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PLMJF (PLMJF0.00%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements and details regarding the company's operations, which are primarily focused on completing a business combination. The company has not generated any operating revenues to date.
PLMJF reported a net loss of $2,561,229 for the year ended December 31, 2024, compared to a net income of $10,418,629 for the previous year. The loss was primarily due to operating and formation costs of $3,023,383 and a loss on the change in fair value of warrant liabilities of $1,447,101.
Interest and dividend income on investments held in the Trust Account amounted to $1,909,255 for the year ended December 31, 2024. The company also recorded a gain on the change in fair value of convertible promissory notes in the previous year.
As of December 31, 2024, PLMJF had cash of $27,418 and investments held in the Trust Account totaling $25,630,285. The company has a working capital deficit of $3,064,428.
The company has until July 30, 2025, to complete an Initial Business Combination. If a business combination is not consummated by this date, there will be a mandatory liquidation and dissolution of the company.
PLMJF has entered into a business combination agreement with Tactical Resources Corp., with the completion of the transaction subject to shareholder approval and other conditions. The company has acknowledged substantial doubt about its ability to continue as a going concern.
The company's Class A ordinary shares, warrants, and units were delisted from Nasdaq and began trading on the Pink Current tier of the OTC Markets on January 28, 2025.
The filing also discusses various agreements and transactions, including a purchase agreement with its sponsor, Mercury Capital, LLC, and a subscription agreement to raise up to $1,500,000 for extension payments and working capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PLMJF annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.