PLMKWHIGH SIGNALOPPORTUNITY10-K

PLMKW has entered into a definitive business combination agreement with Controlled Thermal Resources Holdings Inc. (CTR) on March 8, 2026, marking a major milestone for this SPAC.

This represents the culmination of PLMKW's search for an initial business combination target, with the merged entity expected to continue operating through CTR's business. The transaction is subject to shareholder approvals and customary closing conditions, but signals that the SPAC has successfully identified and negotiated a deal within its typical timeframe.

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

The financial statements show dramatic growth consistent with SPAC activity, including a massive 40,984% increase in total assets to $181.7M and net income swinging to positive $6.1M. However, operating cash flow deteriorated significantly to -$870K and stockholders' equity remains deeply negative at -$7.0M, reflecting the typical SPAC structure where liabilities exceed equity due to redemption obligations. The substantial asset growth likely reflects proceeds from the SPAC's IPO being held in trust for the pending business combination.

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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