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Plum Acquisition I(PLMI) - 2024 Q1 - Quarterly Report
PLMIPlum Acquisition I(PLMI)2024-05-20 20:55

Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of 4,207,029,whichincludedanoperatinglossof4,207,029, which included an operating loss of 919,133 and other expenses of 3,287,896[150].−CashusedinoperatingactivitiesforthethreemonthsendedMarch31,2024,was3,287,896[150]. - Cash used in operating activities for the three months ended March 31, 2024, was 401,863, compared to 238,590forthesameperiodin2023[163][164].−ThepotentialordinarysharesforoutstandingwarrantswereexcludedfromdilutedearningspersharefortheperiodsendedMarch31,2024,and2023[178].TrustAccountandFunds−AsofMarch31,2024,thecompanyheld238,590 for the same period in 2023[163][164]. - The potential ordinary shares for outstanding warrants were excluded from diluted earnings per share for the periods ended March 31, 2024, and 2023[178]. Trust Account and Funds - As of March 31, 2024, the company held 36,106,898 in the Trust Account, which includes 9,870,130ofincome[162].−ThecompanyintendstousesubstantiallyallfundsintheTrustAccounttoacquireatargetbusinessandcoverrelatedexpenses[165].PublicOfferingandShareRedemption−Thecompanygeneratedgrossproceedsof9,870,130 of income[162]. - The company intends to use substantially all funds in the Trust Account to acquire a target business and cover related expenses[165]. Public Offering and Share Redemption - The company generated gross proceeds of 319,216,340 from the sale of 31,921,634 units at 10.00perunitduringitsPublicOffering[156].−Atotalof26,693,416ClassAordinaryshareswereredeemedatapriceof10.00 per unit during its Public Offering[156]. - A total of 26,693,416 Class A ordinary shares were redeemed at a price of 10.23 per share, resulting in an aggregate redemption amount of $273,112,311[156]. - All 31,921,634 Class A ordinary shares sold in the Public Offering contain a redemption feature, requiring classification outside of permanent equity[177]. Business Combination - The company has executed a Business Combination Agreement with Veea Inc. and is working towards closing the business combination[149]. - Management has raised substantial doubt about the company's ability to continue as a going concern if the Business Combination is not completed by June 18, 2024[168]. - The company has committed to obtaining additional financing if necessary to complete the Business Combination or to address potential redemptions of public shares[167]. Financial Position and Liabilities - The company has no off-balance sheet arrangements as of March 31, 2024[169]. - The company does not have any long-term debt, capital lease obligations, or long-term liabilities[171]. - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities[170]. Accounting and Reporting - The company accounts for its convertible promissory note under ASC 815, recording it at its initial fair value on the date of issuance[175]. - The initial fair value of the subscription liability was estimated using a Black Scholes and Probability Weighted Expected Return Model[176]. - The company does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements[179]. - Management does not believe that any recently issued accounting standards will have a material effect on the financial statements[180]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[181].