Plum Acquisition Corp. I (PLMI) Hops Back in the Saddle
by Nicholas Alan Clayton on 2023-06-16 at 10:32am

Plum I (NASDAQ:PLMI) announced in an 8-K this morning that it was reversing its decision to liquidate on June 18, and will instead hunt for a target for at least one more month, extending its deadline to July 18.

On June 15, the SPAC announced both terminating its previously announced combination with additive manufacturing battery company Sakuu and would head to liquidation rather than extend.  But, according to its filing, on this same day it was approached and brought back from the brink by the opportunity to explore a new deal. The cost to extend one month will be a $160,000 contribution to trust.

It provided no other details on this deal, but Plum I, which was underwritten by Goldman Sachs (NYSE:GS) in its 2021 IPO, still has $53.4 million in its trust and can automatically extend monthly up to March 18, 2024. So, it has time on its side as well.

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