Financial Performance - For the three months ended September 30, 2023, the company recorded a net income of $1,883,025, resulting from interest and dividend income of $2,596,438, offset by operating costs of $470,399 and a loss on fair value of warrant liability of $241,183[135]. - For the nine months ended September 30, 2024, the company reported a net loss of $861,565, with total interest and dividend income of $1,660,800 and operating costs of $2,281,181[136]. - The company recorded a net income of $7,947,874 for the nine months ended September 30, 2023, from interest and dividend income of $9,090,382, partially offset by operating costs of $1,275,093[137]. - The Company recorded a net loss of $1,120,388 for the three months ended September 30, 2024, with interest and dividend income of $285,500 and operating costs of $1,285,296[162]. - For the nine months ended September 30, 2023, net cash used in operating activities was $742,860, with net income of $7,947,874 and interest income of $9,090,382[164]. Cash Flow and Liquidity - As of September 30, 2024, the company had cash of $115,044 held outside the Trust Account and a working capital deficit of $2,322,226, which may not be sufficient for operations for the next 12 months[143]. - The company had net cash used in operating activities of $789,823 for the nine months ended September 30, 2024, primarily due to a net loss of $861,565[138]. - The company had net cash provided by investing activities of $133,609,215 for the nine months ended September 30, 2024, due to cash withdrawn from the Trust Account to pay redeeming shareholders[139]. - The company had net cash used in financing activities of $132,704,348 for the nine months ended September 30, 2024, primarily due to payments to redeeming shareholders[140]. - As of January 29, 2024, 12,433,210 Class A ordinary shares were tendered for redemption, totaling $134,059,215, leaving $24,629,032 in the Trust Account[176]. Business Combination and Future Plans - The company extended the deadline to consummate a business combination from July 30, 2023, to July 30, 2024, with 13,532,591 Class A ordinary shares redeemed for approximately $140,838,808[128]. - The company entered into a business combination agreement on August 22, 2024, to amalgamate with Tactical Resources Corp. under the Business Corporations Act of British Columbia[131]. - The Company intends to use substantially all remaining funds in the Trust Account to complete its initial business combination, with expectations that interest income will cover income tax obligations[166]. - The Company has until January 30, 2025, to complete a business combination, after which mandatory liquidation will occur if not completed[169]. - The Company incurred significant costs in pursuit of its initial business combination and may need additional financing to complete it or to redeem a significant number of Public Shares[168]. Sponsor and Financing - As of September 30, 2024, the outstanding balance under the Sponsor Promissory Note was $1,129,867, which includes deposits made into the Trust Account and payments made by the Sponsor on behalf of the company[147]. - The Sponsor may raise up to $1,500,000 from an Investor to fund extension payments and working capital, with $225,000 due upon execution of the Subscription Agreement[157]. - The Company purchased 3,902,648 founder units from the Original Sponsor for an aggregate price of $1, with the Sponsor entitled to 70% of additional founder units placed in escrow[160]. - The fair value of the embedded conversion feature of the Sponsor Promissory Note is de minimis, with the potential for loans to be convertible into warrants at $1.50 per warrant[173]. Off-Balance Sheet Arrangements - The Company has no off-balance sheet arrangements as of September 30, 2024, or December 31, 2023[171].
Plum Acquisition Corp. III(PLMJU) - 2024 Q3 - Quarterly Report