Plum Acquisition Corp. I Files Q2 2024 10-Q

TL;DR

Plum Acquisition Corp. I filed its 10-Q for Q2 2024. Check financials.

AI Summary

Plum Acquisition Corp. I filed its quarterly report on Form 10-Q for the period ended June 30, 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, California.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a standard quarterly filing for a SPAC, providing routine financial updates.

Key Players & Entities

• Plum Acquisition Corp. I (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 2021 Fillmore St. #2089, San Francisco, California (location) — Principal executive offices address
• 001-40218 (other) — 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 — ,772 Class A ordinary shares, par value $0.0001, and 0 Class B ordinary shares, pa

Filing Documents

• ea0213412-10q_plumacq1.htm (10-Q) — 722KB
• ea021341201ex31-1_plumacq1.htm (EX-31.1) — 10KB
• ea021341201ex31-2_plumacq1.htm (EX-31.2) — 11KB
• ea021341201ex32-1_plumacq1.htm (EX-32.1) — 4KB
• ea021341201ex32-2_plumacq1.htm (EX-32.2) — 4KB
• 0001213900-24-077054.txt ( ) — 5042KB
• plmi-20240630.xsd (EX-101.SCH) — 56KB
• plmi-20240630_cal.xml (EX-101.CAL) — 23KB
• plmi-20240630_def.xml (EX-101.DEF) — 263KB
• plmi-20240630_lab.xml (EX-101.LAB) — 407KB
• plmi-20240630_pre.xml (EX-101.PRE) — 257KB
• ea0213412-10q_plumacq1_htm.xml (XML) — 584KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit for the three and six months ended June 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 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 June 30, December 31, 2024 2023 (unaudited) ASSETS Cash $ 1,969 $ 94,703 Prepaid expenses 66,875 50,853 Cash held in Trust Account 216,134 — Total current assets 284,978 145,556 Cash and investments held in Trust Account 36,374,892 35,555,976 TOTAL ASSETS $ 36,659,870 $ 35,701,532 LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT Accounts payable and accrued expenses $ 5,661,736 $ 4,587,330 Ordinary shares to be redeemed 216,134 — Advance from sponsor 213,050 — Due to related party 400,547 331,291 Convertible promissory note – related party 1,000,000 1,000,000 Promissory Note – related party 250,000 250,000 Subscription liability 699,950 1,567,406 Total current liabilities 8,441,417 7,736,027 Warrant liabilities 1,074,447 1,643,271 TOTAL LIABILITIES 9,515,864 9,379,298 COMMITMENTS AND CONTINGENCIES (NOTE 8) Class A Ordinary shares subject to possible redemption, 3,236,363 and 3,255,593 shares at $ 11.24 and $ 10.92 redemption value as of June 30, 2024 and December 31, 2023, respectively 36,374,892 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 shares issued and outstanding (excluding 3,236,363 and 3,255,593 shares subject to possible redemption) as of June 30, 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 June 30, 2024 and December 31, 2023, respectively — — Additional paid-in capital 7,082,596 6,098,498 Accumulated deficit ( 16,314,281 ) ( 15,333,039 ) TOTAL SHAREHOLDERS' DEFICIT ( 9,230,886 ) ( 9,233,742 ) TOTAL LIABILITIES, REDEEMABLE ORDINARY SHAR

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