Financial Performance - The Company recorded a net loss of $275,968 for the three months ended September 30, 2025, compared to a net loss of $1,120,388 for the same period in 2024[207][208]. - For the nine months ended September 30, 2025, the Company reported a net loss of $1,525,451, which was higher than the net loss of $861,565 for the same period in 2024[209][210]. - For the nine months ended September 30, 2025, net cash used in operating activities was $740,853, primarily due to a net loss of $1,525,451[211]. - The Company has not generated any operating revenues to date and does not expect to do so until after completing its Initial Business Combination[206]. IPO and Fundraising - The company raised gross proceeds of $250.0 million from its IPO by issuing 25,000,000 units at $10.00 per unit, with offering costs of approximately $13.75 million[181]. - An additional 3,250,000 over-allotment units were sold, generating approximately $32.5 million in gross proceeds[181]. - The company entered into a subscription agreement to raise up to $1,500,000 for extension payments and working capital[192]. - The Company entered into a Subscription Agreement to raise up to $1,500,000 from the Investor, with $250,000 funded upon execution and another $250,000 on February 20, 2024[227]. Trust Account and Cash Management - The company placed approximately $282.5 million of net proceeds into a Trust Account, which will be invested in U.S. government securities or money market funds[183]. - As of September 30, 2025, the Company had cash of $107,345 held outside the Trust Account and a working capital deficit of $4,777,567[220]. - Following redemptions, approximately $153,169,659 remained in the Company's trust account after the July meeting, and $24,629,032 remained after subsequent redemptions on February 27, 2024[238]. - The total outstanding balance of the Sponsor Promissory Note and Second Sponsor Promissory Note as of September 30, 2025, was $2,024,867[232]. Shareholder Activity - Shareholders redeemed 13,532,591 Class A ordinary shares for approximately $140,838,808 at a redemption price of $10.41 per share during the July 2023 extraordinary general meeting[189]. - Following the January 2024 extraordinary general meeting, shareholders redeemed 12,433,210 Class A ordinary shares for approximately $134,059,215 at a redemption price of $10.78 per share[191]. - The Company recorded an aggregate redemption amount of approximately $140,838,808 for 13,532,591 Class A ordinary shares at a redemption price of approximately $10.41 per share during the July Extraordinary General Meeting[238]. Business Combination and Deadlines - The company extended the deadline for consummating a business combination to July 30, 2024, during the July 2023 extraordinary general meeting[189]. - The company amended its articles of association to extend the business combination deadline to July 30, 2025, during the January 2025 extraordinary general meeting[193]. - The Company has until July 30, 2026, to complete an Initial Business Combination, or it will face mandatory liquidation[221]. - The Company has entered into multiple amendments to its Business Combination Agreement with Tactical, extending the Agreement End Date to July 30, 2026[202][221]. Costs and Financing Needs - The Company incurred significant costs in pursuit of its Initial Business Combination and may need additional financing to complete it[219]. - The maximum amount of the Sponsor Promissory Note was increased to $2,200,000, with the option to convert up to this amount into Private Placement Warrants at a price of $1.50 per warrant[229]. Accounting and Regulatory Updates - The Company accounts for warrants based on their classification as either equity or liability, with initial fair value determined using appropriate valuation models[241]. - The company has made critical accounting estimates that involve significant uncertainty, particularly in accruals associated with third-party providers and the valuation of Public and Private Placement Warrants[243]. - The FASB issued ASU 2023-09 on December 14, 2023, aimed at enhancing income tax disclosures, effective for annual periods beginning after December 15, 2024[244]. - ASU 2023-07 was issued in November 2023, requiring public entities to disclose significant segment expenses and other segment items, effective for fiscal years beginning after December 15, 2023[245]. - The company adopted ASU 2023-07 on January 1, 2024, with no material impact on its financial statements and disclosures[245]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[246]. Trading and Market Activity - The Company’s Class A ordinary shares began trading on the Pink Current tier of the OTC Markets on January 28, 2025, after being delisted from Nasdaq[205][204].
Plum Acquisition Corp. III(PLMJU) - 2025 Q3 - Quarterly Report