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Item 1. Financial Statements

2026-05-15 compared with 2025-11-13 · 380 added, 804 removed, 148 unchanged (89% of the section changed)

1 unchanged sentence

PLUM ACQUISITION CORP.

CONDENSED BALANCE SHEETS

September 30,

( Unaudited )

CONDENSED CONSOLIDATED BALANCE SHEETS

Current assets

Cash and cash equivalents $ 93,512 $ 296,249

Prepaid expenses 141,640 96,976

1 unchanged sentence

Long-term prepaid expenses — 3,542

Deferred offering costs

Investments held in Trust Account 182,735,189 181,285,220

$ 180,105,741

Total Assets $ 182,970,341 $ 181,681,987

Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit

1 unchanged sentence

Accrued expenses $ 228,155 $ 138,935

Due to officer

Accrued offering costs 75,000 75,000

4 unchanged sentences

Commitments and Contingencies (Note 6)

Class A Ordinary Shares subject to possible redemption, 17,250,000 and 0 shares at redemption value of approximately $ 10.41 and $ 0 per share at September 30, 2025 and December 31, 2024, respectively

Class A Ordinary Shares subject to possible redemption, 17,250,000 shares issued and outstanding at redemption value of approximately $ 10.59 and $ 10.51 per share as of March 31, 2026 and December 31, 2025, respectively 182,735,189 181,285,220

Shareholders’ Deficit

1 unchanged sentence

1,000,000 shares authorized;

none issued or outstanding at September 30, 2025 and December 31, 2024

none issued or outstanding — —

Class A ordinary shares, $ 0.0001 par value;

200,000,000 shares authorized;

1,242,875 shares issued and outstanding at September 30, 2025 (excluding 17,250,000 shares subject to possible redemption) and no shares issued and outstanding as of December 31, 2024

1,242,875 shares issued and outstanding (excluding 17,250,000 shares subject to possible redemption) as of March 31, 2026 and December 31, 2025 124 124

Class B ordinary shares, $ 0.0001 par value;

20,000,000 shares authorized;

5,750,000 shares issued and outstanding at September 30, 2025 and December 31, 2024

5,750,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025 575 575

Additional paid-in capital — —

Accumulated deficit ( 7,218,702 ) ( 6,967,867 )

( 6,737,121 )

Total Shareholders’ Deficit ( 7,218,003 ) ( 6,967,168 )

( 6,736,422 )

Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit $ 182,970,341 $ 181,681,987

$ 180,105,741

The accompanying notes are an integral part of

the unaudited condensed financial statements.

these unaudited condensed consolidated financial statements.

PLUM ACQUISITION CORP.

CONDENSED STATEMENTS OF OPERATIONS

September 30,

June 10, 2024 (Inception)

September 30,

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

General and administrative expenses $ 252,715 $ 306,345

1 unchanged sentence

Other income:

Interest earned on marketable securities held in Trust Account

Interest earned on investments held in Trust Account 1,449,969 1,488,400

Interest earned on operating account 1,880 —

Total other income, net

Net income (loss)

Total other income 1,451,849 1,488,400

Net income $ 1,199,134 $ 1,182,055

Weighted average shares outstanding of Class A ordinary shares 18,492,875 14,342,697

Basic and diluted net income per ordinary share, Class A ordinary shares

Basic and diluted net income per ordinary share, Class A ordinary shares outstanding $ 0.05 $ 0.06

Weighted average shares outstanding of Class B ordinary shares 5,750,000 5,623,596

Basic net income (loss) per ordinary share, Class B ordinary shares

Basic net income per ordinary share, Class B ordinary shares outstanding 0.05 $ 0.06

Weighted average shares outstanding of Class B ordinary shares 5,750,000 5,750,000

income (loss) per ordinary share, Class B ordinary shares

Diluted net income per ordinary share, Class B ordinary shares outstanding $ 0.05 $ 0.06

The accompanying notes are an integral part of

the unaudited condensed financial statements.

these unaudited condensed consolidated financial statements.

PLUM ACQUISITION CORP.

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES

IN SHAREHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED MARCH 31, 2026

Ordinary Shares

3 unchanged sentences

Remeasurement of Class A ordinary shares subject to redemption — — — — — ( 1,449,969 ) ( 1,449,969 )

( 7,333,504 )

( 7,355,888 )

( 14,689,392 )

Net income — — — — — 1,199,134 1,199,134

Balance — March 31, 2026 (unaudited) 1,242,875 $ 124 5,750,000 $ 575 $ — $ ( 7,218,702 ) $ ( 7,218,003 )

FOR THE THREE MONTHS ENDED MARCH 31, 2025

Ordinary Shares

Shareholders’

Balance — December 31, 2024 — $ — 5,750,000 $ 575 $ 24,425 $ ( 91,980 ) $ ( 66,980 )

Remeasurement of Class A ordinary shares subject to redemption — — — — ( 7,333,504 ) ( 7,355,888 ) ( 14,689,392 )

Sale of Private Placement Units 672,875 67 — — 6,443,683 — 6,443,750

3 unchanged sentences

Share-based compensation — — — — 36,750 — 36,750

Balance — March 31, 2025

$ ( 6,265,813 )

$ ( 6,265,114 )

Remeasurement of Class A ordinary shares subject to redemption

( 1,867,009 )

Balance — June 30, 2025

$ ( 6,503,595 )

$ ( 6,502,896 )

Remeasurement of Class A ordinary shares subject to redemption

( 1,913,171 )

Balance — September 30, 2025

$ ( 6,737,121 )

$ ( 6,736,422 )

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 AND FOR THE PERIOD FROM

JUNE 10, 2024 (INCEPTION) THROUGH SEPTEMBER 30, 2024

Ordinary Shares

Shareholders’

Balance – June 10, 2024 (inception)

Class B ordinary shares issued to Sponsor (1)

Balance – June 30, 2024

Balance – September 30, 2024

(1) Included an aggregate of up to 999,900 Class B ordinary shares that

were subject to forfeiture by the holders thereof depending on the extent to which the underwriters’ over-allotment option is exercised

The accompanying notes are an integral part of

the unaudited condensed financial statements.

Net income — — — — — 1,182,055 1,182,055

Balance — March 31, 2025 (unaudited) 1,242,875 $ 124 5,750,000 $ 575 $ — $ ( 6,265,813 ) $ ( 6,265,114 )

The accompanying notes are an integral part

of these unaudited condensed consolidated financial statements.

PLUM ACQUISITION CORP.

CONDENSED STATEMENTS OF CASH FLOWS

September 30,

For the Period

(Inception) Through

September 30,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash Flows from Operating Activities:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Payment of expenses through promissory note-related party

Net income $ 1,199,134 $ 1,182,055

Adjustments to reconcile net income to net cash used in operating activities:

Payment of formation and operating costs through promissory note – related party — 8,550

Interest earned on investments held in Trust Account ( 1,449,969 ) ( 1,488,400 )

( 5,268,580 )

Compensation expense — 36,750

4 unchanged sentences

Due to officer — ( 12,374 )

Accounts payable and accrued expenses

Accrued expenses 89,220 66,218

Net cash used in operating activities ( 202,737 ) ( 338,313 )

1 unchanged sentence

Investment of cash into Trust Account — ( 174,225,000 )

( 174,225,000 )

Net cash used in investing activities — ( 174,225,000 )

( 174,225,000 )

Cash Flows from Financing Activities:

Proceeds from sale of founder shares

Proceeds from sale of Units, net of underwriting discounts paid — 169,050,000

Proceeds from sale of Private Placements Units — 6,728,750

Proceeds from promissory note - related party

Repayment of promissory note – related party — ( 285,318 )

7 unchanged sentences

Deferred underwriting fee payable $ — $ 6,900,000

Deferred offering costs included in accrued offering costs

The accompanying notes are an integral part of

the unaudited condensed financial statements.

these unaudited condensed consolidated financial statements.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Plum Acquisition Corp.

IV (the “Company”)

is a blank check company incorporated as a Cayman Islands exempted corporation on June 10, 2024 .

The Company was incorporated for

the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination

with one or more businesses (“Business Combination”).

The Company is not limited to a particular industry

or geographic region for purposes of completing a Business Combination.

The Company is an early stage and emerging growth company and,

as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2025, the Company had not

commenced any operations.

All activity for the period from June 10, 2024 (inception) through September 30, 2025 relates to the Company’s

formation and the initial public offering (“Initial Public Offering”), which is described below, and, after the Initial Public

Offering, identifying a target company for a Business Combination.

The Company will not generate any operating revenues until after the

completion of a Business Combination, at the earliest.

The Company will generate non-operating income in the form of interest income

from the proceeds derived from the Initial Public Offering.

IV (the “Company”) is a blank check company incorporated as a Cayman Islands exempted corporation on June 10, 2024 .

The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes of completing a Business Combination.

The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of March 31, 2026, the Company had not commenced any operations.

All activity for the period from June 10, 2024 (inception) through March 31, 2026 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below, and, after the Initial Public Offering, identifying a target company for a Business Combination.

The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest.

The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.

The Company has selected December 31 as its fiscal year end.

The registration statement for the Company’s

Initial Public Offering was declared effective on January 14, 2025.

