Plum Acquisition Corp, IV Annual Report - How They Did This Year

I’m writing this guide to help you understand how Plum Acquisition Corp, IV performed this year. My goal is to explain their financial filings in plain English so you can decide if this company fits your investment goals.

1. The Big Picture

Plum Acquisition Corp, IV is a "blank check" company, also known as a SPAC. It was created to raise money through an IPO to find and buy a private company. The search is now over: they have agreed to merge with Controlled Thermal Resources Holdings Inc. (CTR). CTR develops geothermal energy projects in the Salton Sea region, aiming to produce lithium and renewable power.

2. The Numbers

Since this is a shell company, its financials focus on managing the cash it raised rather than selling goods.

• The IPO: In January 2025, the company raised $172.5 million by selling 17.25 million units at $10.00 each.
• The Trust: The trust account holds about $173.1 million, which includes interest earned on U.S. Treasury securities.
• The Structure: The company has 17.25 million public shares and 4.31 million "founder shares" held by the sponsor. They also issued 14.375 million total warrants. These allow holders to buy more shares at $11.50 each, which could bring in $165.3 million if exercised. Keep in mind that if these warrants are exercised, it will increase the total number of shares, which reduces your ownership percentage.

3. The Big Move: The CTR Merger

On March 8, 2026, Plum announced a deal to merge with CTR.

• Deal Valuation: The deal values the combined company at about $1.2 billion, reflecting the significant investment required for CTR’s geothermal and lithium infrastructure.
• What happens next: The company plans to move its incorporation from the Cayman Islands to Delaware.
• The Conversion: Once the deal closes, your current shares will automatically become shares of the new company, which expects to trade on a major exchange under a new ticker symbol.

4. Financial Health

The company operates with a small team and minimal overhead, spending about $1.2 million annually. They rely on $1.5 million in loans from their sponsors to cover legal and accounting costs. Because the company does not have its own operations, its future success is tied entirely to the completion of this merger.

5. The Risks

• Deal Risk: The merger requires both shareholder and regulatory approval. If the deal fails, the company must return the $173.1 million to investors. If you purchased shares at a price higher than the $10.00 trust value, you would likely lose that premium.
• Market Volatility: If a large number of shareholders choose to redeem their shares for cash rather than staying in the deal, the company may not have the necessary capital to finalize the merger.
• Conflicts of Interest: The directors manage other investments and may face pressure to complete a deal within the company’s deadline, which could influence the timing or nature of the transaction.

6. What’s Next

The team is currently working to close the deal. They need a majority vote from shareholders and final SEC approval. Keep an eye out for the S-4 Registration Statement; this document will contain the full business plan for the new company and the official date for the shareholder vote.

Decision Tip: Before you decide, look for the S-4 filing. It will be the most important document you read, as it outlines exactly how CTR plans to turn geothermal energy and lithium extraction into a profitable business.