IPO and Fundraising - 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[170]. - An additional 3,250,000 Over-Allotment Units were sold, generating approximately $32.5 million in gross proceeds[170]. - The company placed approximately $282.5 million of net proceeds in a Trust Account, which will be invested in U.S. government securities or money market funds until a business combination is completed[172]. - The company entered into a Subscription Agreement to raise up to $1.5 million for extension payments and working capital, with specific payments scheduled[182]. - The Sponsor may loan up to $1,500,000 to the Company under a promissory note, which may be convertible into warrants at the option of the Sponsor[213]. Business Combination and Extensions - The company extended the deadline to complete a business combination to July 30, 2024, with shareholders redeeming 13,532,591 Class A ordinary shares for approximately $140.8 million[179]. - In a subsequent meeting on January 29, 2024, shareholders approved an extension to January 30, 2025, with 12,433,210 Class A ordinary shares redeemed for approximately $134.1 million[181]. - On January 16, 2025, the company extended the business combination deadline to July 30, 2025, with 2,132,366 Class A ordinary shares redeemed for approximately $24.0 million[183]. - The Company entered into a business combination agreement with Tactical Resources Corp. and Plum III Merger Corp. on August 22, 2024, to amalgamate into one corporate entity[187]. - The Company has until July 30, 2025, to complete its Initial Business Combination, or it will face mandatory liquidation[206]. Financial Performance and Position - The Company recorded a net loss of $364,540 for the three months ended March 31, 2025, compared to a net loss of $148,236 for the same period in 2024, reflecting an increase in operating and formation costs[193][194]. - For the three months ended March 31, 2025, net cash used in operating activities was $285,965, compared to $215,423 for the same period in 2024, indicating higher operational expenses[195][196]. - As of March 31, 2025, the Company had cash of $93,483 held outside the Trust Account and a working capital deficit of $3,597,159, raising concerns about its ability to operate for the next 12 months[205]. - The Company intends to use substantially all remaining funds in the Trust Account to complete its Initial Business Combination, with potential additional financing required for larger target businesses[202][204]. - The Company incurred significant costs in pursuit of its Initial Business Combination and may need to seek additional financing to complete it[204]. Shareholder Actions and Redemptions - Holders of 13,532,591 Class A ordinary shares redeemed their shares for cash at a redemption price of approximately $10.41 per share, totaling approximately $140,838,808[222]. - After redemptions, approximately $153,169,659 remained in the Company's trust account[222]. - The Company has classified all 28,250,000 Class A ordinary shares sold in the IPO outside of permanent equity due to redemption features[222]. Other Financial Matters - The Chief Financial Officer is entitled to a success fee of $50,000 contingent upon the closing of the Initial Business Combination[218]. - The Working Capital Loan was forgiven by the Sponsor on December 27, 2023, with an aggregate fair value of $123,500 upon forgiveness[224]. - The Company entered into a promissory note with the Sponsor for $100,000, which bears no interest and is to be repaid under specific conditions[216]. - The fair value of the embedded conversion feature within the Sponsor Promissory Note is de minimis[224]. - The Company adopted ASU 2023-07 on January 1, 2024, which has not had a material impact on its financial statements and disclosures[230]. Market Activity - Following a delisting from Nasdaq, the Company's Class A ordinary shares began trading on the Pink Current tier of the OTC Markets on January 28, 2025[190][191]. - The Original Sponsor has no further obligations post-closing of the Purchase Agreement, with the Sponsor assuming all responsibilities related to the company[186].
Plum Acquisition Corp. III(PLMJU) - 2025 Q1 - Quarterly Report