Plum Acquisition Corp. I, a shell company incorporated on January 11, 2021, reported its financial results for the period ending June 30, 2024. The company is in the process of completing a business combination with Veea Inc., a Delaware-based company specializing in edge-to-cloud computing, following a Business Combination Agreement executed on November 27, 2023.

As of June 30, 2024, Plum Acquisition Corp. I held total assets of approximately $36.7 million, a slight increase from $35.7 million at the end of 2023. The Trust Account contained $36.6 million, up from $35.6 million at year-end. However, the company reported a working capital deficit of $8.2 million, with cash outside the Trust Account dwindling to $1,969, down from $20,880 a year earlier.

The company experienced a net income of $3.2 million for the three months ended June 30, 2024, compared to a net income of $2.6 million for the same period in 2023. However, for the six months ended June 30, 2024, Plum reported a net loss of $981,242, a significant decline from a net income of $2.1 million in the prior year. The loss was attributed to increased operational costs and a change in fair value of warrant liabilities, which resulted in a $568,824 loss for the first half of 2024, contrasting with a gain of $44,241 in the same period of 2023.

The company’s cash used in operating activities for the first half of 2024 was $580,734, compared to $431,465 in the previous year. Notably, there were no cash withdrawals for redemptions in the first half of 2024, a stark contrast to $273.1 million in redemptions during the same period in 2023.

Plum Acquisition Corp. I has faced challenges, including a substantial doubt about its ability to continue as a going concern due to significant costs associated with its acquisition plans and the potential need for additional financing. The company has extended its business combination deadline to September 14, 2024, and if the combination is not completed by this date, it will cease operations and liquidate.

The company’s financial statements reflect a material weakness in internal controls over accounting and reporting complex financial instruments, leading to misclassifications and under-accrual of liabilities. Despite these issues, management believes the financial statements fairly present the company's position and results for the reporting period.