On January 16, 2025, the Company consummated the Initial Public Offering

of 17,250,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the

“Public Shares”), which included the full exercise by the underwriters of their over-allotment option in the amount of 2,250,000

Units, at $ 10.00 per Unit, generating gross proceeds of $ 172,500,000 , which is discussed in Note 3.

Simultaneously with the closing of the Initial Public Offering, the

Company consummated the sale of an aggregate of 672,875 private placement units (each, a “Private Placement Unit”) at a price

of $ 10.00 per Private Placement Unit, generating gross proceeds of $ 6,728,750 , as follows:

(i) by and among the Company and each of the

underwriters for the purchase by the underwriters of an aggregate of 232,875 private placement units for an aggregate purchase price of

$ 2,328,750 and (ii) by and between the Company and Plum Partners IV, LLC (the “Sponsor”) for the purchase by the Sponsor of

an aggregate of 440,000 private placement units and 570,000 restricted Class A ordinary shares for an aggregate purchase price of $ 4,400,000 .

The private placement units are identical to the units sold in this offering, subject to certain limited exceptions as described in the

Transaction costs amounted to $ 10,932,289 , consisting

of $ 3,450,000 of cash underwriting fee, $ 6,900,000 of deferred underwriting fee, and $ 582,289 of other offering costs.

The Company’s management has broad discretion

with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Securities,

although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination.

must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at

least 80 % of the net assets held in the Trust Account (as defined below) (excluding any deferred underwriting commissions held in the

Trust Account) at the time of the agreement to enter into a Business Combination.

The Company will only complete a Business Combination

if the post-Business Combination company owns or acquires 50 % or more of the issued and outstanding voting securities of the target or

otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company

under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

There is no assurance that

the Company will be able to successfully effect a Business Combination.

Following the closing of the Initial Public Offering, on January 16,

2025, an amount of $ 174,225,000 ($ 10.10 per Unit) from the net proceeds of the sale of the Units and the sale of the Private Placement

Securities was placed in the trust account (the “Trust Account”) and invested or held in either (i) U.S.

treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S.

Treasuries, (ii) uninvested

cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank, as determined by the Company, until the

(i) the completion of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s

shareholders, as described below.

No later than 18 months after the closing of the Initial Public Offering or such earlier liquidation

date as the Company’s board of directors may approve, or such later time as provided for in any amendment to the Company’s

Amended and Restated Memorandum and Articles of Association (an “Extension Period”), subject to applicable law, the amounts

held in the Trust Account are held as cash or cash items, including in demand deposit accounts.

The Company will provide its shareholders with

the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection

with a general meeting called to approve the Business Combination or (ii) by means of a tender offer.

The decision as to whether

the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company.

The shareholders

will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $ 10.10 per share),

calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned

on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations.

There will be no redemption

rights upon the completion of a Business Combination with respect to the Company’s public warrants.

The registration statement for the Company’s Initial Public Offering was declared effective on January 14, 2025.

On January 16, 2025, the Company consummated the Initial Public Offering of 17,250,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), which included the full exercise by the underwriters of their over-allotment option in the amount of 2,250,000 Units, at $ 10.00 per Unit, generating gross proceeds of $ 172,500,000 , which is discussed in Note 3.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 672,875 private placement units (each, a “Private Placement Unit”) at a price of $ 10.00 per Private Placement Unit, generating gross proceeds of $ 6,728,750 , as follows:

(i) by and among the Company and each of the underwriters for the purchase by the underwriters of an aggregate of 232,875 private placement units for an aggregate purchase price of $ 2,328,750 and (ii) by and between the Company and Plum Partners IV, LLC (the “Sponsor”) for the purchase by the Sponsor of an aggregate of 440,000 private placement units and 570,000 restricted Class A ordinary shares for an aggregate purchase price of $ 4,400,000 .

The private placement units are identical to the units sold in this offering, subject to certain limited exceptions as described in the prospectus.

Transaction costs amounted to $ 10,932,289 , consisting of $ 3,450,000 of cash underwriting fee, $ 6,900,000 of deferred underwriting fee, and $ 582,289 of other offering costs.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Securities, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination.

The Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80 % of the net assets held in the Trust Account (as defined below) (excluding any deferred underwriting commissions held in the Trust Account) at the time of the agreement to enter into a Business Combination.

The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50 % or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

There is no assurance that the Company will be able to successfully effect a Business Combination.

Following the closing of the Initial Public Offering, on January 16, 2025, an amount of $ 174,225,000 ($ 10.10 per Unit) from the net proceeds of the sale of the Units and the sale of the Private Placement Securities was placed in the trust account (the “Trust Account”) and invested or held in either (i) U.S.

government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S.

Treasuries, (ii) uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at a bank, as determined by the Company, until the earlier of:

(i) the completion of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below.

No later than 18 months after the closing of the Initial Public Offering or such earlier liquidation date as the Company’s board of directors may approve, or such later time as provided for in any amendment to the Company’s Amended and Restated Memorandum and Articles of Association (an “Extension Period”), subject to applicable law, the amounts held in the Trust Account are held as cash or cash items, including in demand deposit accounts.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

If the Company seeks shareholder approval in

connection with a Business Combination, it receives an ordinary resolution under Cayman Islands law approving a Business Combination,

which requires the affirmative vote of a majority of the shareholders who vote at a general meeting of the Company.

If a shareholder

vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder

vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct

the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer

documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a

Business Combination.

If the Company seeks shareholder approval in

connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public

Shares purchased in or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights

with respect to any such shares in connection with a shareholder vote to approve a Business Combination.

Additionally, each public shareholder

may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed

Business Combination.

Notwithstanding the foregoing, if the Company

seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s

Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder

or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of

the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming

its shares with respect to more than an aggregate of 15 % of the Public Shares without the Company’s prior written consent.

The Sponsor has agreed to (i) waive its

redemption rights with respect to its private placement shares in connection with the completion of the initial business combination,

(ii) waive its redemption rights with respect to its private placement shares in connection with a shareholder vote to approve an

amendment to the amended and restated memorandum and articles of association (A) to modify the substance or timing of the obligation

to allow redemption in connection with the initial Business Combination or to redeem 100 % of the public shares if the Company fails to

complete the initial Business Combination within 18 months from the closing of the Initial Public Offering or such earlier liquidation

date as the Company’s board of directors may approve, or during any Extension Period, subject to applicable law or (B) with

respect to any other provision relating to shareholders’ rights or pre-initial business combination activity and (iii) waive

its rights to liquidating distributions from the Trust Account with respect to its private placement shares if the Company fails to complete

the initial Business Combination within the prescribed timeframe.

In addition, the Sponsor has agreed to vote any private placement shares

held by it in favor of the initial Business Combination.

The Company will have until 18 months from

the closing of the Initial Public Offering (the “Combination Period”) to complete a Business Combination.

If the Company

is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for

the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100 %

of the outstanding Public Shares, at a per-share price, payable in cash, including interest earned on the funds held in the Trust Account

(which interest shall be net of taxes payable and up to $ 100,000 of interest to pay dissolution expenses) and not previously released

to the Company to pay its taxes, if any, divided by the number of then-outstanding Public Shares, which redemption will completely extinguish

public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as

promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s

board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of

creditors and the requirements of other applicable law.

The Sponsor has agreed to waive its liquidation

rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period.

if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions

from the Trust Account if the Company fails to complete a Business Combination within the Combination Period.

The underwriters have agreed

to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company

does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds

held in the Trust Account that will be available to fund the redemption of the Public Shares.

In the event of such distribution, it is

possible that the per share value of the assets remaining available for distribution will be less than the initial amount held in the

Trust Account ($ 10.10 ).

The Sponsor has agreed that it will be liable

to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective

target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account

to below (1) $ 10.10 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of

the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which

may be withdrawn to pay taxes.

This liability will not apply with respect to any claims by a third party who executed a waiver of any

and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters

of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended

(the “Securities Act”).

Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party,

the Sponsor will not be responsible to the extent of any liability for such third-party claims.

The Company will seek to reduce the possibility

that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers

(other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business,

execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer.

The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company.

The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $ 10.10 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations.

There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s public warrants.

If the Company seeks shareholder approval in connection with a Business Combination, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who vote at a general meeting of the Company.

If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.

If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased in or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination.

Additionally, each public shareholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination.

Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15 % of the Public Shares without the Company’s prior written consent.

The Sponsor has agreed to (i) waive its redemption rights with respect to its private placement shares in connection with the completion of the initial business combination, (ii) waive its redemption rights with respect to its private placement shares in connection with a shareholder vote to approve an amendment to the amended and restated memorandum and articles of association (A) to modify the substance or timing of the obligation to allow redemption in connection with the initial Business Combination or to redeem 100 % of the public shares if the Company fails to complete the initial Business Combination within 18 months from the closing of the Initial Public Offering or such earlier liquidation date as the Company’s board of directors may approve, or during any Extension Period, subject to applicable law or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity and (iii) waive its rights to liquidating distributions from the Trust Account with respect to its private placement shares if the Company fails to complete the initial Business Combination within the prescribed timeframe.

In addition, the Sponsor has agreed to vote any private placement shares held by it in favor of the initial Business Combination.

