Plum Acquisition Corp. III Reports Increased Net Loss and Significant Asset Decline

Plum Acquisition Corp. III reported a net loss of $364,540 for the three months ended March 31, 2025, compared to a net loss of $148,236 for the same period in 2024. The increase in loss was primarily driven by higher operating and formation costs, which rose to $532,731 from $396,075 year-over-year. The company also experienced a significant decline in interest and dividend income from investments held in its Trust Account, which fell to $66,097 from $1,091,981 in the prior year. The loss was partially offset by a gain of $102,094 on the change in fair value of warrant liabilities, contrasting with a loss of $844,142 in the previous year.

As of March 31, 2025, Plum Acquisition Corp. III reported total assets of $1,863,113, a substantial decrease from $25,717,689 at the end of 2024. This decline was largely attributed to a significant reduction in investments held in the Trust Account, which dropped to $1,720,918 from $25,630,285. The company’s current liabilities also increased to $3,739,354 from $3,151,832, reflecting ongoing operational costs and obligations. The company’s working capital deficit stood at $3,597,159, raising concerns about its ability to continue operations for the next 12 months without additional financing.

Strategically, Plum Acquisition Corp. III has been actively pursuing a business combination, with a deadline set for July 30, 2025. The company has entered into various agreements to facilitate this process, including a purchase agreement with its sponsor, Mercury Capital LLC, which involved the acquisition of founder units. Additionally, the company has extended its deadline for completing a business combination multiple times, with the most recent extension approved on January 16, 2025. This extension allows the company to continue seeking a suitable merger partner while managing its operational costs.

Operationally, the company has not yet commenced any revenue-generating activities, as it remains focused on identifying and negotiating potential business combinations. As of March 31, 2025, Plum Acquisition Corp. III had 1,016,833 Class A ordinary shares and 7,062,500 Class B ordinary shares outstanding. The company has also faced challenges related to compliance with Nasdaq listing requirements, leading to a transition to the OTC Markets for trading its securities.

Looking ahead, the company acknowledges substantial doubt regarding its ability to continue as a going concern, given its current cash position and working capital deficit. Management is exploring options for additional financing, including potential loans from its sponsor or affiliates, to support its operations and facilitate a successful business combination. The company’s future performance will largely depend on its ability to secure a merger partner and effectively manage its financial resources in the coming months.