Plum Acquisition Corp. IV

What they do

Plum Acquisition Corp. IV was incorporated on June 10, 2024 as a blank check company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It has no operating history and no revenues. Its efforts to identify a target were not limited to any particular industry, sector or geographic region. On March 8, 2026 it signed a business combination agreement with Controlled Thermal Resources Holdings Inc.

Revenue drivers

• Trust account interest — The company holds IPO and private placement proceeds in a trust account; income is generated from interest earned on those funds held with Continental Stock Transfer & Trust Company as trustee.
• No operating revenue — The company has no operating history and no revenues, and its business purpose is to complete an initial business combination rather than operate a business.
• Proposed CTR merger — The only identified prospective business is Controlled Thermal Resources Holdings Inc., with which a business combination agreement was signed on March 8, 2026 and subsequently amended.

Recent performance

For 2025, Plum reported net income of $6.1 million and operating cash flow of negative $869,506. At June 30, 2026, total assets were $184.8 million, total liabilities were $8.7 million, shareholder equity was negative $8.3 million, and cash and equivalents were $288,518. The company raised $172,500,000 in gross proceeds from its January 16, 2025 initial public offering of 17,250,000 units at $10.00 per unit, including full exercise of the over-allotment option, plus $6,728,750 of gross proceeds from private placement units and restricted private placement shares. A total of $174,225,000 of net proceeds from the IPO and private placement was placed in the trust account.

Strategy

The company's stated direction is to complete a business combination, and on March 8, 2026 it entered into a business combination agreement with Controlled Thermal Resources Holdings Inc. under which Merger Sub, its wholly owned subsidiary, would merge into CTR, with CTR surviving. The parties amended the agreement on May 15, 2026 to extend the delivery date for financial statements and pro forma information to June 15, 2026 and June 30, 2026, extend the deadline for antitrust filings to July 31, 2026, and extend certain material consent delivery dates. A second amendment on July 6, 2026 reduced the aggregate number of potential earnout shares issuable to CTR holders. The transaction remains subject to shareholder and CTR stockholder approvals and satisfaction or waiver of customary conditions.

Risks

• No operating history or revenue — The company has no operating history and no revenues, giving investors no basis to evaluate whether it can achieve its business objective.
• Redemption risk — Public shareholders can redeem their shares for cash, and a large number of redemptions could make the company's financial condition unattractive to targets and prevent completion of the merger.
• Shareholder vote structure — Initial shareholders, directors and officers have agreed to vote in favor of an initial business combination regardless of how public shareholders vote.
• Deadline pressure — The requirement to complete an initial business combination within a prescribed timeframe gives potential targets leverage in negotiations.

Outlook

Management states the proposed merger with Controlled Thermal Resources Holdings Inc. is expected to be consummated after required approvals by Plum's shareholders and CTR's stockholders and satisfaction or waiver of other customary conditions. The company expects to continue to incur significant costs in pursuit of its acquisition plans. It also states it cannot assure investors that its plans to complete a business combination will be successful.