The Company will have until 18 months from the closing of the Initial Public Offering (the “Combination Period”) to complete a Business Combination.

If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100 % of the outstanding Public Shares, at a per-share price, payable in cash, including interest earned on the funds held in the Trust Account (which interest shall be net of taxes payable and up to $ 100,000 of interest to pay dissolution expenses) and not previously released to the Company to pay its taxes, if any, divided by the number of then-outstanding Public Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period.

However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period.

The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares.

In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the initial amount held in the Trust Account ($ 10.10 ).

The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $ 10.10 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes.

This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims.

The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent auditors), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Proposed Business Combination

Business Combination Agreement

On March 8, 2026, the Company entered into a business combination agreement (the “Business Combination Agreement”) by and among the Company, Plum IV Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company (“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.

The proposed Merger is expected to be consummated after receipt of the required approvals by the Company’s shareholders and CTR’s stockholders and the satisfaction or waiver of certain other customary conditions.

Domestication

At least two (2) business days prior to the Closing Date (as defined in the Business Combination Agreement), subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, the Company will transfer by way of continuation from the Cayman Islands to the State of Delaware and domesticate as a Delaware corporation (“Domesticated Plum IV”) in accordance with Section 388 of the General Corporation Law of the State of Delaware, as amended, and Part 12 of the Companies Act (as revised) of the Cayman Islands (such continuation and domestication, the “Domestication”).

By virtue of the Domestication upon its effectiveness, (a) each then issued and outstanding Class A ordinary share, par value $ 0.0001 per share, of the Company (each a “Class A Ordinary Share”) (other than any Class A Ordinary Share included in the Cayman Purchaser Units (as defined in the Business Combination Agreement)) shall convert automatically, on a one-for-one basis, into one (1) share of common stock of Domesticated Plum IV (the “Domesticated Purchaser Common Stock”);

(b) each then issued and outstanding Class B ordinary share, par value $ 0.0001 per share, of the Company (each a “Class B Ordinary Share”) shall convert automatically, on a one-for-one basis, into one (1) share of Class B common stock of Domesticated Plum IV (the “Domesticated Purchaser Class B Common Stock”);

(c) each then issued and outstanding warrant of the Company (other than any Cayman Purchaser Public Warrants (as defined in the Business Combination Agreement)) included in the Cayman Purchaser Units) (each a “Cayman Purchaser Warrant”) shall convert automatically into a warrant to acquire one (1) share of Domesticated Purchaser Common Stock (each a “Domesticated Purchaser Warrant”), pursuant to the Warrant Agreement (as defined in the Business Combination Agreement);

and (d) each then issued and outstanding Cayman Purchaser Unit shall be cancelled and will thereafter entitle the holder thereof to one (1) share of Domesticated Purchaser Common Stock and one-half of one (1) Domesticated Purchaser Warrant, in each case without any action on the part of the Company, Merger Sub, the Company or any holder of securities of any of the foregoing.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

The Merger and Consideration

Following the Domestication, at the Effective Time (as defined in the Business Combination Agreement), by virtue of the Merger, each share of capital stock of Merger Sub issued and outstanding immediately prior to the Effective Time shall be automatically cancelled and extinguished and converted into one (1) share of common stock, par value $ 0.0001 per share, of the surviving company.

Subject to, and in accordance with the terms and conditions of the Business Combination Agreement, at the Effective Time (as defined in the Business Combination Agreement):

(vi) each share of common stock of CTR (the “CTR Common Stock”) issued and outstanding (or deemed to be issued and outstanding under the terms of the Business Combination Agreement) immediately prior to the Effective Time, except for (a) shares held by the Company or Merger Sub (or any subsidiaries of the Company), (b) shares held by the CTR as treasury stock, if any (each share covered in subclause (a) and (b), an “Excluded Share”), (c) shares held by stockholders who have properly exercised and not withdrawn appraisal rights under Delaware law (the “Dissenting Shares”), and (d) shares of CTR Common Stock issued pursuant to an award of restricted stock that is, as of immediately prior to the Closing Date (as defined in the Business Combination Agreement), subject to a substantial risk of forfeiture and is not transferable (the “CTR Restricted Shares”), will be cancelled and converted into the right to receive the Per Share Merger Consideration (as defined in the Business Combination Agreement);

(vii) each Excluded Share shall be automatically cancelled and retired without any conversion thereof and shall cease to exist, and no consideration shall be delivered in exchange therefor;

(viii) each option to purchase shares of the CTR Common Stock (the “CTR Option”) that is outstanding immediately prior to the Effective Time will be automatically assumed by Domesticated Plum IV and converted into an option to purchase a number of shares of Domesticated Purchaser Common Stock equal to the product (rounded down to the nearest whole number) of (x) the number of shares of CTR Common Stock subject to such CTR Option immediately prior to the Effective Time and (y) the Exchange Ratio (as defined in the Business Combination Agreement), at an exercise price per share (rounded up to the nearest whole cent) equal to the quotient of (A) the exercise price per share of such CTR Option immediately prior to the Effective Time divided by (B) the Exchange Ratio;

(ix) each award of the CTR Restricted Shares (the “CTR Restricted Share Award”) that is outstanding immediately prior to the Effective Time will be automatically assumed by Domesticated Plum IV such that each CTR Restricted Share Award will be converted into an award for a number of restricted shares of Domesticated Purchaser Common Stock equal to the product (rounded down to the nearest whole number) of (x) the number of shares of CTR Restricted Shares and (y) the Exchange Ratio;

(x) each warrant to purchase shares of the CTR Common Stock (the “CTR Warrant”) that is outstanding immediately prior to the Effective Time will be automatically assumed by the Domesticated Plum IV such that, as of the Effective Time, each CTR Warrant shall instead be converted into a warrant to purchase a number of shares of Domesticated Purchaser Common Stock equal to the product (rounded down to the nearest whole number) of (x) the number of shares of CTR Common Stock issuable upon exercise of such CTR Warrant and (y) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to the quotient of (A) the exercise price per share of such CTR Warrant immediately prior to the Effective Time divided by (B) the Exchange Ratio.

The Class B Conversion

At the Effective Time, by virtue of the Merger and the applicable provisions of the certificate of incorporation of Domesticated Plum IV (the “Domesticated Purchaser Charter”), each share of Domesticated Purchaser Class B Common Stock then issued and outstanding shall be automatically cancelled and extinguished and converted into one (1) share of Domesticated Purchaser Common Stock.

Transaction Support Agreement

Simultaneously with the execution and delivery of the Business Combination Agreement, the Company and certain stockholders of CTR, who collectively have the right to cast at least 60 % of the votes entitled to be cast at a special meeting of CTR’s stockholders (collectively, the “Supporting CTR Stockholders”) entered into a Transaction Support Agreement (the “Transaction Support Agreement”), pursuant to which the Supporting CTR Stockholders have agreed, among other things, to vote all of their shares of CTR’s common stock in favor of adopting and approving the Business Combination Agreement and the Business Combination.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

Registration Rights Agreement

In connection with the Business Combination, simultaneously with the closing of the Business Combination (the “Closing”), the Company and certain holders will enter into an amended and restated Registration Rights Agreement (the “Amended and Restated Registration Rights Agreement”) that amends and restates the Registration Rights Agreement, dated January 14, 2025, by and among the Company, the Sponsor and certain other security holders named therein, pursuant to which, among other things, (i) the Company will agree to file, as soon as practicable (and in any event within thirty (30) calendar days) following the closing date, a registration statement covering the resale of certain equity securities held by the Sponsor and such other securityholders parties thereto;

and (ii) such holders of registrable securities will be granted certain takedown, demand, block trade and piggyback registration rights with respect to their registrable securities, in each case, on the terms and subject to the conditions set forth in the Amended and Restated Registration Rights Agreement.

Lock-Up Agreement

In connection with the Business Combination, simultaneously with the closing, the Company, the Sponsor and certain stockholders of CTR (such holders, collectively, the “Lock-Up Parties”) will enter into a Lock-Up Agreement (the “Lock-Up Agreement”).

The Lock-Up Agreement will provide that, during the applicable Lock-Up Period (as defined in the Lock-Up Agreement), subject to certain exceptions, the Lock-Up Parties will not, with respect to the Lock-Up Securities (as defined in the Lock-Up Agreement), (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidation with respect to or decrease a call equivalent position, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce the intention to effect any transaction specified in clause (i) or (ii).

Risks and Uncertainties

The United States and global markets are experiencing volatility

and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the Israel-Hamas conflict.

In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military

forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various

sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial

institutions from the Society for Worldwide Interbank Financial Telecommunication payment system.

Certain countries, including the United States,

have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions

among a number of nations.

The invasion of Ukraine by Russia and the Israel-Hamas conflict and the resulting measures that have been taken,

and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring

states and other countries have created global security concerns that could have a lasting impact on regional and global economies.

the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant

volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyberattacks against U.S.

Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack

of liquidity in capital markets.

