Financial Performance - For the three months ended June 30, 2023, the company reported a loss from operations of $578,954 and recognized other income of $4,847,438, which included an unrealized loss on warrant liabilities of $1,978,245 [150]. - For the six months ended June 30, 2023, the company had a loss from operations of $1,732,236, with other income totaling $5,288,442, including an unrealized loss on warrant liabilities of $44,241 [151]. - Cash used in operating activities for the six months ended June 30, 2023, was $431,465, with net income of $3,556,206 primarily offset by various unrealized losses and interest expenses [165]. Trust Account and Cash Position - As of June 30, 2023, the company held $55,154,617 in the Trust Account, which included $8,410,589 of income [164]. - As of June 30, 2023, the company had cash outside the Trust Account of $20,880 available for working capital needs [156]. - The company intends to use substantially all funds held in the Trust Account to acquire a target business and cover related expenses [167]. Business Combination and Operations - The company has extended the deadline to consummate a business combination transaction to September 18, 2023, following the termination of a previous agreement [149]. - If the company cannot complete a Business Combination by September 18, 2023, it will cease operations except for liquidation purposes [171]. - The company has incurred significant costs related to its acquisition plans, raising doubts about its ability to continue as a going concern [170]. Shareholder Transactions - A total of 26,693,416 Class A ordinary shares were redeemed for cash at a redemption price of $10.23 per share, amounting to an aggregate redemption of $273,112,311.62 [157]. - The company generated gross proceeds of $319,216,340 from the sale of 31,921,634 units at $10.00 per unit during its Public Offering [157]. - All 31,921,634 Class A ordinary shares have a redemption feature, requiring classification outside of permanent equity [180]. Costs and Liabilities - The company incurred $18,336,269 in Initial Public Offering related costs, including $6,384,327 of underwriting fees [158]. - As of June 30, 2023, the company has no off-balance sheet arrangements or long-term liabilities [172][174]. Accounting and Financial Reporting - The company accounts for its warrants as liability-classified instruments, impacting the financial statements based on fair value assessments [176][178]. - The company has two classes of shares, with earnings and losses shared pro rata between Class A and Class B ordinary shares [181]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements [182].
Plum Acquisition I(PLMI) - 2023 Q2 - Quarterly Report