Mon, Jul 1, 10:04 AM (68 days ago)
Plum Acquisition Corp. III, a blank check company incorporated in the Cayman Islands, filed its annual report for the fiscal year ended December 31, 2023. The company, sponsored by Mercury Capital, LLC, completed its IPO on July 30, 2021, raising $250 million. As of the report date, Plum Acquisition has not selected or engaged in substantive discussions with any business combination targets. The company extended its deadline to complete a business combination to January 30, 2025, following shareholder approval and significant redemptions, leaving $24.6 million in the trust account. Key financial highlights include $0 cash outside the trust account as of December 31, 2023, and a potential $1.5 million subscription agreement to raise additional funds. The company faces substantial doubt about its ability to continue as a going concern due to its limited working capital and the approaching deadline for completing a business combination. Risk factors include intense competition for business combinations, potential inability to secure additional financing, and the impact of global geopolitical events on market conditions. The company emphasizes the importance of its management team in successfully identifying and completing a business combination.