Furthermore, there is currently significant uncertainty

regarding the future relationship between the United States and various other countries arising from changes that may be implemented by

the new presidential administration, including with respect to trade policies, treaties, tariffs, taxes, and other limitations on cross-border

Any actions taken by the United States’ federal government that restrict or could impact the economics of trade-including

additional tariffs, trade barriers, and other similar measures-could have the potential to disrupt existing supply chains and trigger

retaliatory efforts by other countries, including the imposition of tariffs, raising taxation, setting foreign exchange or capital controls,

or establishing embargos, sanctions, or other import/export restrictions, thereby negatively impacting the Company’s business, both

directly and indirectly.

Any of the above-mentioned factors, or any other

negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine,

the Israel-Hamas conflict and subsequent sanctions or related actions, including the imposition of tariffs, could adversely affect the

Company’s search for an initial business combination and any target business with which the Company may ultimately consummate an

initial business combination.

The Company’s ability to complete an initial Business Combination may be adversely affected by various factors, many of which are beyond the Company’s control.

The Company’s ability to consummate an initial Business Combination could be impacted by, among other things, changes in laws or regulations, downturns in the financial markets or in economic conditions, inflation, fluctuations in interest rates, increases in tariffs, supply chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical instability, such as the military conflicts in Ukraine and the Middle East.

The Company cannot at this time predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact the Company’s ability to complete an initial Business Combination.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial

statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)

for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC.

information or footnote disclosures normally included in unaudited condensed financial statements prepared in accordance with GAAP have

been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting.

Accordingly, they do not

include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash

In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of

a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for

the periods presented.

The accompanying unaudited condensed financial

statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as

filed with the SEC on March 31, 2025.

The interim results for the three and nine months ended September 30, 2025 are not necessarily

indicative of the results to be expected for the year ending December 31, 2025 or for any future periods.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC.

Certain information or footnote disclosures normally included in unaudited condensed consolidated financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting.

Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 31, 2026.

The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any future periods.

Principles of Consolidation

Plum IV Merger Sub Inc.

(“Merger Sub”) was incorporated in Delaware on March 4, 2026, and was formed for the purpose of merging with the Company prior to the transactions contemplated in the Business Combination Agreement to facilitate the consummation of the proposed Business Combination.

The Company has one wholly owned subsidiary, Merger Sub.

The accompanying consolidated financial statements include the accounts of the Company and Merger Sub.

All significant intercompany balances and transactions have been eliminated in consolidation.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

Liquidity and Going Concern

As of September 30, 2025, the Company had $ 469,208 in cash and a working

capital of $ 138,786 .

Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition

As of March 31, 2026, the Company had $ 93,512 in cash and cash equivalents and working capital deficit of $ 318,003 .

Further, the Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans.

There is no assurance that the Company’s plans to raise capital will be successful.

In connection with the Company’s

assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”) Topic 205-40, “Going

Concern,” as of September 30, 2025, management has determined that mandatory liquidation, should a Business Combination not occur,

and potential subsequent dissolution and the liquidity issue raise substantial doubt about the Company’s ability to continue as

a going concern for one year from the date the financial statements are issued.

No adjustments have been made to the carrying

amounts of assets or liabilities should the Company be required to liquidate after the Combination Period.

The Company cannot assure

that its plans to raise capital or to consummate an Initial Business Combination will be successful.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

Further, the Company has until July 16, 2026 to complete its initial business combination or it will liquidate absent any shareholder approved extensions.

In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”) Topic 205-40, “Presentation of Financial Statements - Going Concern,” as of March 31, 2026, management has determined that mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution and the liquidity condition issue raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date the unaudited condensed consolidated financial statements are issued.

No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period.

The Company cannot assure that its plans to raise capital or to consummate an Initial Business Combination will be successful.

Emerging Growth Company

The Company is an “emerging growth company,”

as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012

(the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable

to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the

auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding

executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory

vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS

Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private

companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities

registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides

that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth

companies but any such election to opt out is irrevocable.

The Company has elected not to opt out of such extended transition period

which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company,

as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s financial statement with another public company which is neither an emerging growth company

nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential

differences in accounting standards used.

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.

The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.

The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company’s unaudited condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of condensed financial statements

in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities

and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts

of expenses during the reporting periods.

Making estimates requires management to exercise

significant judgment.

It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances

that existed at the date of the condensed financial statements, which management considered in formulating its estimate, could change

in the near term due to one or more future confirming events.

The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting periods.

Making estimates requires management to exercise significant judgment.

It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events.

Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments

with an original maturity of three months or less when purchased to be cash equivalents.

The Company had $ 469,208 and $ 3,864 in

cash as of September 30, 2025 and December 31, 2024, respectively.

The Company had no cash equivalents as of September 30, 2025 and December

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

The Company had $ 30,000 in cash as of March 31, 2026 and December 31, 2025.

The Company had $ 63,512 and $ 266,249 in cash equivalents as of March 31, 2026 and December 31, 2025, respectively.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

Investments Held in Trust Account

As of September 30, 2025 and December 31, 2024,

the investments held in the Trust Account, amounting to $ 179,493,580 and $0 , were held in U.S.

As of March 31, 2026 and December 31, 2025, the investments held in the Trust Account, amounting to $ 182,735,189 and $ 181,285,220 , were held in U.S.

government treasury bills, respectively.

Offering Costs

The Company complies with the requirements of

the Financial Accounting Standards Board (“FASB”) ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses

of Offering.” Offering costs consist principally of professional and registration fees that are directly related to the Initial

Public Offering.

FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds

from the issuance of convertible debt into its equity and debt components.

The Company applies this guidance to allocate Initial Public

Offering proceeds from the Units between Class A ordinary shares and warrants, using the residual method by allocating Initial

Public Offering proceeds first to assigned value of the warrants and then to the Class A ordinary shares.

Offering costs allocated

to the Public Shares were charged to temporary equity, and offering costs allocated to Public Warrants (as defined below) and Private

Units were charged to shareholders’ deficit as the Public and Private Placement Warrants (as defined below), after management’s

evaluation, were accounted for under equity treatment.

The Company accounts for income taxes under ASC 740,

“Income Taxes” (“ASC 740”).

ASC 740 requires the recognition of deferred tax assets and liabilities

for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected

future tax benefit to be derived from tax loss and tax credit carry forwards.

ASC 740 additionally requires a valuation allowance

to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

ASC 740 also clarifies the accounting for

uncertainty in income taxes recognized in an enterprise’s financial statement and prescribes a recognition threshold and measurement

process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.

recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

There were no unrecognized tax benefits

and no amounts accrued for interest and penalties as of September 30, 2025 and December 31, 2024.

The Company is currently not aware of

any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company has been

subject to income tax examinations by major taxing authorities since inception.

The Company is considered an exempted Cayman Islands

Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States.

The Company complies with the requirements of the Financial Accounting Standards Board (“FASB”) ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Offering costs consist principally of professional and registration fees that are directly related to the Initial Public Offering.

FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components.

The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and warrants, using the residual method by allocating Initial Public Offering proceeds first to assigned value of the warrants and then to the Class A ordinary shares.

Offering costs allocated to the Public Shares were charged to temporary equity, and offering costs allocated to Public Warrants (as defined below) and Private Placement Units and Restricted Shares were charged to shareholders’ deficit as the Public and Private Placement Warrants (as defined below), after management’s evaluation, were accounted for under equity treatment.

The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”).

ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the unaudited condensed consolidated financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards.

ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s unaudited condensed consolidated financial statements and prescribes a recognition threshold and measurement process for unaudited condensed consolidated financial statements recognition and measurement of a tax position taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2026 and December 31, 2025.

The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company has been subject to income tax examinations by major taxing authorities since inception.

The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States.

As such, the Company’s tax provision was zero for the periods presented.

Net Income (Loss) per Ordinary Share

Net income (loss) per ordinary share is computed by dividing net income

(loss) by the weighted average number of ordinary shares issued and outstanding during the period, excluding ordinary shares subject to

Weighted average shares were reduced for the effect of an aggregate of 750,000 Class B ordinary shares that were subject to

forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5).

At September 30,

2025 and December 31, 2024, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised

or converted into ordinary shares and then share in the earnings of the Company.

As a result, diluted income (loss) per ordinary share

is the same as basic income (loss) per ordinary share for the period presented.

The following table reflects the calculation

of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts):

Net Income per Ordinary Share

Net income per ordinary share is computed by dividing net income by the weighted average number of ordinary shares issued and outstanding during the period, excluding ordinary shares subject to forfeiture.

Weighted average shares were reduced for the effect of an aggregate of 750,000 Class B ordinary shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Note 5).

As of March 31, 2026 and March 31, 2025, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.

