Tue, Sep 10, 10:02 AM (102 days ago)
For the quarter ended June 30, 2024, Plum Acquisition Corp. I reported a net income of $3,225,787, a significant increase compared to a net loss of $2,552,400 in the same quarter of 2023. The company experienced a loss from operations of $789,241, but this was offset by other income, primarily from unrealized gains on warrant liabilities. As of June 30, 2024, total assets amounted to approximately $36.7 million, with a notable $36.6 million held in a Trust Account. The company's liquidity remains a concern, with only $1,969 in cash outside the Trust Account, highlighting a working capital deficit of $8.2 million. The company is under pressure to complete a business combination by September 14, 2024, or face mandatory liquidation. Recent developments include shareholder approvals for business combinations and extensions related to its operational timeline. The financial health of Plum Acquisition Corp. I reflects uncertainties, particularly regarding future operations and the completion of its business combination with Veea Inc.