Recent developments focus on the progress and amendments related to the proposed business combination with Tactical Resources Corp.

• On December 1, 2025, Tactical Resources announced the effectiveness of the registration statement for the proposed business combination with Plum Acquisition Corp. III [N1].
• On July 31, 2025, Tactical Resources announced the execution of an amendment to the business combination agreement with Plum Acquisition Corp. III [N2].
• The company has extended the deadline to consummate the initial business combination to July 30, 2026, as approved by shareholders in multiple extraordinary general meetings [S1].

The company has secured a business combination agreement with Tactical Resources Corp., a step that advances its transition from a blank check company to an operating entity. The amendments and extensions to the business combination deadline indicate active management of the transaction timeline. The company’s trust account and additional financing arrangements provide some financial resources to support the combination process. The listing on OTC Markets maintains public trading liquidity during the transition period.

The company has incurred significant net losses and has a working capital deficit, with limited cash outside the trust account, which may constrain its operational flexibility. The multiple extensions to the business combination deadline reflect challenges in completing the transaction. Failure to consummate the business combination by the extended deadline will result in liquidation and redemption of public shares, extinguishing shareholder rights. The company faces competition from other SPACs and acquisition entities, and the success of the business combination is uncertain. The delisting from Nasdaq to OTC Markets may reduce visibility and liquidity for investors.

As a blank check company, Plum Acquisition Corp. III does not currently operate a business with competitive advantages or economic moats. Its value proposition lies in its ability to identify and consummate a business combination with a suitable target. The company’s moat is therefore contingent on the quality of the target business it acquires and the successful execution of the combination. The company’s sponsor and management team’s experience and network may provide some advantage in sourcing deals, but the SPAC structure inherently carries execution risk and competition from other acquisition vehicles.

• Execution Risk of Business Combination: The company must complete its initial business combination by July 30, 2026, or it will be required to liquidate and redeem public shares, which would end its operations.
• Financial Constraints: The company has a working capital deficit and limited cash outside the trust account, which may limit its ability to fund operations and complete the business combination without additional financing.
• Market and Competitive Risks: The company faces competition from other SPACs and acquisition entities seeking similar business combinations, which may impact its ability to identify and secure a suitable target.
• Regulatory and Listing Risks: The company’s securities were delisted from Nasdaq and now trade on OTC Markets, which may affect liquidity and investor perception.

• Plum Acquisition Corp. III is a blank check company incorporated on February 5, 2021, formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
• The company is not limited to any particular industry or geographic region for its initial business combination.
• The company completed its IPO on July 30, 2021, issuing 25,000,000 units at $10.00 per unit, raising gross proceeds of $250 million, plus an over-allotment issuance raising approximately $32.5 million, and a private placement raising $8.65 million.
• Approximately $282.5 million of net proceeds from the IPO and private placement were placed in a trust account invested in U.S. government securities or money market funds.
• The company has entered into a Business Combination Agreement on August 22, 2024, with Tactical Resources Corp. (TRC), involving a domestication and amalgamation process to form a new public entity (PubCo) under British Columbia law.
• The business combination contemplates exchanging the company's Class A and Class B ordinary shares and warrants for shares and warrants of PubCo, with specific conversion ratios and terms.
• The company’s Class A ordinary shares, warrants, and units were delisted from Nasdaq on January 27, 2025, and began trading on the OTC Markets Pink Current tier under symbols PLMJF, PLMWF, and PLMUF respectively.
• The company has extended the deadline to consummate its initial business combination multiple times, most recently to July 30, 2026.
• If the company fails to complete the initial business combination by July 30, 2026, it will cease operations except for winding up, redeem public shares at the trust account value, and liquidate.
• The company’s net loss for the year ended December 31, 2025, was $7,199,761, primarily due to operating and formation costs and loss on changes in fair value of warrant liabilities, partially offset by interest income on trust account cash.
• As of December 31, 2025, the company had cash and cash equivalents of $2,124,185 (as of 2021-12-31) and current assets of $84,870, with current liabilities of $6,025,804, resulting in a low current ratio of 0.01 and a cash ratio of 0.35.
• The company had a working capital deficit of approximately $5.94 million as of December 31, 2025, and cash held outside the trust account of $49,870.
• The company may obtain additional financing through promissory notes from its Sponsor and investors to fund extension payments and working capital needs.
• The company’s management has broad discretion over the use of net proceeds from the IPO and private placement, primarily to consummate the initial business combination.
• The company’s chief operating decision maker is the CEO, who reviews the company as a single operating segment.
• Recent news includes Tactical Resources announcing the effectiveness of the registration statement for the proposed business combination with Plum Acquisition Corp. III on December 1, 2025 [N1], and an amendment to the business combination agreement executed on July 31, 2025 [N2].