As a result, diluted income per ordinary share is the same as basic income per ordinary share for the period presented.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):

For the Three Months Ended

September 30,

For the Nine Months

September 30,

June 10, 2024

(Inception) Through

September 30,

Basic net income (loss) per share of common stock:

Allocation of net income (loss)

March 31, 2026 For the Three Months Ended

March 31, 2025

Class A Class B Class A Class B

Basic net income per share of common stock:

Allocation of net income $ 914,720 $ 284,414 $ 849,124 $ 332,931

Weighted-average shares outstanding 18,492,875 5,750,000 14,342,697 5,623,596

Basic net income (loss) per ordinary share

Basic net income per ordinary share $ 0.05 $ 0.05 $ 0.06 $ 0.06

For the Three Months Ended

September 30,

For the Nine Months

September 30,

June 10, 2024

(Inception) Through

September 30,

Diluted net income (loss) per share of common stock:

Allocation of net income (loss)

March 31, 2026 For the Three Months Ended

March 31, 2025

Class A Class B Class A Class B

Diluted net income per share of common stock:

Allocation of net income $ 914,720 $ 284,414 $ 843,782 $ 338,273

Weighted-average shares outstanding 18,492,875 5,750,000 14,342,697 5,750,000

Diluted net income (loss) per ordinary share

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

Diluted net income per ordinary share $ 0.05 $ 0.05 $ 0.06 $ 0.06

Concentration of Credit Risk

Financial instruments that potentially subject

the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times may exceed the Federal

Depository Insurance Corporation coverage of $ 250,000 .

Any loss incurred or a lack of access to such funds could have a significant adverse

impact on the Company’s financial condition, results of operations, and cash flows.

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times may exceed the Federal Depository Insurance Corporation coverage of $ 250,000 .

Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

Fair Value of Financial Instruments

The fair value of the Company’s assets

and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates

the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their short-term nature.

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed consolidated balance sheets, primarily due to their short-term nature.

Warrant Instruments

The Company will account for the Public and Private

Placement Warrants issued in connection with the Initial Public Offering, on January 16, 2025 and the private placement in accordance

with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging.” Accordingly, the Company evaluated and

classified the warrant instruments under equity treatment at their assigned values.

The fair value of the Public Warrants was $ 603,750 ,

or $ 0.07 per Public Warrant.

The Company will account for the Public and Private Placement Warrants issued in connection with the Initial Public Offering, on January 16, 2025 and the private placement in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging.” Accordingly, the Company evaluated and classified the warrant instruments under equity treatment at their assigned values.

The fair value of the Public Warrants was $ 603,750 , or $ 0.07 per Public Warrant.

The fair value of Public Warrants was determined using Monte Carlo Simulation Model.

The Public Warrants

have been classified within shareholders’ deficit and will not require remeasurement after issuance.

The following table presents

the quantitative information regarding market assumptions used in the valuation of the Public Warrants:

The Public Warrants have been classified within shareholders’ deficit and will not require remeasurement after issuance.

The following table presents the quantitative information regarding market assumptions used in the Level 3 valuation of the Public Warrants:

Underlying stock price $ 9.98

5 unchanged sentences

Market adjustment 5.0 %

Class A Ordinary Shares Subject to Possible

Redemption Classification

The public shares contain a redemption feature which allows for the

redemption of such public shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer

in connection with the Company’s initial Business Combination.

In accordance with ASC 480-10-S99, the Company classifies public

shares subject to possible redemption outside of permanent deficit as the redemption provisions are not solely within the control of the

The Company recognizes changes in redemption value immediately as it occurs and will adjust the carrying value of redeemable

shares to equal the redemption value at the end of each reporting period.

Immediately upon the closing of the Initial Public Offering,

the Company recognized the accretion from initial book value to redemption amount value.

The change in the carrying value of redeemable

shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit.

Accordingly, as of

September 30, 2025, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside

of the shareholders’ deficit section of the Company’s condensed balance sheets.

As of September 30, 2025, the Class A ordinary

shares subject to possible redemption reflected in the condensed balance sheet are reconciled in the following table:

PLUM ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

Class A Ordinary Shares Subject to Possible Redemption Classification

The public shares contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination.

In accordance with ASC 480-10-S99, the Company classifies public shares subject to possible redemption outside of permanent deficit as the redemption provisions are not solely within the control of the Company.

The Company recognizes changes in redemption value immediately as it occurs and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period.

Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value.

The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit.

Accordingly, as of March 31, 2026 and December 31, 2025, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s condensed consolidated balance sheets.

As of March 31, 2026 and December 31, 2025, the Class A ordinary shares subject to possible redemption reflected in the condensed consolidated balance sheets are reconciled in the following table:

Gross proceeds $ 172,500,000

$ 172,500,000

Proceeds allocated to Public Warrants ( 603,750 )

Class A ordinary shares issuance costs

( 10,872,242 )

Remeasurement of carrying value to redemption value

Public Shares issuance costs ( 10,872,242 )

Accretion of carrying value to redemption value 20,261,212

Class A ordinary shares subject to possible redemption, December 31, 2025 181,285,220

Accretion of carrying value to redemption value 1,449,969

Class A ordinary shares subject to possible redemption, March 31, 2026 $ 182,735,189

Remeasurement of carrying value to redemption value

Class A ordinary shares subject to possible redemption, June 30, 2025

Remeasurement of carrying value to redemption value

Class A ordinary shares subject to possible redemption, September 30, 2025

$ 179,493,580

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

Share-Based Compensation

The Company records share-based compensation

in accordance with FASB ASC Topic 718, “Compensation-Share Compensation” (“ASC 718”), guidance to account for

its share-based compensation.

The Company records share-based compensation in accordance with FASB ASC Topic 718, “Compensation-Share Compensation” (“ASC 718”), guidance to account for its share-based compensation.

It defines a fair value-based method of accounting for an employee share option or similar equity instrument.

The Company recognizes all forms of share-based payments at their fair value on the grant date, which are based on the estimated number

of awards that are ultimately expected to vest.

The Company recognizes all forms of share-based payments at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.

Share-based payments are valued using a Black-Scholes option pricing model.

share-based payment awards issued to non-employees for services rendered have been recorded at the fair value of the share-based payment,

which is the more readily determinable value.

The grants are amortized on a straight-line basis over the requisite service periods, which

is generally the vesting period.

If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed

in the period related to the termination of service.

Share-based compensation expenses are included in costs and operating expenses depending

on the nature of the services provided in the condensed statements of operations.

Grants of share-based payment awards issued to non-employees for services rendered have been recorded at the fair value of the share-based payment, which is the more readily determinable value.

The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.

If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the termination of service.

Share-based compensation expenses are included in costs and operating expenses depending on the nature of the services provided in the unaudited condensed consolidated statements of operations.

Derivative Financial Instruments

The Company evaluates its financial instruments

to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic

815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative

instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the

fair value reported in the condensed statements of operations.

The classification of derivative instruments, including whether such instruments

should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Derivative liabilities are classified

in the condensed balance sheets as current or non-current based on whether or not net cash settlement or conversion of the instrument

could be required within 12 months of the condensed balance sheet date.

The underwriters’ over-allotment option is deemed to be

a freestanding financial instrument indexed on the contingently redeemable shares and would have been accounted for as a liability pursuant

to ASC 480 if not fully exercised at the time of the Initial Public Offering.

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed consolidated statements of operations.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Derivative liabilities are classified in the condensed consolidated balance sheets as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the condensed consolidated balance sheet date.

The underwriters’ over-allotment option is deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and would have been accounted for as a liability pursuant to ASC 480 if not fully exercised at the time of the Initial Public Offering.

Because the over-allotment option was fully exercised at the time of the Initial Public Offering, no liability remained outstanding subsequent to the offering date.

Recently Issued Accounting Standards

Management does not believe that any other recently

issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed

financial statements.

NOTE 3 – INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering on January

16, 2025, the Company sold 17,250,000 Public Shares, which includes a full exercise by the underwriters of their over-allotment

option at a purchase price of $ 10.00 per Unit.

Each Unit consists of one Class A ordinary share and one-half of one redeemable public

warrant (“Public Warrant”).

Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at

an exercise price of $ 11.50 per share, subject to adjustment (see Note 6).

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

NOTE 3 — INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering on January 16, 2025, the Company sold 17,250,000 Public Shares, which includes a full exercise by the underwriters of their over-allotment option at a purchase price of $ 10.00 per Unit.

Each Unit consists of one Class A ordinary share and one-half of one redeemable public warrant (“Public Warrant”).

Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $ 11.50 per share, subject to adjustment (see Note 6).

NOTE 4 — PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the

Company consummated the sale of an aggregate of 672,875 private placement units (each, a “Private Placement Unit”) at a price

of $ 10.00 per Private Placement Unit, or Non-Managing Investor Private Placement Security (as defined below) generating gross proceeds

of $ 6,728,750 , as follows:

(i) by and among the Company and each of the underwriters for the purchase by the underwriters of an aggregate

of 232,875 Private Placement units for an aggregate purchase price of $ 2,328,750 and (ii) by and between the Company and the Sponsor for

the purchase by the Sponsor of an aggregate of 440,000 Private Placement Units and 570,000 restricted Class A ordinary shares (the “Restricted

Private Placement Shares,” the Restricted Private Placement Shares together with the Private Placement Units purchased by the Sponsor,

collectively, the “Non-Managing Investor Private Placement Securities”) for an aggregate purchase price of $ 4,400,000 .

Each Private Placement Unit has an offering price

of $ 10.00 and consists of one Class A ordinary share and one-half of one redeemable Public Warrant.

Each whole Public Warrant entitles

the holder to purchase one Class A ordinary share at a price of $ 11.50 per share.

The proceeds from the sale of the Private Placement

Units and the Non-Managing Investor Private Placement Securities were added to the net proceeds from the Initial Public Offering held

in the Trust Account.

