Financial Performance - For the three months ended September 30, 2023, the company reported a loss from operations of $353,372 and recognized other expenses totaling $4,252,471[158]. - For the nine months ended September 30, 2023, the company had a loss from operations of $2,085,609, with other income of $1,035,971[160]. - Cash used in operating activities for the nine months ended September 30, 2023, was $709,623, with a net loss of $1,049,638[171]. - Management has raised substantial doubt about the company's ability to continue as a going concern due to significant costs in pursuit of acquisition plans[175]. - The Company must complete a Business Combination by December 18, 2023, or face mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[176]. Trust Account and Cash Position - As of September 30, 2023, the company held $35,096,667 in the Trust Account, including $9,039,899 of income[170]. - As of September 30, 2023, the company had cash outside the Trust Account of $92,722 available for working capital needs[164]. - The company intends to use substantially all funds in the Trust Account to acquire a target business and cover related expenses[173]. - The company has received commitments for Working Capital Loans totaling $1,000,000 as of September 30, 2023[174]. Costs and Liabilities - The company incurred $18,336,269 in Initial Public Offering related costs, including $6,384,327 of underwriting fees[166]. - As of September 30, 2023, the Company has no off-balance sheet arrangements, obligations, assets, or liabilities[177]. - The Company does not have any long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[179]. Accounting and Financial Reporting - The Company accounts for its warrants as liability-classified instruments, impacting the balance sheet and requiring fair value assessments[181]. - The convertible promissory note is recorded at fair value, with changes recognized as non-cash gains or losses in the statements of operations[182]. - All 31,921,634 Class A ordinary shares have a redemption feature, classified outside of permanent equity due to non-controllable redemption provisions[183]. - The diluted net (loss) income per common share is the same as basic net (loss) income per common share for the periods ended September 30, 2023, due to contingencies not being met[184]. - Management does not anticipate that recently issued accounting standards will materially affect the Company's financial statements[185]. - The Company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[186]. Business Combination and Future Plans - The company has extended the deadline to consummate a business combination transaction to June 18, 2024[157].
Plum Acquisition I(PLMI) - 2023 Q3 - Quarterly Report