Plum Acquisition Corp. I (NASDAQ:PLMI) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with edge platform provider Veea.
Terms of the transaction have not yet been announced, but the parties expect to finalize a definitive agreement in the coming weeks and will disclose additional details at that time.
Founded in 2014, Veea offers edge-to-cloud computing with smart computing hub products that can replace or complement Wi-Fi Access Points, IoT gateways, routers, and other types of hubs and appliances at user premises.
With over 80 patents in virtualization, containerization, edge computing and hyper-converged networks, Veea aims to revolutionize the global landscape, making it a more intelligent and interconnected environment. Earlier this year, the company announced a collaboration with Qualcomm to start testing private networks at AT&T’s 5G Innovation Labs.
As for Plum, it currently has $34.89 million in its trust after seeing redemptions of 89.8% during previous meetings. On June 15, the SPAC announced that it was terminating its previously announced combination with additive manufacturing battery company Sakuu and would head to liquidation rather than extend.
However, according to its filing, on that same day, it was approached and brought back from the brink by the opportunity to explore a new deal, ultimately reversing its decision to liquidate. The cost to extend one month was a $160,000 contribution to trust.
It currently faces a completion deadline of December 18, but can extend this until June 2024, giving it seven months to close the potential deal with Veaa.
Since there is no guarantee that this LOI will make it to the definitive agreement stage, Plum will stay in SPACInsider’s searching column for now.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
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