If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale

of the Private Placement Units and the Non-Managing Investor Private Placement Securities held in the Trust Account will be used to fund

the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants expire worthless.

The Restricted Private Placement Shares are held

by the Sponsor and will be transferred to the non-managing investors (or their designees) only upon the consummation of an initial business

Other than such permitted transfer, the Restricted Private Placement Shares will be subject to transfer restrictions for

90 days following the initial business combination and will be entitled to registration rights.

The fair value of the Restricted Private Placement

Shares is $ 285,000 , or $ 0.50 per Restricted Private Placement Shares.

The fair value of the Restricted Private Placement Shares was determined

using Monte Carlo Simulation Model.

The Restricted Private Placement Shares have been classified within shareholders’ deficit and

will not require remeasurement after issuance.

The following table presents the quantitative information regarding market assumptions

used in the valuation of the Restricted Private Placement Shares:

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 672,875 private placement units (each, a “Private Placement Unit”) at a price of $ 10.00 per Private Placement Unit, or Non-Managing Investor Private Placement Security (as defined below) generating gross proceeds of $ 6,728,750 , as follows:

(i) by and among the Company and each of the underwriters for the purchase by the underwriters of an aggregate of 232,875 Private Placement units for an aggregate purchase price of $ 2,328,750 and (ii) by and between the Company and the Sponsor for the purchase by the Sponsor of an aggregate of 440,000 Private Placement Units and 570,000 restricted Class A ordinary shares (the “Restricted Private Placement Shares,” the Restricted Private Placement Shares together with the Private Placement Units purchased by the Sponsor, collectively, the “Non-Managing Investor Private Placement Securities”) for an aggregate purchase price of $ 4,400,000 .

Each Private Placement Unit has an offering price of $ 10.00 and consists of one Class A ordinary share and one-half of one redeemable Public Warrant.

Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $ 11.50 per share.

The proceeds from the sale of the Private Placement Units and the Non-Managing Investor Private Placement Securities were added to the net proceeds from the Initial Public Offering held in the Trust Account.

If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units and the Non-Managing Investor Private Placement Securities held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants expire worthless.

The Restricted Private Placement Shares are held by the Sponsor and will be transferred to the non-managing investors (or their designees) only upon the consummation of an initial business combination.

Other than such permitted transfer, the Restricted Private Placement Shares will be subject to transfer restrictions for 90 days following the initial business combination and will be entitled to registration rights.

The fair value of the Restricted Private Placement Shares is $ 285,000 , or $ 0.50 per Restricted Private Placement Shares.

The fair value of the Restricted Private Placement Shares was determined using Monte Carlo Simulation Model.

The Restricted Private Placement Shares have been classified within shareholders’ deficit and will not require remeasurement after issuance.

The following table presents the quantitative information regarding market assumptions used in the valuation of the Restricted Private Placement Shares:

Unit value $ 10.02

Volatility 2.9 %

Risk free rate 4.39 %

4 unchanged sentences

Founder Shares

On June 26, 2024, the Sponsor paid $ 25,000 ,

or approximately $ 0.003 per share in consideration for 7,665,900 Class B ordinary shares (the “Founder Shares”) issued

to the Sponsor.

On June 26, 2024, the Sponsor paid $ 25,000 , or approximately $ 0.003 per share in consideration for 7,665,900 Class B ordinary shares (the “Founder Shares”) issued to the Sponsor.

On December 6, 2024, the Sponsor surrendered 1,915,900 Founder Shares for no consideration.

All share and per share amounts

have been retroactively restated.

All share and per share amounts have been retroactively restated.

The initial shareholders currently hold an aggregate of 5,750,000 Founder Shares.

The Founder Shares included an aggregate of up

to 750,000 shares subject to forfeiture by the holders thereof depending on the extent to which the underwriters’ over-allotment

option was exercised, so that the number of Founder Shares would have collectively represented 25 % of the Company’s issued and

outstanding shares upon the completion of the Initial Public Offering (not including the Restricted Private Placement Shares).

16, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering.

the 750,000 Founder Shares are no longer subject to forfeiture.

The Sponsor has agreed, subject to limited exceptions, not to transfer,

assign or sell any of its Founder Shares until the earlier to occur of (A) one year after the completion of a Business Combination;

and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals

or exceeds $ 12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like)

for any 20 trading days within any 30 -trading day period commencing at least 150 days after a Business Combination, or

(y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar

transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for

cash, securities or other property.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

During July and August 2024, the Sponsor transferred

75,000 Founder Shares to three director nominees ( 25,000 shares each) for an aggregate amount of $ 225 , or approximately $ 0.003 per share.

The sale of the Founders Shares to the Company’s directors and director’s nominees is in the scope of FASB ASC Topic 718,

“Compensation-Stock Compensation” (“ASC 718”).

Under ASC 718, stock-based compensation associated with equity-classified

awards is measured at fair value upon the grant date.

The fair value of the 75,000 shares granted to the Company’s director nominees

was $ 36,750 or $ 0.49 per share.

The Founder Shares were granted subject to a performance condition (i.e., named as directors at the occurrence

of the Initial Public Offering).

Compensation expense related to the Founder Shares is recognized only when the performance condition

is probable of occurrence under the applicable accounting literature.

Stock-based compensation was recognized upon the consummation of

the Initial Public Offering in an amount equal to the number of Founder Shares times the grant date fair value per share (unless subsequently

modified) less the amount initially received for the purchase of the Founder Shares.

Promissory Note — Related

On June 26, 2024, the Company issued an

unsecured promissory note to the Sponsor (as amended on January 6, 2025, the “Promissory Note”), pursuant to which the Company

may borrow up to an aggregate principal amount of $ 500,000 .

The Promissory Note is non-interest bearing and payable on the earlier of

(i) February 1, 2025 (as amended) or (ii) the consummation of the Initial Public Offering.

As of January 16, 2025, the Company

owed $ 284,023 , which was repaid simultaneously with the closing of the Initial Public Offering.

The Company paid the Sponsor a note balance

of $ 285,318 causing an overpayment of $ 1,295 .

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

The Founder Shares included an aggregate of up to 750,000 shares subject to forfeiture by the holders thereof depending on the extent to which the underwriters’ over-allotment option was exercised, so that the number of Founder Shares would have collectively represented 25 % of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering (not including the Restricted Private Placement Shares).

On January 16, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering.

As such, the 750,000 Founder Shares are no longer subject to forfeiture.

The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of (A) one year after the completion of a Business Combination;

and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $ 12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 -trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.

During July and August 2024, the Sponsor transferred 75,000 Founder Shares to three director nominees ( 25,000 shares each) for an aggregate amount of $ 225 , or approximately $ 0.003 per share.

The sale of the Founder Shares to the Company’s directors and director’s nominees is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”).

Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date.

The fair value of the 75,000 shares granted to the Company’s director nominees was $ 36,750 or $ 0.49 per share.

The Founder Shares were granted subject to a performance condition (i.e., named as directors at the occurrence of the Initial Public Offering).

Compensation expense related to the Founder Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature.

Stock-based compensation was recognized upon the consummation of the Initial Public Offering in an amount equal to the number of Founder Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares.

Promissory Note — Related Party

On June 26, 2024, the Company issued an unsecured promissory note to the Sponsor (as amended on January 6, 2025, the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $ 500,000 .

The Promissory Note is non-interest bearing and payable on the earlier of (i) February 1, 2025 (as amended) or (ii) the consummation of the Initial Public Offering.

As of January 16, 2025, the Company owed $ 284,023 , which was repaid simultaneously with the closing of the Initial Public Offering.

The Company paid the Sponsor a note balance of $ 285,318 causing an overpayment of $ 1,295 .

On January 22, 2025, the Sponsor returned $ 1,295 to the Company.

Borrowings under this

note are no longer available.

On July 8, 2025, the Company issued an unsecured

promissory note (the “Note”) in the principal amount of up to $ 1,500,000 to Sponsor which may be drawn down from time to

time prior to the Maturity Date (as defined below) upon request by the Company.

The Note does not bear interest and the principal balance

will be payable on the date on which the Company consummates its Business Combination (the “Maturity Date”).

the Company consummates the Business Combination, the Sponsor has the option on the Maturity Date to convert the principal outstanding

under the Note into that number of ordinary shares of the post-business combination company (the “New PubCo Shares”).

number of New PubCo Shares to be received by the Sponsor in connection with such optional conversion shall be an amount determined by

dividing (x) the sum of the outstanding principal amount (or portion thereof) payable to such Sponsor by (y) $ 10.00 .

The Note is subject

to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Note and

all other sums payable with regard to the Note becoming immediately due and payable.

The Company accounts for the Note as a liability

under ASC 470.

Borrowings under this note are no longer available.

As of March 31, 2026 and December 31, 2025, there were no outstanding under the Promissory Note, respectively.

On July 8, 2025, the Company issued an unsecured promissory note (the “Note”) in the principal amount of up to $ 1,500,000 to Sponsor which may be drawn down from time to time prior to the Maturity Date (as defined below) upon request by the Company.

The Note does not bear interest and the principal balance will be payable on the date on which the Company consummates its Business Combination (the “Maturity Date”).

