Plum Acquisition IV to Merge with Controlled Thermal Resources

Plum Acquisition Corp. IV Class A ( (PLMK) ) has issued an update.

On March 8, 2026, Plum Acquisition Corp. IV signed a business combination agreement to merge its wholly owned Merger Sub with Controlled Thermal Resources Holdings Inc., with the target surviving and the combined company operating through Controlled Thermal Resources. Prior to closing, Plum IV will redomicile from the Cayman Islands to Delaware, convert its existing share classes and warrants into domesticated securities, and offer redemptions to Class A shareholders.

The deal structure includes an earnout of up to 100 million additional shares tied to post-closing share-price hurdles over 10 years, PIPE and bridge financing commitments, and up to 2 million bonus shares for non-redeeming investors. The combined company aims to list its common stock and warrants on a major U.S. exchange, install a five-member board dominated by designees of Controlled Thermal Resources, and is targeting at least $100 million of available cash at closing, with extensive lock-up and registration rights arrangements for key shareholders.

Closing remains subject to shareholder approvals, SEC effectiveness of a Form S-4 registration statement with a joint proxy/prospectus, antitrust clearances and other customary closing conditions, with an outside date of December 31, 2026. Supporting shareholders of Controlled Thermal Resources holding at least 60% of voting power have already signed a support agreement to back the transaction and restrict share transfers ahead of completion, while both sides have agreed to exclusivity and detailed termination rights if conditions are not met.

More about Plum Acquisition Corp. IV Class A

Plum Acquisition Corp. IV is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands and set to domesticate in Delaware before closing its latest deal. It is focused on effecting a business combination and will, after the planned merger, operate through Controlled Thermal Resources Holdings Inc., a U.S. developer of lithium and critical mineral projects tied to its flagship Hell’s Kitchen development.

Average Trading Volume: 88,818

Technical Sentiment Signal: Strong Buy

Current Market Cap: $255M

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