PLMKHIGH SIGNALOPERATIONAL10-K

PLMK has entered into a definitive business combination agreement with Controlled Thermal Resources Holdings Inc. (CTR) on March 8, 2026, marking the completion of its SPAC acquisition search process.

This represents the culmination of PLMK's purpose as a Special Purpose Acquisition Company (SPAC), transitioning from an investment vehicle seeking targets to executing a definitive merger agreement. The removal of language about being "unable to complete our initial business combination" and geopolitical risks suggests increased confidence in deal completion, while the addition of specific S-4 registration statement references indicates the transaction is moving toward regulatory approval and shareholder votes.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

The dramatic financial changes reflect typical SPAC pre-closing dynamics, with total assets surging over 40,000% to $181.7M (likely from trust account growth and deal-related activities) while stockholders' equity deteriorated significantly to -$7.0M, indicating substantial deal costs and potential redemption reserves. Despite positive net income of $6.1M (primarily from trust account investment gains), operating losses widened to -$1.0M and operating cash flow turned deeply negative at -$870K, reflecting the intensive costs associated with completing the business combination process.

FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
+40984.4%
$442K→$181.7M

Asset base grew 40984.4% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
-10301.9%
-$67K→-$7.0M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Current Assets
Balance Sheet
+10076.6%
$4K→$393K

Current assets grew 10076.6% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
+7566.9%
$4K→$296K

Cash position surged 7566.9% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+6679.5%
-$92K→$6.1M

Net income grew 6679.5% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-5221%
-$16K→-$870K

Operating cash flow fell 5221% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Liabilities
Balance Sheet
+1346.2%
$509K→$7.4M

Liabilities grew 1346.2% — significant increase in debt or obligations, assess impact on financial flexibility.

Operating Income
P&L
-1010.3%
-$92K→-$1.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
Risk Factors, elsewhere in this Annual Report and in our other filings with the SEC, including in our preliminary prospectus/proxy statement included in a Registration Statement on Form S-4 that we intend to file with the SEC, relating to the proposed business combination with CTR (the S-4 Registration Statement ).
On April 25, 2025, our sponsor transferred 25,000 founder shares to our fourth independent director.
1 Proposed Business Combination Business Combination Agreement On March 8, 2026, we entered into a business combination agreement (the Business Combination Agreement ) by and among us, Plum IV Merger Sub, Inc., a Delaware corporation and our direct wholly owned subsidiary ( Merger Sub ), and Controlled Thermal Resources Holdings Inc., a Delaware corporation ( CTR ), pursuant to which, among other things and subject to the terms and conditions contained therein, Merger Sub will merge with and into CTR (the Merger ), with CTR continuing as the surviving company.
The transactions contemplated by the Business Combination Agreement are referred to in this Annual Report as the Business Combination.
The combined company s business is expected to continue to operate through CTR.
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REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
Form 10-K Summary 56 SIGNATURES 57 i CERTAIN TERMS Unless otherwise stated in this Annual Report on Form 10-K ( Annual Report ) or unless the context otherwise requires, references to: amended and restated memorandum and articles of association are to our amended and restated memorandum and articles of association in effect as of the date hereof; Cohen are to Cohen Company Capital Markets, a division of J.V.B.
Risk Factors, elsewhere in this Annual Report and in our other filings with the SEC.
We may be unable to complete our initial business combination.
For example, geopolitical instability emanating from the ongoing conflict between Russia and the Ukraine as well as tensions in the Middle East following Hamas invasion of Israel on October 7, 2023, could limit our ability to complete our initial business combination, including as a result of increased market volatility, decreased market liquidity and third-party financing being unavailable on terms acceptable to us or at all.
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