Plum Acquisition Corp. I (PLMI) Signs LOI with Veea
by Marlena Haddad on 2023-11-13 at 8:41am

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.

Recent Posts
by Kristi Marvin on 2024-04-20 at 11:45am

Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...

by Nicholas Alan Clayton on 2024-04-19 at 3:00pm

Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...

by Nicholas Alan Clayton on 2024-04-19 at 7:53am

At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...

by Nicholas Alan Clayton on 2024-04-18 at 11:50am

AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...

by Nicholas Alan Clayton on 2024-04-18 at 7:57am

At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved