Recent developments include announcements related to the business combination agreement with Tactical Resources Corp. and market-wide news affecting broader markets and commodities.

• On December 1, 2025, Tactical Resources announced the effectiveness of the registration statement for the proposed business combination with Plum Acquisition Corp. III [N5].
• On July 31, 2025, Tactical Resources announced the execution of an amendment to the business combination agreement with Plum Acquisition Corp. III [N6].
• Recent market news includes a sharp rise in the Japanese market [N1], losses in wheat prices [N2], and potential reversal of losses in the China bourse [N3].
• Sugar prices erased early gains as crude oil prices plunged [N4].
• Stocks finished sharply higher on hopes related to Iran [N5].
• The Thai stock market may see additional support [N6].
• Target stock declined on the day [N7].
• Fat cattle prices fell back while feeders rallied late [N8].

The company has secured significant capital through its IPO and private placements, placing funds in a trust account invested conservatively. It has entered into a detailed Business Combination Agreement with Tactical Resources Corp., including a domestication and amalgamation process, which provides a clear path to completing its Initial Business Combination. The company has extended its deadline to July 30, 2026, allowing additional time to complete the transaction. The sponsor and management have experience and have taken steps to maintain liquidity and fund operations through promissory notes and potential loans. The company’s shares continue to trade on OTC Markets, maintaining public market access.

The company has not yet completed its Initial Business Combination and faces a working capital deficit and limited cash outside the trust account, which may constrain operations and the ability to complete the transaction. The shares were delisted from Nasdaq and now trade on OTC Markets, which may reduce liquidity and investor interest. The company may face competition from other SPACs and acquirers in identifying suitable business combination targets. There is no assurance the business combination will be consummated successfully by the extended deadline, which could lead to liquidation and redemption of shares. The company has recorded net losses due to operating costs and warrant liabilities, reflecting ongoing expenses without operating revenues.

As a blank check company, Plum Acquisition Corp. III’s competitive position depends largely on its ability to identify and consummate a successful business combination. The company’s moat is limited by its nature as a SPAC, which faces competition from other SPACs, private equity groups, and strategic acquirers. Its sponsor and management team’s experience and relationships may provide proprietary deal flow and access to potential partners. However, the company’s lack of operations and reliance on completing a business combination to create shareholder value limits its moat until such a combination is consummated.

• Completion Risk: There is no assurance that the company will successfully complete its Initial Business Combination by the extended deadline of July 30, 2026. Failure to do so will result in liquidation and redemption of public shares.
• Liquidity Risk: The company has a working capital deficit and limited cash outside the trust account, which may be insufficient to fund operations and transaction costs without additional financing.
• Market Listing Risk: The company’s shares were delisted from Nasdaq and now trade on OTC Markets, which may reduce liquidity and market visibility.
• Competition Risk: The company faces intense competition from other SPACs, private equity groups, and strategic acquirers in identifying and acquiring a suitable business combination partner.
• Target Company Risk: The company may complete its business combination with a financially unstable or early-stage company, which involves inherent operational and financial risks.

• Plum Acquisition Corp. III is a blank check company incorporated on February 5, 2021, as a Cayman Islands exempted company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities (Initial Business Combination).
• The company is not limited to a particular industry or geographic region for its prospective partner company.
• The Sponsor is Mercury Capital, LLC, a Delaware limited liability company; the original Sponsor was Alpha Partners Technology Merger Sponsor LLC.
• The company completed its IPO on July 30, 2021, issuing 25,000,000 units at $10.00 per unit, generating gross proceeds of $250 million, with additional over-allotment units issued for approximately $32.5 million and private placement units generating $8.65 million.
• Approximately $282.5 million of net proceeds from the IPO and certain private placement proceeds 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. and related entities, involving a domestication and amalgamation process to form a new corporate entity under British Columbia law.
• The Business Combination Agreement includes customary representations and warranties and contemplates the exchange of shares and warrants into the new entity's common shares and warrants.
• The company has extended the deadline to consummate its Initial Business Combination multiple times, most recently to July 30, 2026, as approved by shareholders.
• 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 is not presently engaged in operations and intends to use cash from the IPO proceeds, private placement units, equity, or debt to effectuate its Initial Business Combination.
• The company may complete its Initial Business Combination with a financially unstable or early-stage company, which involves inherent risks.
• As of March 31, 2026, the company had current assets of $33,563 and current liabilities of $6,212,409, resulting in a current ratio of 0.01 and a cash ratio of 0.34, indicating a working capital deficit.
• As of December 31, 2025, the company had cash of $49,870 outside the trust account and a working capital deficit of $5,940,934, which may not be sufficient to operate for the next 12 months without completing the business combination or obtaining additional financing.
• The company has promissory notes from the Sponsor and may receive loans or convertible loans to fund working capital or extension payments.
• The company recorded net losses of $7,199,761 for the year ended December 31, 2025, and $2,561,229 for the year ended December 31, 2024, primarily due to operating and formation costs and changes in fair value of warrant liabilities, partially offset by interest income on the trust account.
• The company’s chief operating decision maker is the CEO, who reviews the company as a single reportable segment.
• The company’s financial statements and disclosures are audited by Marcum LLP as of April 1, 2026.
• Recent news coverage includes market-wide developments such as Japanese market gains, commodity price movements, and announcements related to the business combination with Tactical Resources Corp.
• The company’s recent news includes announcements of the effectiveness of the registration statement for the proposed business combination and amendments to the business combination agreement.