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Plum Acquisition Corp. III, a Cayman Islands SPAC, reports on its efforts to complete a business combination, currently planned with Tactical Resources Corp. under an August 2024 Business Combination Agreement. The SPAC raised $250.0 million in its IPO and placed about $282.5 million into a trust account.
Successive shareholder redemptions have sharply reduced the trust, leaving about $486,624 after the July 2025 meeting and additional contingent redemptions approved in December 2025. The company faces a July 30, 2026 deadline to close a deal or liquidate, and its 10‑K notes substantial doubt about its ability to continue as a going concern.
Plum’s securities were delisted from Nasdaq in January 2025 and now trade on the OTC Markets under tickers PLMJF, PLMWF, and PLMUF. Shareholders retain redemption rights in connection with the current or any alternative business combination and in the event of further charter amendments or liquidation.
Plum Acquisition Corp. III reported the results of its Extraordinary General Meeting held on December 22, 2025, where shareholders overwhelmingly approved its cross-border reorganization and planned business combination. Holders of 7,911,075 Common Shares, or 99.26% of shares entitled to vote, were present, providing a strong quorum.
Shareholders approved the Domestication Proposal to move from the Cayman Islands to British Columbia and the Business Combination Proposal with Tactical Resources Corp., enabling the multi-step amalgamation structure described in the Business Combination Agreement. They also backed new governance documents, including changing the authorized capital to an unlimited number of PubCo common shares and renaming the company to Tactical Resources Corporation.
Investors further approved a Nasdaq-related proposal covering the issuance of PubCo common shares for the business combination and authorizing issuance of up to $100,000,000 of PubCo common shares to Yorkville over 36 months, as well as an omnibus equity incentive plan. An adjournment proposal was not needed because sufficient votes were already obtained.
Plum Acquisition Corp. III disclosed a financing arrangement tied to its proposed business combination: Pubco (Plum III Merger Co.) and Tactical Resources Corp. entered a standby equity purchase agreement with Yorkville for up to $100,000,000, plus staged pre‑paid advances. Yorkville will provide a $7,500,000 pre‑paid advance via a convertible promissory note at closing of the business combination, a further $2,500,000 pre‑paid advance via a non‑convertible note when the initial Form F‑1 becomes effective, and up to $30,000,000 may be available as a third pre‑paid advance via a convertible note if agreed by Yorkville and Pubco.
Each pre‑paid advance carries an original issue discount, and additional draws under the equity line are subject to conditions in the SEPA. The SEPA ends on the earlier of 36 months or use of the full $100,000,000. Yorkville also receives a 24‑month right of first refusal on any at‑the‑market program. Pubco will file a Form F‑1 within 30 days after closing to register the SEPA and will use best efforts to have it declared effective as soon as practicable, but no later than 60 days after filing.
Plum Acquisition Corp. III reported a Q3 2025 net loss of $275,968, narrowing from the prior year. Results reflect minimal operating activity typical of a SPAC, with interest income of $6,868 and a $238,541 gain from warrant revaluation.
Redemptions continued to shrink the trust: investments held in the Trust Account were $490,623 at September 30, 2025, down from $25,630,285 at year‑end, tied to Class A shares subject to redemption declining to 42,486. Cash outside the trust was $107,345, warrant liabilities were $2,071,199, and promissory notes due to the sponsor totaled $2,024,867. The company reported a working capital deficit of $4,777,567 and disclosed substantial doubt about its ability to continue as a going concern.
The SPAC extended its deadline to complete a business combination to July 30, 2026 and continues to pursue its merger with Tactical Resources Corp., with amendments allowing a reverse split (up to 25‑for‑1), extending the agreement end date to July 30, 2026, and locking up 80%–85% of consideration shares for six months post‑close. Shares trade on OTC Pink Current; as of October 27, 2025, 907,486 Class A and 7,062,500 Class B shares were outstanding.