Plum Acquisition Corp. III Files 2023 Annual Report

TL;DR

Plum Acquisition Corp. III (PAC III) filed its 2023 10-K. SPAC life continues.

AI Summary

Plum Acquisition Corp. III, formerly Alpha Partners Technology Merger Corp., filed its 10-K for the fiscal year ended December 31, 2023. The company, incorporated in the Cayman Islands, is a blank check company operating in the Real Estate & Construction sector. Its principal executive offices are located at the Empire State Building in New York.

Why It Matters

This filing provides a comprehensive overview of Plum Acquisition Corp. III's financial performance and operational status for the past fiscal year, crucial for investors tracking special purpose acquisition companies.

Risk Assessment

Risk Level: medium — As a SPAC, Plum Acquisition Corp. III faces inherent risks related to its ability to identify and complete a business combination within its specified timeframe.

Key Numbers

• 2023 — Fiscal Year End (The report covers the financial performance up to December 31, 2023.)
• 001-40677 — SEC File Number (Identifies the specific filing with the SEC.)

Key Players & Entities

• Plum Acquisition Corp. III (company) — Registrant
• Alpha Partners Technology Merger Corp. (company) — Former company name
• 20231231 (date) — Fiscal year end
• 20240701 (date) — Filing date
• Cayman Islands (location) — Jurisdiction of incorporation
• 6770 (number) — Standard Industrial Classification (SIC) code for Blank Checks
• 001-40677 (number) — SEC File Number

FAQ

Key Financial Figures

• $0.0001 — ncluded as part of the Units, par value $0.0001 per share PLMJ The Nasdaq Stock Market
• $11.50 — ordinary share at an exercise price of $11.50 PLMJW The Nasdaq Stock Market LLC Unit
• $10.00 — being offered, the "Public Shares"), at $10.00 per Unit, generating gross proceeds of
• $250.0 m — per Unit, generating gross proceeds of $250.0 million, and incurring offering costs of
• $13.75 m — curring offering costs of approximately $13.75 million, of which $8.75 million was for d
• $8.75 million — approximately $13.75 million, of which $8.75 million was for deferred underwriting commissio
• $32.5 million — n total gross proceeds of approximately $32.5 million (the "Over-Allotment Proceeds"). Simul
• $8.0 million — investors, generating gross proceeds of $8.0 million (see Note 4 to our financial statements
• $650,000 — t Units"), generating total proceeds of $650,000 (the "Private Placement Proceeds" and,
• $282.5 million — nd the Private Placement, approximately $282.5 million ($10.00 per Unit) of the net proceeds o
• $500,681 — ed an aggregate amount of approximately $500,681 to the Company to cover the purchase of
• $681 — nits. In April 2021, the Company repaid $681 to the anchor investor. Upon the closin
• $500,000 — blic Offering, the remaining advance of $500,000 was applied to the purchase of the Priv
• $100,000 — ay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses
• $10.41 — at a redemption price of approximately $10.41 per share, for an aggregate redemption

Filing Documents

• ea0206794-10k_plumacq3.htm (10-K) — 1221KB
• ea020679401ex31-1_plumacq3.htm (EX-31.1) — 10KB
• ea020679401ex31-2_plumacq3.htm (EX-31.2) — 10KB
• ea020679401ex32-1_plumacq3.htm (EX-32.1) — 5KB
• ea020679401ex32-2_plumacq3.htm (EX-32.2) — 5KB
• ea020679401ex97-1_plumacq3.htm (EX-97.1) — 21KB
• 0001213900-24-057365.txt ( ) — 5762KB
• aptm-20231231.xsd (EX-101.SCH) — 64KB
• aptm-20231231_cal.xml (EX-101.CAL) — 21KB
• aptm-20231231_def.xml (EX-101.DEF) — 305KB
• aptm-20231231_lab.xml (EX-101.LAB) — 477KB
• aptm-20231231_pre.xml (EX-101.PRE) — 292KB
• ea0206794-10k_plumacq3_htm.xml (XML) — 503KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 51 Item 1C. Cybersecurity 51 Item 2.

Properties

Properties 51 Item 3

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 52 Item 6. [Reserved] 53 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 62 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 62 Item 9A.

Controls and Procedures

Controls and Procedures 62 Item 9B. Other Information 63 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 PART III Item 10. Directors, Executive Officers and Corporate Governance 64 Item 11.

Executive Compensation

Executive Compensation 71 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71 Item 13. Certain Relationships and Related Transactions and Director Independence 74 Item 14. Principal Accountant Fees and Services 76 PART IV Item 15. Exhibits and Financial Statement Schedules 77

SIGNATURES

SIGNATURES 78 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Report"), including, without limitation, statements under the heading "management's Discussion and Analysis of Financial Condition and Results of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our ability to consummate any acquisition or other business combination and any other statements that are not statements of current or historical facts. These statements are based on management's current expectations, but actual results may differ materially due to various factors, including, but not limited to: our ability to select an appropriate target business or businesses; our ability to complete our initial business combination; our expectations around the performance of a prospective target business or businesses; our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination; our potential ability to obtain additional financing to complete our initial business combination and continue as a goin

Business

Item 1. Business Introduction We are a blank check company incorporated on February 5, 2021 as a Cayman Islands exempted 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 or entities (the "Business Combination"). We will not be limited to a particular industry or geographic region in our identification and acquisition of a prospective partner company. Our Sponsor is Mercury Capital, LLC, a Delaware limited liability company (the "Sponsor"). Our original Sponsor was Alpha Partners Technology Merger Sponsor LLC, a Delaware limited liability company (the "Original Sponsor"). The registration statement for our initial public offering ("IPO," "Initial Public Offering" or the "public offering") was declared effective on July 27, 2021. On July 30, 2021, we consummated our IPO of 25,000,000 units (the "Units" and, with respect to the Class A ordinary shares included in the Units being offered, the "Public Shares"), at $10.00 per Unit, generating gross proceeds of $250.0 million, and incurring offering costs of approximately $13.75 million, of which $8.75 million was for deferred underwriting commissions (see Note 3 to our financial statements included in this Annual Report on Form 10-K for the year ended December 31, 2023). We granted the underwriter a 45-day option to purchase up to an additional 3,750,000 Units at the IPO price to cover over-allotments, if any. On August 3, 2021, the underwriters partially exercised the over-allotment option, and the closing of the issuance and sale of the additional 3,250,000 Units (the "Over-Allotment Units") occurred on August 5, 2021. The issuance by the Company of the Over-Allotment Units at a price of $10.00 per unit resulted in total gross proceeds of approximately $32.5 million (the "Over-Allotment Proceeds"). Simultaneously with the closing of the IPO, we consummated the private placement (the "P

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View this 10-K filing on SEC EDGAR