What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-15 compared with 2025-11-13 · 118 added, 68 removed, 125 unchanged (60% of the section changed)

6 unchanged sentences

The following discussion and analysis of the Company’s financial

condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere

in this Quarterly Report.

Certain information contained in the discussion and analysis set forth below includes forward-looking statements

that involve risks and uncertainties.

condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and

the notes thereto contained elsewhere in this Quarterly Report.

Certain information contained in the discussion and analysis set forth

below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking

31 unchanged sentences

We cannot assure you that our plans to complete a business combination will be successful.

Proposed Business Combination

Business Combination Agreement

On March 8, 2026, we entered into a business combination

agreement (the “Business Combination Agreement”) by and among us, Plum IV Merger Sub, Inc., a Delaware corporation and our

direct wholly owned subsidiary (“Merger Sub”) and our direct wholly owned subsidiary, 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.

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 our shareholders and CTR’s stockholders and the satisfaction or waiver of certain other customary conditions.

For more information about the Business Combination

Agreement and the Business Combination, see Note 1- “Proposed Business Combination”.

Transaction Support

Simultaneously with the

execution and delivery of the Business Combination Agreement, we and certain stockholders of CTR (collectively, the “Supporting

CTR Stockholders”), 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 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.

Registration Rights

In connection with the

Business Combination, simultaneously with the closing of the Business Combination (the “Closing”), we and certain holders

will enter into an (the “Amended and Restated Registration Rights Agreement”) Amended and Restated Registration Rights Agreement

that amends and restates the Registration Rights Agreement, dated January 14, 2025, by and among us, our sponsor and certain other security

holders named therein, pursuant to which, among other things, (i) we 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, we, our 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).

July Promissory Note

On July 8, 2025, we issued an unsecured promissory

note in the principal amount of up to $1,500,000 to the sponsor which may be drawn down from time to time prior to the Maturity Date (as

defined below) upon our request.

The Note (as defined below) does not bear interest and the principal balance will be payable on the date

on which we consummate our initial business combination.

In the event we consummate 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

The number of New PubCo Shares (as defined below) to be received by the sponsor in connection with such optional conversion will

be an amount determined by dividing (x) the sum of the outstanding principal amount (or portion thereof) payable to the sponsor by (y)

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.

Results of Operations

1 unchanged sentence

generated any operating revenues to date.

Our only activities from inception through September 30, 2025 were organizational activities

and those necessary to prepare for the initial public offering, described below and, after our initial public offering, identifying a

target company for a business combination.

We do not expect to generate any operating revenues until after the completion of our initial

business combination.

We expect to generate non-operating income in the form of interest income on marketable securities held after the

initial public offering.

We expect that we will incur increased expenses as a result of being a public company (for legal, financial

reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching for, and completing,

a business combination.

For the three months ended September 30, 2025,

we had a net income of $1,679,645, which consists of interest earned on investments held in Trust Account of $1,913,171 and interest

earned on operating account of $2,474, offset by general and administrative expenses of $236,000.

For the nine months ended September 30, 2025,

we had a net income of $4,490,927, which consists of interest earned on investments held in Trust Account of $5,268,580 and interest

earned on operating account of $2,474, offset by general and administrative expenses of $780,127.

For the three months ended September 30, 2024,

we had a net loss of $44,788, which consists of formation and operational costs.

For the period from June 10, 2024 (inception)

through September 30, 2024, we had a net loss of $73,051, which consists of formation and operational costs.

Our only activities for the period from June 10, 2024 (inception) through March 31, 2026 were

organizational activities and those necessary to prepare for the initial public offering, described below and, after our initial public

offering, identifying a target company for a business combination.

We do not expect to generate any operating revenues until after the

completion of our initial business combination.

We expect to generate non-operating income in the form of interest income on marketable

securities held after the initial public offering.

We expect that we will incur increased expenses as a result of being a public company

(for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with searching

for, and completing, a business combination.

For the three months ended March 31, 2026, we

had a net income of $1,199,134, which consists of interest earned on investments held in Trust Account of $1,449,969 and interest earned

on operating account of $1,880, offset by general and administrative expenses of $252,715.

For the three months ended March 31, 2025, we

had a net income of $1,182,055, which consists of interest earned on investments held in Trust Account of $1,488,400 offset by formation

and operational costs of $306,345.

