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Plum Acquisition Corp. III (PLMJ+1.33%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Plum Acquisition Corp. III is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
As of September 30, 2024, the company reported cash of $115,044 held outside the Trust Account and a working capital deficit of $2,322,226.
The company has until January 30, 2025, to complete a business combination. If not completed by this date, the company will cease operations and liquidate the Trust Account.
The filing notes that the company entered into a business combination agreement on August 22, 2024, with Tactical Resources Corp. and PubCo, a corporation formed under the laws of British Columbia.
The company received a notice from Nasdaq on July 30, 2024, for failing to comply with the requirement to complete a business combination within 36 months of its IPO registration statement becoming effective.
The company has requested a hearing before the Nasdaq Hearings Panel to appeal the notice and seek additional time to complete a business combination.
The company has entered into various non-redemption agreements and a subscription agreement to raise funds for extension payments and working capital.
Plum Acquisition Corp. III reported a net loss of $1,120,388 for the three months ended September 30, 2024, primarily due to operating and formation costs.
The company continues to seek a suitable business combination and has taken steps to extend the time needed to complete this process.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Plum Acquisition Corp. III quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.