Plum Acquisition Corp. I Releases Q2 2024 10-Q Report

Plum Acquisition Corp. I, a special purpose acquisition company (SPAC), has released its Form 10-Q report for the quarter ended June 30, 2024. The report provides insights into the company's financial performance and operational progress, particularly focusing on its ongoing efforts to complete a business combination with Veea Inc.

Financial Highlights

• Net Income: $3.23 million for the three months ended June 30, 2024, compared to $2.55 million for the same period in 2023, reflecting a significant increase due to changes in the fair value of warrant liabilities.
• Net Income (Loss): $(0.98) million for the six months ended June 30, 2024, compared to $2.13 million for the same period in 2023, indicating a shift to a net loss primarily due to increased formation and operating expenses.
• Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption: $0.30 for the three months ended June 30, 2024, compared to $0.12 for the same period in 2023, showing improved earnings per share.
• Basic and diluted net income (loss) per ordinary share, Class A ordinary shares: $(0.09) for the six months ended June 30, 2024, compared to $0.09 for the same period in 2023, highlighting a decrease in earnings per share.

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 expected to enhance the company's operational capabilities and market presence.
• Operational Status: As of June 30, 2024, Plum Acquisition Corp. I has not commenced any operations. The company's activities have been primarily focused on its formation, the initial public offering, and identifying a target company for a business combination.
• Trust Account Management: The company has maintained a significant portion of its funds in a U.S.-based trust account, which is invested in money market funds meeting specific conditions under Rule 2a-7 under the Investment Company Act. This strategic financial management ensures liquidity and readiness for the business combination.
• Shareholder Meetings and Extensions: Plum Acquisition Corp. I has held multiple shareholder meetings to extend the deadline for completing a business combination. The latest extension allows the company until September 14, 2024, to finalize the business combination, demonstrating proactive management in aligning shareholder interests with operational timelines.
• Nasdaq Compliance: The company received an exception from the Nasdaq Hearings Panel, granting it until September 16, 2024, to complete the business combination, provided it meets all applicable initial listing standards for the Nasdaq Capital Market. This compliance effort underscores the company's commitment to maintaining its market listing and operational integrity.
• Future Outlook: Management has expressed confidence in completing the business combination before the mandatory liquidation date of September 14, 2024. This forward-looking statement reflects the company's strategic focus on achieving its operational goals within the stipulated timeframe.

SEC Filing: Plum Acquisition Corp. I Releases Q2 2024 [ NASDAQ:VEEA ] - 10-Q - Sep. 10, 2024