Plum Acquisition Corp. I Files 2023 Annual Report on Form 10-K

TL;DR

<b>Plum Acquisition Corp. I has filed its 2023 annual report, detailing its securities and compliance with SEC filing requirements.</b>

AI Summary

Plum Acquisition Corp. I (VEEAW) filed a Annual Report (10-K) with the SEC on March 1, 2024. Plum Acquisition Corp. I filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in the Cayman Islands and its principal executive offices are located in San Francisco, California. Securities registered include Units (PLMIU), Class A Ordinary Shares (PLMI), and Redeemable Warrants (PLMIW) on The Nasdaq Stock Market LLC. Plum Acquisition Corp. I is not a well-known seasoned issuer and has filed all required reports for the preceding 12 months. The filing indicates the company is subject to Section 13 or 15(d) of the Exchange Act and has submitted all Interactive Data Files.

Why It Matters

For investors and stakeholders tracking Plum Acquisition Corp. I, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Plum Acquisition Corp. I's financial and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and outlook. The details on registered securities and their trading on Nasdaq are important for current and potential investors to understand the company's capital structure and market presence.

Risk Assessment

Risk Level: low — Plum Acquisition Corp. I shows low risk based on this filing. The company is a special purpose acquisition company (SPAC) and its primary business is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. As such, its financial performance is highly dependent on the successful completion of an initial business combination, which is not guaranteed.

Analyst Insight

Investors should monitor Plum Acquisition Corp. I for announcements regarding a potential business combination, as this will be the primary driver of future value.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the annual report)
• 2024-03-01 — Filing Date (Date the 10-K was filed)
• 001-40218 — SEC File Number (Assigned SEC file number)
• 11.50 — Warrant Exercise Price (Exercise price for redeemable warrants)

Key Players & Entities

• Plum Acquisition Corp. I (company) — Filer of the 10-K report
• The Nasdaq Stock Market LLC (company) — Exchange where securities are registered
• Cayman Islands (jurisdiction) — State of incorporation
• San Francisco, California (location) — Location of principal executive offices

FAQ

Risk Factors

• Risk Factors [high — financial]: The company's primary business is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. There is no assurance that the company will be able to complete an initial business combination.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-01: Filing Date — The date Plum Acquisition Corp. I submitted its annual report.

Glossary

Form 10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for Plum Acquisition Corp. I.)

SPAC

A Special Purpose Acquisition Company is a shell company that is listed on a stock exchange with the purpose of acquiring or merging with an existing company. (Plum Acquisition Corp. I is identified as a SPAC, indicating its business model and associated risks.)

Redeemable Warrants

A type of option that gives the holder the right, but not the obligation, to purchase a company's stock at a specified price within a certain timeframe. (These are listed as registered securities (PLMIW) for Plum Acquisition Corp. I, relevant for investors holding or considering these instruments.)

Key Financial Figures

• $0.0001 — nsisting of one Class A Ordinary Share, $0.0001 par value, and one-fifth of one redeema
• $11.50 — Ordinary Share at an exercise price of $11.50 PLMIW The Nasdaq Stock Market LLC Sec
• $10.52 — the ordinary shares on June 30, 2023 of $10.52) As of February 26, 2024, 11,236,002
• $10.00 — eholders may receive only approximately $10.00 per public share, or less in certain ci

Filing Documents

• ea0200011-10k_plumacq1.htm (10-K) — 3216KB
• ea0200011ex4-2_plumacq1.htm (EX-4.2) — 183KB
• ea0200011ex24_plumacq1.htm (EX-24) — 6KB
• ea0200011ex31-1_plumacq1.htm (EX-31.1) — 8KB
• ea0200011ex31-2_plumacq1.htm (EX-31.2) — 8KB
• ea0200011ex32-1_plumacq1.htm (EX-32.1) — 3KB
• ea0200011ex32-2_plumacq1.htm (EX-32.2) — 4KB
• 0001213900-24-019042.txt (&nbsp;) — 15357KB
• plmi-20231231.xsd (EX-101.SCH) — 93KB
• plmi-20231231_cal.xml (EX-101.CAL) — 52KB
• plmi-20231231_def.xml (EX-101.DEF) — 427KB
• plmi-20231231_lab.xml (EX-101.LAB) — 570KB
• plmi-20231231_pre.xml (EX-101.PRE) — 422KB
• ea0200011-10k_plumacq1_htm.xml (XML) — 3746KB

Business

Business 1 Item 1A. Risk Factors 20 Item 1B. Unresolved Staff Comments 52 Item 2.

Properties

Properties 52 Item 3. Legal Proceedings 52 Item 4. Mine Safety Disclosures 52 PART II 53 Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 53 Item 6. [Reserved] 55 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 56 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 68 Item 8. Financial 68 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 68 Item 9A. Controls and Procedures 69 Item 9B. Other Information 70 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III 71 Item 10. Directors, Executive Officers and Corporate Governance Directors and Executive Officers 71 Item 11. Executive Compensation 78 Item 12. Security 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 80 Item 14. Principal Accountant Fees and Services 81 PART IV 82 Item 15. Exhibits, Financial Statement Schedules 82 Item 16. Form 10-K Summary 83 i PLUM ACQUISITION CORP. I Explanatory Note General Plum Acquisition Corp. I ("Plum," "Company," "we," "us," or "our, unless context dictates otherwise) is filing this Annual Report on Form 10-K for the year ended December 31, 2023 (this "Report," "Form 10-K," or "Annual Report"). This Form 10-K contains our audited financial statements for the year ended December 31, 2023, as well as restates certain financial information and related footnote disclosures in the Company's previously issued unaudited interim financial statements included in the Company's Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2023, June 30, 2023 and September 30, 2023, filed with the SEC on May 23, 2023, August 21, 202

Business

Business Our Company Plum Acquisition Corp. I (the "Company" or "Plum") is a blank check company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, which we refer to throughout this Report as our initial business combination. Ursula Burns, Kanishka Roy and Mike Dinsdale established Plum with the mission of creating a platform, built by operators for operators, to enable great private companies to become outstanding public companies and listed stocks. We believe there is an opportunity to create replicable infrastructure to launch multiple SPACs, featuring different members of our large extended team over time. We seek to establish ourselves as the first-stop SPAC platform for high-quality companies in the US and Europe that can benefit from our large 48-person extended team, our decades of operational experience leading technology companies, our direct access to Fortune-500 company partnerships, help with internationalization, and our proprietary Accelerating Through the Bell operational playbook that helps companies list and grow in the public markets. Our platform is also aligned with the incentives and outcome of investors as we are funding all our risk capital internally as a sign of confidence and commitment to a successful outcome. We have founded, led, advised, and invested in companies that have invented entire sectors, scaled to become market leaders, and delivered exceptional returns for investors. Through these experiences, we have developed a deep respect for leaders of rapidly scaling technology companies. As a result, we are motivated by a passion for working to maximize the value of their exemplary private companies as they transition to the public markets. We believe the broad and diversified experience of our founders equips us to add significant value to our partner company.

View Full Filing

View this 10-K filing on SEC EDGAR