Item 8. Financial Statements and Supplementary Data
ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
The
information required by this Item is included in this Annual Report as set forth in the “Index to Consolidated Financial Statements”
which appears on page F-1 of this Annual Report, after the signature pages of this Annual Report, and is incorporated by reference herein.
ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
On
September 19, 2024, the Board dismissed Marcum LLP (“Marcum”), the Company’s independent registered public accounting
firm. Marcum’s report on Plum’s financial statements as of December 31, 2023 and 2022 contained an explanatory paragraph
relating to going concern, but otherwise did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified
as to uncertainty, audit scope or accounting principles.
As
required by Rules 13a-15 and 15d-15 under the Exchange Act, Plum’s Chief Executive Officer and Chief Financial Officer carried
out an evaluation of the effectiveness of the design and operation of Plum’s disclosure controls and procedures as of June 30,
2024. Based upon their evaluation, Plum’s Chief Executive Officer and Chief Financial Officer concluded that Plum’s disclosure
controls and procedures were not effective as of June 30, 2024 due to the material weakness in Plum’s internal controls over accounting
and reporting complex financial instruments including the accounting for Plum’s subscription agreements and other service provider
or investor agreements, proper classification of warrants as liabilities and redeemable Class A ordinary shares as temporary equity and
prepaid expenses between current and non-current, misclassification of the trust account between current and long term assets, misclassification
of redeemed shares between current liabilities and temporary equity and under accrual of liabilities.
During
Marcum’s engagement by the Company, and through the date of dismissal, there were no: (i) disagreements with Marcum on any matter
of accounting principles or practices, financial statement disclosures or audit scope or procedures, which disagreements if not resolved
to Marcum’s satisfaction would have caused Marcum to make reference to the subject matter of the disagreement in connection with
its report or (ii) reportable events as defined in Item 304(a)(1)(v) of Regulation S-K, other than as described above.
On
September 19, 2024 the Board approved the engagement of PKF O’Connor Davies, LLP (“PKF”) as the Company’s independent
registered public accounting firm to audit the Company’s consolidated financial statements for the year ending December 31, 2024,
effective immediately. The Board ratified the dismissal of Marcum and the engagement of PKF on September 19, 2024, and the change became
effective on September 19, 2024.
During
the fiscal years ended December 31, 2023 and December 31, 2022, and the subsequent interim period through the date of PKF’s engagement,
neither Plum, nor any party on behalf of Plum, consulted PKF regarding either (i) the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that might be rendered on Plum’s financial statements,
and no written report or oral advice was provided to Plum by PKF that was an important factor considered by Plum in reaching a decision
as to any accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a disagreement or a reportable
event, each as defined above.
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