PLUM ACQUISITION CORP. I DELISTED FROM NASDAQ EFFECTIVE JAN 31, 2024
Ticker: VEEAW · Form: 8-K · Filed: Feb 2, 2024 · CIK: 1840317
| Field | Detail |
|---|---|
| Company | Plum Acquisition Corp. I (VEEAW) |
| Form Type | 8-K |
| Filed Date | Feb 2, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $11.50 |
| Sentiment | bearish |
Complexity: simple
Sentiment: bearish
Topics: delisting, SPAC, redemption, liquidation
TL;DR
**PLMI delisted from Nasdaq, shares redeemed; liquidity gone.**
AI Summary
Plum Acquisition Corp. I (PLMI) filed an 8-K on February 2, 2024, announcing that its securities will be delisted from the Nasdaq Stock Market. This delisting, effective January 31, 2024, is due to the company's failure to complete a business combination within the required timeframe, leading to the redemption of its public shares. This matters to investors because their shares, units, and warrants will no longer trade on a major exchange, significantly impacting liquidity and potentially the value of their holdings.
Why It Matters
The delisting means Plum Acquisition Corp. I's shares, units, and warrants will no longer be traded on Nasdaq, severely limiting liquidity and making it difficult for investors to buy or sell their holdings.
Risk Assessment
Risk Level: high — The delisting and redemption of shares represent a complete loss of the original investment for public shareholders, as the company failed to complete its intended business combination.
Analyst Insight
Investors holding PLMI securities should recognize that their investment has effectively been liquidated due to the redemption of shares and delisting. There is no further action to take regarding trading on a major exchange, and they should await information regarding the redemption process.
Key Players & Entities
- Plum Acquisition Corp. I (company) — the registrant whose securities are being delisted
- Nasdaq Stock Market (company) — the exchange from which PLMI is being delisted
- January 31, 2024 (date) — the effective date of the delisting
- February 2, 2024 (date) — the filing date of the 8-K
Forward-Looking Statements
- The value of Plum Acquisition Corp. I's securities will significantly decrease or become worthless. (Plum Acquisition Corp. I) — high confidence, target: Immediate
- Trading activity for PLMI securities will cease on major exchanges. (PLMI) — high confidence, target: Immediate
FAQ
What is the primary reason for Plum Acquisition Corp. I's delisting from Nasdaq?
The primary reason for Plum Acquisition Corp. I's delisting is its failure to complete a business combination within the timeframe specified in its organizational documents, leading to the redemption of its public shares.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 31, 2024, which is the effective date of the delisting.
What types of securities of Plum Acquisition Corp. I are affected by this delisting?
The delisting affects Plum Acquisition Corp. I's units, Class A ordinary shares, and redeemable warrants, as indicated by the XBRL tags for 'UnitsEachConsistingOfOneClassOrdinaryShareAndOnefifthOfOneRedeemableWarrantMember', 'ClassOrdinarySharesIncludedAsPartOfUnitsMember', and 'WarrantsIncludedAsPartOfUnitsEachWholeWarrantExercisableForOneClassOrdinaryShareAtExercisePriceOf11.50Member'.
What is the business address of Plum Acquisition Corp. I?
The business address of Plum Acquisition Corp. I is 201 Fillmore St. #2089, San Francisco, CA 94115.
What is the Commission File Number for Plum Acquisition Corp. I?
The Commission File Number for Plum Acquisition Corp. I is 001-40218.
Filing Stats: 551 words · 2 min read · ~2 pages · Grade level 12.1 · Accepted 2024-02-02 16:30:57
Key Financial Figures
- $11.50 — Ordinary Share at an exercise price of $11.50 PLMIW The Nasdaq Stock Market LLC
Filing Documents
- ea192743-8k425_plumacq1.htm (8-K) — 28KB
- 0001213900-24-009674.txt ( ) — 251KB
- plmi-20240131.xsd (EX-101.SCH) — 4KB
- plmi-20240131_def.xml (EX-101.DEF) — 27KB
- plmi-20240131_lab.xml (EX-101.LAB) — 37KB
- plmi-20240131_pre.xml (EX-101.PRE) — 25KB
- ea192743-8k425_plumacq1_htm.xml (XML) — 7KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard. On January 31, 2024, Plum Acquisition Corp. I (the "Company") received a notice from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the Company failed to hold an annual meeting of shareholders within twelve months of the end of its fiscal year ended December 31, 2022, as required by Nasdaq Listing Rule 5620(a). In accordance with Nasdaq Listing Rule 5810(c)(2)(G), the Company has 45 calendar days (or until March 16, 2024) to submit a plan to regain compliance and, if Nasdaq accepts the plan, Nasdaq may grant the Company up to 180 calendar days from its fiscal year end (or until June 28, 2024) to regain compliance. The Company intends to submit a compliance plan within the specified period. While the plan is pending, the Company's securities will continue to trade on Nasdaq. 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PLUM ACQUISITION CORP. I Date: February 2, 2024 By: /s/ Kanishka Roy Kanishka Roy Co-Chief Executive Officer and President 2