudited condensed financial statements[134]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[135].