Financial Performance - For the three months ended September 30, 2023, the company recorded net income of $1,883,025, primarily from interest and dividend income of $2,596,438 [155]. - For the nine months ended September 30, 2023, net income was $7,947,874, driven by interest and dividend income of $9,090,382 and a gain on receivable related to potential business combination of $374,975 [157]. - The company incurred net cash used in operating activities of $742,860 for the nine months ended September 30, 2023, reflecting ongoing operational costs [159]. - For the nine months ended September 30, 2023, net cash used in financing activities was $140,113,808, primarily due to cash payments to redeeming shareholders totaling $140,838,808 [163]. Cash and Liabilities - As of September 30, 2023, the company held cash of $259,009 and current liabilities of $1,428,807, indicating a decrease in cash from $726,869 as of December 31, 2022 [145]. - As of September 30, 2023, the company had cash of $259,009 held outside the Trust Account and a working capital deficit of $1,126,141, which may not be sufficient for operations over the next 12 months [169]. - The company entered into a $1,500,000 Working Capital Loan in August 2023 to cover monthly Trust Account contributions and other working capital needs [169]. - As of September 30, 2023, the principal amount outstanding under the Working Capital Loan was $725,000, with a fair value of $154,200 [180]. Business Combination and Shareholder Actions - The company held an Extraordinary General Meeting on July 27, 2023, where shareholders approved an extension to complete the initial business combination until July 30, 2024 [148]. - Following the extension proposal, 13,532,591 Class A ordinary shares were redeemed for approximately $10.41 per share, totaling an aggregate redemption amount of $140,838,808 [150]. - The company signed a non-binding letter of intent for a business combination with Glowforge Inc. on July 26, 2023, with further details expected in Q4 2023 [152]. - The company has until July 30, 2024, to complete a Business Combination, after which a mandatory liquidation will occur if not completed [170]. Financing and Costs - The company has a Working Capital Loan facility of $1,500,000 from a newly formed affiliate of the Sponsor to cover monthly payments and operating expenses [151]. - The company expects to incur significant costs in pursuit of its initial business combination, which may lead to insufficient funds to operate if a combination is not completed [168]. - The company may need to seek additional financing to complete its business combination or to redeem a significant number of Public Shares [168]. - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $5,650,000, upon the closing of the IPO and partial exercise of the over-allotment option [174]. IPO and Off-Balance Sheet Arrangements - 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 [139]. - The company has no off-balance sheet arrangements as of September 30, 2023 [172].
Plum Acquisition(PLMJ) - 2023 Q3 - Quarterly Report