Plum Acquisition Corp. I Files Q1 2024 10-Q

TL;DR

Plum Acquisition Corp. I filed its Q1 2024 10-Q. Details on financials and operations.

AI Summary

Plum Acquisition Corp. I filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, incorporated in the Cayman Islands, is involved in computer integrated systems design. Its principal executive offices are located at 2021 Fillmore St. #2089, San Francisco, CA 94115.

Why It Matters

This filing provides investors with an update on Plum Acquisition Corp. I's financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing for a publicly traded company, providing standard financial and operational disclosures.

Key Players & Entities

• Plum Acquisition Corp. I (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 2021 Fillmore St. #2089 (address) — Principal executive office address
• San Francisco, CA 94115 (address) — Principal executive office city, state, and zip
• 001-40218 (company_id) — SEC File Number

FAQ

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 Ind
• $0 — ,002 Class A ordinary shares, par value $0.0001, and 0 Class B ordinary shares, pa

Filing Documents

• ea0205434-10q_plumacq1.htm (10-Q) — 609KB
• ea020543401ex31-1_plumacq1.htm (EX-31.1) — 8KB
• ea020543401ex31-2_plumacq1.htm (EX-31.2) — 8KB
• ea020543401ex32-1_plumacq1.htm (EX-32.1) — 4KB
• ea020543401ex32-2_plumacq1.htm (EX-32.2) — 4KB
• 0001213900-24-045245.txt ( ) — 4605KB
• plmi-20240331.xsd (EX-101.SCH) — 57KB
• plmi-20240331_cal.xml (EX-101.CAL) — 21KB
• plmi-20240331_def.xml (EX-101.DEF) — 258KB
• plmi-20240331_lab.xml (EX-101.LAB) — 399KB
• plmi-20240331_pre.xml (EX-101.PRE) — 248KB
• ea0205434-10q_plumacq1_htm.xml (XML) — 492KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 202 3 2 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit for the three months ended March 31, 2024 and 202 3 3 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 202 3 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements. PLUM ACQUISITION CORP. I CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (unaudited) ASSETS Cash $ 32,840 $ 94,703 Prepaid expenses 102,313 50,853 Total current assets 135,153 145,556 Investments held in Trust Account 36,106,898 35,555,976 TOTAL ASSETS $ 36,242,051 $ 35,701,532 LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT Accounts payable and accrued expenses $ 5,126,060 $ 4,587,330 Due to related party 361,291 331,291 Convertible promissory note – related party 1,000,000 1,000,000 Promissory Note – related party 250,000 250,000 Subscription liability 2,214,308 1,567,406 Total current liabilities 8,951,659 7,736,027 Warrant liabilities 4,929,812 1,643,271 TOTAL LIABILITIES 13,881,471 9,379,298 COMMITMENTS AND CONTINGENCIES (NOTE 8) Class A Ordinary shares subject to possible redemption, 3,255,593 and 3,255,593 shares at $ 11.09 and $ 10.92 redemption value as of March 31, 2024 and December 31, 2023, respectively 36,106,898 35,555,976 SHAREHOLDERS' DEFICIT Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding — — Class A ordinary shares, $ 0.0001 par value; 500,000,000 shares authorized; 7,980,409 and 7,980,409 shares issued and outstanding (excluding 3,255,593 and 3,255,593 shares subject to possible redemption) as of March 31, 2024 and December 31, 2023, respectively 799 799 Class B ordinary shares, $ 0.0001 par value; 50,000,000 shares authorized; 0 and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Additional paid-in capital 5,792,951 6,098,498 Accumulated deficit ( 19,540,068 ) ( 15,333,039 ) TOTAL SHAREHOLDERS' DEFICIT ( 13,746,318 ) ( 9,233,742 ) TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT $ 36,242,051 $ 35,701,532 The accompanying notes are an integral part

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS MARCH 31, 2024 (Unaudited) NOTE 1 — ORGANIZATION AND BUSINESS OPERATIONS Plum Acquisition Corp. I (the "Company" or "Plum") was incorporated as a Cayman Islands exempted company on January 11, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As previously reported, on November 27, 2023, the Company executed a Business Combination Agreement by and between the Company, Plum SPAC Merger Sub, Inc. ("Merger Sub"), a Delaware corporation and wholly-owned subsidiary of Plum, and Veea Inc., a Delaware corporation ("Veea") (the "Business Combination Agreement"). Pursuant to the Business Combination Agreement, the Company and Veea are working toward closing their business combination (the "Business Combination"). As of March 31, 2024, the Company had not commenced any operations. All activity for the period from January 11, 2021 (inception) through March 31, 2024 relates to the Company's formation and the initial public offering ("IPO"), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a business combination. The Company believes it will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on investments in the Company's Trust account and will recognize changes in the fair value of the warrant liabilities as other income (expense). The Company's Sponsor is Plum Partners, LLC, a Delaware limited liability company (the "Sponsor"). The registration statement for the Company's IPO was declared effective on March 15, 2021 (the "Effective

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View this 10-Q filing on SEC EDGAR