Liquidity and Capital Resources

As of September 30, 2025, we had cash of $469,208.

As of March 31, 2026, we had cash of $93,512.

Until the consummation of the initial public offering, our only source of liquidity was an initial purchase of ordinary shares by the

12 unchanged sentences

fees, $6,900,000 of deferred underwriting fees and $582,289 of other offering costs.

For the nine months ended September 30, 2025,

cash used in operating activities was $696,547.

Net income of $4,490,927 was affected by interest earned on investments held in trust

account of $5,268,580, compensation expense of $36,750 and payment of operation costs through promissory note of $8,550.

For the three months ended March 31, 2026, cash

used in operating activities was $202,737.

Net income of $1,199,134 was affected by interest earned on investments held in trust account

of $1,449,969.

Changes in operating assets and liabilities provided $48,098 of cash for operating activities.

For the three months ended March 31, 2025, cash

used in operating activities was $338,313.

Net income of $1,182,055 was affected by interest earned on investments held in trust account

of $1,488,400, compensation expense of $36,750 and payment of operation costs through promissory note of $8,550.

Changes in operating

assets and liabilities provided $35,806 of cash for operating activities.

For the period from June 10, 2024 (inception)

through September 30, 2024, cash used in operating activities was $15,438 .

Net loss of $73,051 was affected by payment of operation

costs through promissory note of $20,820.

Changes in operating assets and liabilities used $36,793 of cash for operating activities.

As of September 30, 2025, we had investments

held in the trust account of $179,493,580.

assets and liabilities used $77,268 of cash for operating activities.

As of March 31, 2026, we had investments held

in the trust account of $182,735,189.

We intend to use substantially all of the funds held in the trust account, including any amounts

4 unchanged sentences

capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

As of September 30, 2025, we had cash of $469,208

As of March 31, 2026, we had cash of $93,512

for working capital purpose.

16 unchanged sentences

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

to the Maturity Date (as defined below) upon our request.

The Note does not bear interest and the principal balance will be payable on

the date on which we consummate our initial business combination (the “Maturity Date”).

In the event we consummate 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 will be an amount determined by dividing (x) the sum of the outstanding principal

amount (or portion thereof) payable to the 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.

to the Maturity Date upon our request.

The Note does not bear interest and the principal balance will be payable on the date on which

we consummate our initial business combination (the “Maturity Date”).

In the event we consummate 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 will be an amount determined by dividing (x) the sum of the outstanding principal amount (or

portion thereof) payable to the 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.

If our estimate of the costs of identifying a

6 unchanged sentences

Going Concern

As of September 30, 2025, we had $469,208 in

cash and a working capital of $138,786 .

As of March 31, 2026, we had $93,512 in cash

and working capital deficit of $318,003.

Further, we have incurred and expect to continue to incur significant costs in pursuit of our

3 unchanged sentences

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.

as of March 31, 2026, management has determined that mandatory liquidation, should a business combination not occur, and potential subsequent

dissolution and the liquidity issue raise substantial doubt about our 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

5 unchanged sentences

We have no obligations, assets or liabilities,

which would be considered off-balance sheet arrangements as of September 30, 2025.

We do not participate in transactions that create

relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have

been established for the purpose of facilitating off-balance sheet arrangements.

We have not entered into any off-balance sheet financing

arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial

which would be considered off-balance sheet arrangements as of March 31, 2026.

We do not participate in transactions that create relationships

with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established

for the purpose of facilitating off-balance sheet arrangements.

We have not entered into any off-balance sheet financing arrangements,

established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

14 unchanged sentences

Critical Accounting Estimates and Policies

The preparation of unaudited condensed financial

statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires

management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets

and liabilities at the date of the financial statements, and income and expenses during the periods reported.

Actual results could materially

differ from those estimates.

The preparation of unaudited condensed consolidated

financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent

assets and liabilities at the date of the unaudited condensed consolidated financial statements, and income and expenses during the periods

Actual results could materially differ from those estimates.

We have not identified any critical accounting policies.

1 unchanged sentence

Management does not believe that any other recently

issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our unaudited condensed consolidated

financial statements.

Quantitative and Qualitative Disclosures

2 unchanged sentences

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 2. Management’s Discussion and Analysis