In the event the Company consummates the Business Combination, the Sponsor has the option on the Maturity Date to convert the principal outstanding under the Note into that number of ordinary shares of the post-business combination company (the “New PubCo Shares”).

The number of New PubCo Shares to be received by the Sponsor in connection with such optional conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount (or portion thereof) payable to such Sponsor by (y) $ 10.00 .

The Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Note and all other sums payable with regard to the Note becoming immediately due and payable.

The Company accounts for the Note as a liability under ASC 470.

The Company has not elected the fair value option under ASC 825-10.

The embedded conversion feature is indexed to the

Company’s own stock, meets the fixed-for-fixed criteria, and is not required to be bifurcated under ASC 815-15.

Accordingly, the

conversion feature qualifies for equity classification under ASC 815-40, provided there are sufficient authorized shares to settle the

conversion, and no cash settlement contingencies exist.

As a result, the Note is recognized at its principal amount, net of issuance

costs, and presented and disclosed in accordance with ASC 470.

Concurrently with the issuance of the Note, the

Company drew an initial amount of $ 250,000 .

Due to Officer

As of September 30, 2025 and December 31, 2024,

the Company owes an officer of the Company $0 and $ 12,374 for travel related expenses, respectively.

The embedded conversion feature is indexed to the Company’s own stock, meets the fixed-for-fixed criteria, and is not required to be bifurcated under ASC 815-15.

Accordingly, the conversion feature qualifies for equity classification under ASC 815-40, provided there are sufficient authorized shares to settle the conversion, and no cash settlement contingencies exist.

As a result, the Note is recognized at its principal amount, net of issuance costs, and presented and disclosed in accordance with ASC 470.

Concurrently with the issuance of the Note, the Company drew an initial amount of $ 250,000 .

As of March 31, 2026 and December 31, 2025, there was $ 250,000 , outstanding under the Note.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

Consulting Services

The Chief Executive officer and the Chief Financial Officer entered

into agreements with the Company, commencing on January 16, 2025 through the closing of the Company’s Business Combination, to pay

each officer an aggregate of $ 20,833 per month, subject to availability of sufficient funds from working capital held outside the Trust

During the three and nine months ended September 30, 2025, the Company incurred approximately $ 125,000 and $ 354,000 in consulting

fees to the officers, respectively.

As of September 30, 2025, approximately $ 21,000 in unpaid consulting fees has been accrued and recorded

under accrued expenses in the accompanying balance sheet.

The Chief Executive Officer and the Chief Financial Officer entered into agreements with the Company, commencing on January 16, 2025 through the closing of the Company’s Business Combination, to pay each officer an aggregate of $ 20,833 per month, subject to availability of sufficient funds from working capital held outside the Trust Account.

For the three months ended March 31, 2026, the Company incurred approximately $ 125,000 , in fees for these services.

For the three months ended March 31, 2025, the Company incurred and paid $ 104,000 for these services.

As of March 31, 2026 and December 31, 2025, approximately $ 52,000 and $ 31,000 in unpaid consulting fees has been accrued and recorded under accrued expenses in the accompanying condensed consolidated balance sheets, respectively.

Related Party Loans

In order to finance transaction costs in connection

with a Business Combination, the Sponsor or an affiliate of the Sponsor, any of their respective affiliates or certain of the Company’s

directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).

If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account

released to the Company.

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, any of their respective affiliates or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).

If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company.

Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account.

event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the

Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

Except for the foregoing,

the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s

discretion, up to $ 1,500,000 of such Working Capital Loans may be convertible into units at a price of $ 10.00 per unit.

The units would

be identical to the Private Placement Units.

As of September 30, 2025 and December 31, 2024, there are no Working Capital Loans outstanding.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans.

The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $ 1,500,000 of such Working Capital Loans may be convertible into units at a price of $ 10.00 per unit.

The units would be identical to the Private Placement Units.

As of March 31, 2026 and December 31, 2025, there are no Working Capital Loans outstanding.

NOTE 6 — COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of the (i) Founder Shares, (ii) Restricted Private

Placement Shares, (iii) Private Placement Units, issued in a private placement simultaneously with the closing of the Initial Public

Offering, private placement shares, private placement warrants and the Class A ordinary shares underlying such private placement

warrants and (iv) private placement units that may be issued upon conversion of working capital loans are entitled to registration

rights pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering requiring the Company to

register such securities for resale (in the case of the Founder Shares, only after conversion to Class A ordinary shares).

of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register

such securities.

In addition, the holders have certain piggyback registration rights with respect to registration statements filed subsequent

to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415

under the Securities Act.

However, the registration rights agreement provides that the Company will not be required to effect or permit

any registration or cause any registration statement to become effective until termination of the applicable lock-up period.

The registration

rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s

The holders of the (i) Founder Shares, (ii) Restricted Private Placement Shares, (iii) Private Placement Units, issued in a private placement simultaneously with the closing of the Initial Public Offering, private placement shares, private placement warrants and the Class A ordinary shares underlying such private placement warrants and (iv) private placement units that may be issued upon conversion of working capital loans are entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A ordinary shares).

The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities.

In addition, the holders have certain piggyback registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act.

However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock-up period.

The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities.

The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company has granted the underwriters a 45-day

option to purchase up to 2,250,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting

As of January 16, 2025, simultaneously with the closing of the Initial Public Offering, the underwriters elected to fully

exercise the over-allotment option to purchase the additional 2,250,000 Units at a price of $ 10.00 per Unit

The underwriters were entitled to (1) an underwriting

discount of $ 0.20 per Unit, or $ 3,450,000 in the aggregate, of which (i) $ 0.065 per unit was paid to the underwriters in cash at

the closing of the Initial Public Offering and (ii) $ 0.135 per Unit was used by the underwriters to purchase Private Placement Units,

and (2) a deferred fee of $ 0.40 per Unit, or $ 6,900,000 .

The deferred fee will become payable to the underwriters from the

amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the

underwriting agreement and will be based on the amount of funds remaining in the Trust Account after shareholder redemptions of public

shares in connection with the consummation of a Business Combination.

Warrants — As of September

30, 2025, there were 8,961,438 warrants outstanding, including 8,625,000 Public Warrants and 336,438 Private Placement Warrants.

Warrants may only be exercised for a whole number of shares.

No fractional shares will be issued upon exercise of the Public Warrants.

The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and

(b) 12 months from the closing of the Initial Public Offering.

The Public Warrants will expire seven years from the completion

of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver

any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant

exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable

upon exercise of the warrants is then effective and a current prospectus relating thereto is available, subject to the Company satisfying

its obligations with respect to registration, or a valid exemption from registration is available.

No warrant will be exercisable for

cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants,

unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising

holder, or an exemption is available.

The Company has agreed that as soon as practicable,

but in no event later than 15 business days, after the closing of a Business Combination, it will use its commercially reasonable

efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares

issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective

within 60 business days after the closing of a Business Combination and to maintain the effectiveness of such registration statement,

and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement.

Notwithstanding the above, if the Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national

securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the

Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless

basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company

will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register

or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The Company has granted the underwriters a 45-day option to purchase up to 2,250,000 additional Units to cover over-allotments at the Initial Public Offering price, less the underwriting commissions.

As of January 16, 2025, simultaneously with the closing of the Initial Public Offering, the underwriters elected to fully exercise the over-allotment option to purchase the additional 2,250,000 Units at a price of $ 10.00 per Unit

The underwriters were entitled to (1) an underwriting discount of $ 0.20 per Unit, or $ 3,450,000 in the aggregate, of which (i) $ 0.065 per unit was paid to the underwriters in cash at the closing of the Initial Public Offering and (ii) $ 0.135 per Unit was used by the underwriters to purchase Private Placement Units, and (2) a deferred fee of $ 0.40 per Unit, or $ 6,900,000 .

The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement and will be based on the amount of funds remaining in the Trust Account after shareholder redemptions of public shares in connection with the consummation of a Business Combination.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

Redemption of Public Warrants — Once

the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

whole and not in part;

a price of $ 0.01 per Public Warrant;

not less than 30 days’ prior written notice of redemption to each warrant holder;

● if, and only if, the closing price of the Class A ordinary shares

equals or exceeds $ 18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and

the like) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which

the Company sends the notice of redemption to warrant holders.

The Company will not redeem the warrants for

cash unless a registration statement under the Securities Act covering the issuance of the shares of Class A ordinary shares issuable

upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available

throughout the 30 -day redemption period or the Company has elected to require the exercise of the public warrants on a cashless basis.

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable

to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the warrants for redemption

as described in this paragraph, its management will have the option to require any holder that wishes to exercise his, her or its warrant

following the notice of redemption to do so on a cashless basis.

In the case of such a cashless exercise, each holder would pay the exercise

price by surrendering the Public Warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing

(x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair

market value” less the exercise price of the warrants by (y) the fair market value.

The “fair market value” as

used in the preceding sentence shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading

days ending on the trading day prior to the date on which the notice of redemption is sent to the holders of the public warrants.

If its management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number

of shares of Class A ordinary shares to be received upon exercise of the warrants, including the “fair market value”

in such case.

The Company has established the $ 18.00 per share

(as adjusted) redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant

premium to the public warrant exercise price.

