Plum Acquisition Corp. III Reports $2.56 Million Net Loss for 2024

Plum Acquisition Corp. III (formerly Alpha Partners Technology Merger Corp.), a blank check company incorporated in the Cayman Islands on February 5, 2021, reported its financial performance for the year ended December 31, 2024, in its recent 10-K filing. The company reported a net loss of $2.56 million for the year, primarily due to operating and formation costs of $3.02 million and a loss on changes in the fair value of warrant liabilities of $1.45 million. These expenses were partially offset by interest and dividend income on investments held in the trust account totaling $1.91 million. In contrast, the company reported a net income of $10.42 million for the year ended December 31, 2023, driven by significantly higher interest and dividend income and gains from various sources.

Significant changes compared to the previous fiscal period include a substantial decrease in net income, a shift from net income to a net loss, and a decrease in the investments held in the trust account from $157.33 million to $25.63 million. These changes are largely attributed to the redemption of Class A ordinary shares by shareholders in connection with extraordinary general meetings held to extend the deadline for completing a business combination. The company also notes that it has not engaged in any operations and generated no operating revenues to date.

Strategic developments during the reporting period include the execution of a business combination agreement on August 22, 2024, with Plum III Merger Corp. and Tactical Resources Corp., subject to shareholder approval and other conditions. This agreement involves the Company's continuation from the Cayman Islands to British Columbia, Canada, and subsequent amalgamations to form a single corporate entity. The company also experienced a delisting from Nasdaq on January 27, 2025, and subsequent listing on the OTC Markets Pink Current tier on January 28, 2025. Amendments to the business combination agreement were made on December 10, 2024, and January 28, 2025, addressing matters such as OTC listing and convertible debentures.

Key operational developments include the redemption of Class A ordinary shares at various redemption prices throughout the reporting period, resulting in a significant reduction in the funds held in the trust account. The company currently has two executive officers and no full-time employees. The company's Class A ordinary shares, warrants, and units are listed on the OTC Markets under the symbols PLMJF, PLMWF, and PLMUF, respectively. The company's 10-K filing also details various risk factors, including the substantial doubt about its ability to continue as a going concern, the potential for shareholder redemptions to hinder its ability to complete a business combination, and the complexities of operating as a blank check company.

The company's outlook, as stated in the filing, is contingent upon the successful completion of its business combination by July 30, 2025. Failure to complete the combination by this date will result in the liquidation of the trust account and the redemption of public shares at a per-share price based on the remaining funds in the trust account. The filing also highlights various risks associated with the business combination, including the potential for conflicts of interest, the challenges of evaluating prospective partners, and the possibility of insufficient funds to complete the transaction or fund operations.