Workflow
Plum Acquisition I(PLMI) - 2023 Q1 - Quarterly Report
PLMIPlum Acquisition I(PLMI)2023-05-23 10:07

Financial Performance - For the three months ended March 31, 2023, the company reported a loss from operations of 1,153,282,comparedtoalossof1,153,282, compared to a loss of 509,076 for the same period in 2022[146][147]. - Cash used in operating activities for the three months ended March 31, 2023, was 238,590,comparedto238,590, compared to 339,506 for the same period in 2022[158][159]. - The company has incurred significant costs related to its acquisition plans, raising doubts about its ability to continue as a going concern[163]. Trust Account and Cash Position - As of March 31, 2023, the company held 54,368,297intheTrustAccount,whichincludes54,368,297 in the Trust Account, which includes 7,784,269 of income[157]. - As of March 31, 2023, the company had cash outside the Trust Account of 97,811availableforworkingcapitalneeds[151].PublicOfferingandShareholderActivity−Thecompanygeneratedgrossproceedsof97,811 available for working capital needs[151]. Public Offering and Shareholder Activity - The company generated gross proceeds of 319,216,340 from the sale of 31,921,634 units at 10.00perunitduringitsPublicOffering[152].−Holdersof26,693,416ClassAordinarysharesredeemedtheirsharesforcashataredemptionpriceof10.00 per unit during its Public Offering[152]. - Holders of 26,693,416 Class A ordinary shares redeemed their shares for cash at a redemption price of 10.23 per share, totaling 273,112,311.62[152].−All31,921,634ClassAordinarysharessoldinthePublicOfferingcontainaredemptionfeature,classifiedoutsideofpermanentequity[173].BusinessCombinationandAgreements−ThecompanyenteredintoaBusinessCombinationAgreementwithSakuuCorporation,withanaggregateequityvalueof273,112,311.62[152]. - All 31,921,634 Class A ordinary shares sold in the Public Offering contain a redemption feature, classified outside of permanent equity[173]. Business Combination and Agreements - The company entered into a Business Combination Agreement with Sakuu Corporation, with an aggregate equity value of 600,000,000 to be exchanged for shares of Common Stock[145][141]. - The company has issued unsecured promissory notes totaling 1,250,000tovariousindividuals,whicharerepayableuponconsummationofaBusinessCombination[154][155][156].−IfthecompanycannotcompleteaBusinessCombinationbyJune18,2023,orMarch18,2024,itwillceaseoperationsexceptforliquidationpurposes[164].CostsandAccounting−Thecompanyincurred1,250,000 to various individuals, which are repayable upon consummation of a Business Combination[154][155][156]. - If the company cannot complete a Business Combination by June 18, 2023, or March 18, 2024, it will cease operations except for liquidation purposes[164]. Costs and Accounting - The company incurred 18,336,269 in Initial Public Offering related costs, including $6,384,327 in underwriting fees[153]. - Management does not anticipate that recently issued accounting standards will materially affect the company's financial statements[175]. - The potential ordinary shares from outstanding warrants were excluded from diluted earnings per share for the three months ended March 31, 2023, due to unmet contingencies[174]. Equity and Liabilities - The company has no off-balance sheet arrangements or long-term debt as of March 31, 2023[166][168]. - The company recognizes changes in the redemption value of shares immediately and adjusts the carrying value at the end of each reporting period[173].