If the foregoing conditions are satisfied and the Company issues a notice of redemption

of the Public Warrants, each Public Warrant holder will be entitled to exercise his, her or its Public Warrant prior to the scheduled

redemption date.

However, the price of the Class A ordinary shares may fall below the $ 18.00 redemption trigger price as well as

the $ 11.50 Public Warrant exercise price after the redemption notice is issued.

In addition, if (x) the Company issues additional

ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its Initial Business Combination

at an issue price or effective issue price of less than $ 9.20 per ordinary share (with such issue price or effective issue price to be

determined in good faith by its board of directors and, in the case of any such issuance to either of the Sponsor or its affiliates,

without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly

Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60 % of the total equity proceeds,

and interest thereon, available for the funding of its Initial Business Combination on the date of the completion of its Initial Business

Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares during the 20 trading

day period starting on the trading day prior to the day on which the Company consummates its initial business combination (such

price, the “Market Value”) is below $ 9.20 per share, the exercise price of the public warrants will be adjusted (to the nearest

cent) to be equal to 115 % of the higher of the Market Value and the Newly Issued Price, the $ 18.00 per share redemption trigger price

will be adjusted (to the nearest cent) to be equal to 180 % of the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants are identical

to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Private Placement Warrants

and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable

or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.

Additionally, the

Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

Warrants — As of March 31, 2026 and December 31, 2025, there were 8,961,438 warrants outstanding, including 8,625,000 Public Warrants and 336,438 Private Placement Warrants.

Public Warrants may only be exercised for a whole number of shares.

No fractional shares will be issued upon exercise of the Public Warrants.

The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering.

The Public Warrants will expire seven years from the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating thereto is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available.

No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.

The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement.

Notwithstanding the above, if the Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of Public Warrants — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

● in whole and not in part;

● at a price of $ 0.01 per Public Warrant;

● upon not less than 30 days’ prior written notice of redemption to each warrant holder;

● if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ 18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.

The Company will not redeem the warrants for cash unless a registration statement under the Securities Act covering the issuance of the shares of Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30 -day redemption period or the Company has elected to require the exercise of the public warrants on a cashless basis.

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the warrants for redemption as described in this paragraph, its management will have the option to require any holder that wishes to exercise his, her or its warrant following the notice of redemption to do so on a cashless basis.

In the case of such a cashless exercise, each holder would pay the exercise price by surrendering the Public Warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” less the exercise price of the warrants by (y) the fair market value.

The “fair market value” as used in the preceding sentence shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of redemption is sent to the holders of the public warrants.

If its management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A ordinary shares to be received upon exercise of the warrants, including the “fair market value” in such case.

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

The Company has established the $ 18.00 per share (as adjusted) redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the public warrant exercise price.

If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Public Warrants, each Public Warrant holder will be entitled to exercise his, her or its Public Warrant prior to the scheduled redemption date.

However, the price of the Class A ordinary shares may fall below the $ 18.00 redemption trigger price as well as the $ 11.50 Public Warrant exercise price after the redemption notice is issued.

In addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its Initial Business Combination at an issue price or effective issue price of less than $ 9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by its board of directors and, in the case of any such issuance to either of the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60 % of the total equity proceeds, and interest thereon, available for the funding of its Initial Business Combination on the date of the completion of its Initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial business combination (such price, the “Market Value”) is below $ 9.20 per share, the exercise price of the public warrants will be adjusted (to the nearest cent) to be equal to 115 % of the higher of the Market Value and the Newly Issued Price, the $ 18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180 % of the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.

Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable.

NOTE 7 — SHAREHOLDERS’ DEFICIT

Preference Shares — The

Company is authorized to issue 1,000,000 preference shares with a par value of $ 0.0001 per share, with such designations, voting and

other rights and preferences as may be determined from time to time by the Company’s board of directors.

At September 30, 2025

and December 31, 2024, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The

Company is authorized to issue 200,000,000 Class A ordinary shares, with a par value of $ 0.0001 per share.

Holders of Class A

ordinary shares are entitled to one vote for each share.

At September 30, 2025 and December 31, 2024, there are 1,242,875 Class A

ordinary shares issued and outstanding, excluding 17,250,000 Class A ordinary shares subject to redemption.

Class B Ordinary Shares — The

Company is authorized to issue 20,000,000 Class B ordinary shares, with a par value of $ 0.0001 per share.

Holders of the Class B

ordinary shares are entitled to one vote for each share.

At September 30, 2025 and December 31, 2024, there were 5,750,000 Class B

ordinary shares issued and outstanding (see Note 5).

Only holders of Class B ordinary shares

will have the right to vote on the election of directors prior to the Business Combination.

Holders of Class A ordinary shares and

holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s

shareholders except as otherwise required by law.

The Class B ordinary shares will automatically

convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holder, on a one-for-one

basis, subject to adjustment.

Preference Shares — The Company is authorized to issue 1,000,000 preference shares with a par value of $ 0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors.

As of March 31, 2026 and December 31, 2025, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The Company is authorized to issue 200,000,000 Class A ordinary shares, with a par value of $ 0.0001 per share.

Holders of Class A ordinary shares are entitled to one vote for each share.

As of March 31, 2026 and December 31, 2025, there are 1,242,875 Class A ordinary shares issued and outstanding, excluding 17,250,000 Class A ordinary shares subject to redemption.

Class B Ordinary Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares, with a par value of $ 0.0001 per share.

Holders of the Class B ordinary shares are entitled to one vote for each share.

As of March 31, 2026 and December 31, 2025, there were 5,750,000 Class B ordinary shares issued and outstanding (see Note 5).

PLUM ACQUISITION CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

Only holders of Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination.

Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s shareholders except as otherwise required by law.

The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the option of the holder, on a one-for-one basis, subject to adjustment.

NOTE 8 — FAIR VALUE MEASUREMENTS

The fair value of the Company’s financial

assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale

of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the

measurement date.

In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of

observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions

about how market participants would price assets and liabilities).

The following fair value hierarchy is used to classify assets and

liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Quoted prices

in active markets for identical assets or liabilities.

An active market for an asset or liability is a market in which transactions

for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Observable inputs other

than Level 1 inputs.

Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted

prices for identical assets or liabilities in markets that are not active.

Unobservable inputs based

on assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about

the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2025 and indicates

the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:

Level September 30,

Maturity Date:

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date.

In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).

The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Quoted prices in active markets for identical assets or liabilities.

An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Observable inputs other than Level 1 inputs.

Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value:

Level March 31,

2026 December 31,

Investments held in Trust Account – U.S.

Treasury Securities October 16, 2025 1 $ 179,493,580

Treasury Securities July 16, 2026 1 $ 182,735,189 $ 181,285,220

PLUM ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2026

NOTE 9 — SEGMENT REPORTING

ASC Topic 280, “Segment Reporting,”

establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic

areas, and major customers.

Operating segments are defined as components of an enterprise that engage in business activities from which

it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by

the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.

The Company’s CODM has been identified as the Chief Financial

Officer , who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating

resources and assessing financial performance.

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their unaudited condensed consolidated financial statements information about operating segments, products, services, geographic areas, and major customers.

Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.

The Company’s CODM has been identified as the Chief Financial Officer , who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance.

Accordingly, management has determined that there is only one reportable segment.

The CODM assesses performance for the single

segment and decides how to allocate resources based on net income or loss that also is reported on the condensed statements of operations

as net income or loss.

The measure of segment assets is reported on the condensed balance sheets as total assets.

When evaluating the

Company’s performance and making key decisions regarding resource allocation, the CODM reviews the below key metric included in

net income or loss:

September 30,

For the Period from June 10, 2024 (Inception) Through September 30,

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the unaudited condensed consolidated statements of operations as net income or loss.

The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.

When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews the below key metric included in net income or loss:

General and administrative expenses $ 252,715 $ 306,345

Interest earned on marketable securities held in Trust Account

September 30,

Interest earned on investments held in Trust Account 1,449,969 1,488,400

2026 December 31,

Cash $ 93,512 $ 296,249

Investments held in Trust Account 182,735,189 181,285,220

General and administrative expenses are reviewed

and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar

transaction within the business combination period.

The CODM also reviews general and administrative expenses to manage, maintain and

enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

General and administrative expenses, as

reported on the condensed statements of operations, are the significant segment expenses provided to the CODM on a regular basis.

All other segment items included in net income or loss are reported

on the condensed statements of operations and described within their respective disclosures.

General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction within the business combination period.

The CODM also reviews general and administrative expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

General and administrative expenses, as reported on the unaudited condensed consolidated statements of operations, are the significant segment expenses provided to the CODM on a regular basis.

All other segment items included in net income or loss are reported on the unaudited condensed consolidated statements of operations and described within their respective disclosures.

NOTE 10 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred

after the condensed balance sheet date up to the date that the unaudited condensed financial statements were issued.

Based upon this review,

the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements.

The Company evaluated subsequent events and transactions that occurred after the condensed consolidated balance sheet date up to the date that the unaudited condensed consolidated financial statements were issued.

Based upon this review, besides as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.

Subsequent to March 31, 2026, the Company drew an aggregate of $ 550,000 under the Note.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements