Plum Acquisition Corp. I Releases Q1 2024 10-Q Report

Plum Acquisition Corp. I, a special purpose acquisition company (SPAC), has released its Form 10-Q report for the first quarter of 2024. The report provides insights into the company's ongoing efforts to complete a business combination and maintain regulatory compliance.

Financial Highlights

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Business Highlights

Business Combination Progress

Plum Acquisition Corp. I is actively working towards closing a business combination with Veea Inc., a Delaware corporation, as per the Business Combination Agreement executed on November 27, 2023. This strategic move is aimed at enhancing the company's operational capabilities and market presence.

Operational Status

As of March 31, 2024, Plum Acquisition Corp. I has not commenced any operations. The company's activities have been focused on formation, the initial public offering, and identifying a target company for a business combination.

Trust Account Management

The company has maintained its investments in a U.S.-based trust account, which is crucial for funding the business combination. The funds are held in a demand deposit account, ensuring liquidity and readiness for the upcoming merger.

Regulatory Compliance

Plum Acquisition Corp. I has been addressing compliance issues with Nasdaq, including holding an annual meeting of shareholders and seeking an extension to complete the business combination. These efforts are critical to maintaining its listing status and operational continuity.

Future Outlook

The company is focused on completing its business combination by June 18, 2024. Management has acknowledged the need for additional financing to ensure successful completion and to address any potential redemption of public shares.

SEC Filing: Plum Acquisition Corp. I Releases Q1 2024 [ NASDAQ:VEEA ] - 10-Q - May. 20, 2024