PLUM ACQUISITION CORP. IV FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
PLUM ACQUISITION CORP. IV FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
PLUM Acquisition Corp. IV, a special purpose acquisition company, reported its financial results for the quarter ended June 30, 2026. The company had a net loss of $1.4 million for the quarter, compared to a net loss of $1.1 million for the same period in 2025. As of June 30, 2026, the company had cash and cash equivalents of $14.4 million, compared to $15.4 million as of December 31, 2025. The company’s total assets were $15.4 million as of June 30, 2026, and its total liabilities were $0.4 million. The company’s Class A ordinary shares, warrants, and units are listed on the Nasdaq Stock Market LLC under the ticker symbols PLMK, PLMKW, and PLMKU, respectively.
Overview
We are a blank check company formed in 2024 for the purpose of merging with or acquiring a business. Our key activities so far have been preparing for and conducting our initial public offering, and identifying a potential target company for a business combination. We have not yet engaged in any operations or generated any revenue, and our only income has been from interest earned on the funds held in our trust account.
Proposed Business Combination
On March 8, 2026, we entered into a business combination agreement to merge with Controlled Thermal Resources Holdings Inc. (CTR), a Delaware-based company. This proposed merger is subject to approval by our shareholders and CTR’s stockholders, as well as other customary closing conditions. We have since amended the agreement a few times to extend certain deadlines and make other changes.
Financial Performance
For the three months ended June 30, 2026, we had net income of $577,124, consisting mainly of interest earned on our trust account investments, offset by general and administrative expenses. For the six months ended June 30, 2026, our net income was $1,776,258.
As of June 30, 2026, we had $288,518 in cash for working capital purposes and $184,416,026 held in our trust account. We intend to use the trust account funds to complete the business combination with CTR.
Liquidity and Going Concern
We have incurred and expect to continue incurring significant costs in pursuing our acquisition plans. As of June 30, 2026, we had a working capital deficit of $1,421,716, and management has determined that our potential need to liquidate raises substantial doubt about our ability to continue as a going concern. We are seeking additional financing to complete the business combination and fund our operations.
Key Strengths and Weaknesses
Our key strength is the $184 million held in our trust account, which provides ample funding for the proposed CTR acquisition. However, our reliance on this trust account balance and need for additional financing to complete the deal and fund operations are weaknesses that raise going concern issues.
Outlook
Our ability to complete the CTR business combination and continue as a going concern will depend on our success in securing additional financing. If we are unable to do so, we may be forced to liquidate. The outcome of the proposed merger remains uncertain at this time.