Plum Acquisition Corp. III

For a Plum public holder still weighing redemption, this is the first look at what the target's balance sheet looks like after it acquires the Sierra Blanca quarry — the asset the combined company's value rests on. The disclaimers are stronger than usual: illustrative only, management estimates, and results after closing may differ significantly. That is a caution to treat the pro formas as a structure, not a forecast, when comparing against the trust value available on redemption.

Filing the pro formas as deal communication under Rule 425 puts them in front of shareholders as part of the solicitation rather than as incidental disclosure, which means they are intended to inform the redemption and voting decision. The asset purchase they model is separate from the business combination itself, so a Plum holder is being asked to assess two transactions at once — the quarry acquisition by the target and the merger of that target into the listed vehicle.

The trust holds only about $501,297 in total, so at roughly $11.80 per share the remaining public float is around 42,000 shares — redemptions have taken out essentially the entire public class. The floor is high but applies to almost nothing, and the shares last traded at $10.40, a $1.40 discount to redemption value. For anyone still holding, redeeming captures that spread; the extension to December 31, 2026 exists purely to keep the vehicle alive long enough to close the Tactical Resources deal.

The trust holds roughly $1,734,842 in total, so prior redemptions have already taken nearly all of it — the vehicle now backs about 151,800 public shares at the $11.43 price. Without the extension past July 30, 2025 Plum would be forced to liquidate even if shareholders favored completing the deal, which is the board's stated reason for asking. The Class A ordinary shares last traded at $11.24 on June 18, 2025, below the $11.43 redemption value, so a holder who does not redeem gives up roughly nineteen cents a share against the market.

The board says plainly that without the extension Plum would be forced to liquidate on January 30, 2025 even if shareholders favored completing the combination, so the vote is the deal's survival rather than a scheduling nicety. Public holders may redeem their Class A ordinary shares for their pro rata share of the roughly $25,550,086 trust at about $11.19 each, funded from trust two business days before the initially scheduled meeting date — and whatever they take out reduces what any eventual target receives.

What changed: Plum III Merger Corp. filed under Rule 425 in respect of Plum Acquisition Corp. III, describing the August 22, 2024 Business Combination Agreement with Plum III Amalco Corp., Plum III Merger Corp. as Pubco and Tactical Resources Corp., as amended December 10, 2024, January 28, 2025 and August 22, 2025. The structure is a continuation of Plum from the Cayman Islands to British Columbia, an amalgamation of Plum and Pubco under a BCBCA plan of arrangement with Pubco surviving, then an amalgamation of Tactical and Amalco with Tactical surviving as a wholly owned subsidiary of Pubco. Why it matters: Three amendments across two years show how long this combination has taken to reach a vote, and the multi-step Canadian amalgamation explains why the SPAC had to redomesticate before closing. For a public holder still holding Plum units the redemption right remains until the closing, and the structure means their shares ultimately become Pubco shares governed by British Columbia law. The July 20, 2026 Tactical publication referenced in the filing is not described in the captured text.

What changed: Plum Acquisition Corp. III called an extraordinary general meeting for July 29, 2026 at 10:00 a.m. Eastern Time to extend its Termination Date from July 30, 2026 to December 31, 2026 by special resolution amending its Fourth Amended and Restated Memorandum and Articles. As of July 15, 2026 the trust held approximately $501,297, giving a redemption price of about $11.80 per public share. The Class A ordinary shares, no longer listed on a national securities exchange, last traded at $10.40 on May 1, 2026. Why it matters: The trust floor is $11.80 a share but the trust is down to roughly $501,000 - fewer than 43,000 public shares remain, so this is a shell with essentially no float. The market price of $10.40 sits $1.40 below trust, meaning redemption is worth materially more than selling. Holders who do not redeem carry deal risk to December 31, 2026 with no disclosed contribution accreting the trust in the meantime.

What changed: Plum Acquisition Corp. III furnished, as Exhibit 99.1, Tactical Resources Corp.'s unaudited pro forma condensed consolidated balance sheet and income statement as of April 30, 2026, prepared to show the impact of the Asset Purchase Agreement entered on April 7, 2026 among Plum III Merger Corp. as PubCo, Sierra Blanca Quarry, LLC of Texas and Tactical. The filing states the pro formas are illustrative only, rest on Tactical management's best estimates and are not necessarily indicative of the position or results after closing of the business combination among Plum, Tactical and PubCo. Why it matters: For a Plum public holder still weighing redemption, this is the first look at what the target's balance sheet looks like after it acquires the Sierra Blanca quarry — the asset the combined company's value rests on. The disclaimers are stronger than usual: illustrative only, management estimates, and results after closing may differ significantly. That is a caution to treat the pro formas as a structure, not a forecast, when comparing against the trust value available on redemption.

What changed: Plum Acquisition Corp. III filed under Rule 425 the same furnishing of Tactical Resources Corp.'s unaudited pro forma condensed consolidated balance sheet and income statement as of April 30, 2026, reflecting the April 7, 2026 Asset Purchase Agreement among PubCo, Sierra Blanca Quarry, LLC and Tactical. The filing repeats that the pro formas are illustrative, based on Tactical management's best estimates, and not necessarily indicative of the position or results on closing of the business combination among Plum, Tactical and PubCo. Why it matters: Filing the pro formas as deal communication under Rule 425 puts them in front of shareholders as part of the solicitation rather than as incidental disclosure, which means they are intended to inform the redemption and voting decision. The asset purchase they model is separate from the business combination itself, so a Plum holder is being asked to assess two transactions at once — the quarry acquisition by the target and the merger of that target into the listed vehicle.

What changed: Plum Acquisition Corp. III filed a preliminary proxy for an extraordinary general meeting to extend by special resolution its business combination deadline from July 30, 2026 to December 31, 2026. The board says that without it Plum would be forced to liquidate even if shareholders favoured completing the deal. Public shareholders may redeem for their pro rata share of trust; at July 2, 2026 the redemption price was about $11.80 per share on roughly $501,297 on deposit. The Class A shares last traded at $10.40 on May 1, 2026. Why it matters: The trust holds only about $501,297 in total, so at roughly $11.80 per share the remaining public float is around 42,000 shares — redemptions have taken out essentially the entire public class. The floor is high but applies to almost nothing, and the shares last traded at $10.40, a $1.40 discount to redemption value. For anyone still holding, redeeming captures that spread; the extension to December 31, 2026 exists purely to keep the vehicle alive long enough to close the Tactical Resources deal.