v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 — SUBSEQUENT EVENTS

 

The Company evaluated subsequent events and transactions that occurred after the condensed consolidated balance sheet date up to the date that the unaudited condensed consolidated financial statements were issued. Based upon this review, besides as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.

 

On July 9, 2026, the Sponsor and the Company’s independent directors voluntarily converted an aggregate of 5,749,999 Class B Ordinary Shares into 5,749,999 Class A Ordinary Shares, as permitted by the Company’s Articles. The Class B Ordinary Shares that converted into Class A Ordinary Shares will not be entitled to receive funds from the Trust Account through redemptions or otherwise and will remain subject to the existing transfer restrictions. Following the conversions and redemptions, there are a total of 10,702,490 Class A Ordinary Shares outstanding and one Class B Ordinary Share outstanding, which Class B Ordinary Share is held by the Sponsor.

 

On July 10, 2026, the Company held the Shareholder Meeting to amend the Company’s Articles to extend the date by which the Company has to consummate a business combination from July 16, 2026 to January 16, 2027 and to allow Plum IV, without another shareholder vote, to elect to extend the Termination Date to consummate a Business Combination on a monthly basis for up to six times by an additional one month each time after the Articles Extension Date, by resolution of the Company’s board of directors if requested by the Sponsor and upon five days’ advance notice prior to the applicable Termination Date, until July 16, 2027, or a total of up to twelve months after the Termination Date, unless the closing of a business combination shall have occurred prior to such date.

 

In connection with the vote to approve the Extension Amendment Proposal, the holders of 13,540,384 Public Shares properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.71 per share, for an aggregate redemption amount of approximately $145 million, leaving approximately $39.7 million in the Trust Account.