Texas Ventures Acquisition III And Merger Partner Plus Automation File Form S-4; Transaction Expected To Provide PlusAI With Capital To Advance Targeted 2027 Commercial Launch Of Factory-Built Autonomous Trucks Powered By SuperDrive

Plus Automation, Inc. ("PlusAI"), a global physical AI company pioneering AI-based virtual driver software for factory-built autonomous trucks, and Texas Ventures Acquisition III Corp (NASDAQ:TVA, TVACU, TVACW))) ("Texas Ventures III"), a special purpose acquisition company with financial backing from funds managed by Yorkville Advisors Global, LP ("Yorkville Advisors"), today announced the filing of a registration statement on Form S-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC") in connection with their previously announced proposed business combination.

The Registration Statement includes a preliminary proxy statement/prospectus relating to the proposed business combination and has not yet been declared effective by the SEC. The filing represents an important milestone toward completing the transaction and PlusAI’s planned public listing.

PlusAI and Texas Ventures III announced their definitive business combination agreement on September 3, 2026. The transaction values PlusAI at approximately $800 million in pre-money equity value and is supported by up to approximately $300 million of capital, including $60+ million of fully committed financing and approximately $236 million held in the Texas Ventures III trust, in each case subject to the terms and conditions of the transaction. Upon closing of the proposed transaction, the combined company will operate as PlusAI and is expected to be listed on Nasdaq under the ticker symbol "PXAI".

PlusAI is actively operating autonomous freight routes in Texas with Ryder and International and is working with global truck manufacturers, including TRATON GROUP, Hyundai and IVECO, to advance the commercial launch of factory-built autonomous trucks integrated with SuperDrive™. PlusAI has generated $25 million in revenue year-to-date through its HyperFoundry™ platform, demonstrating the company’s ability to monetize its proprietary Physical AI innovations.