Plum Acquisition Corp. III is a SPAC — a blank check company with no operations of its own — formed to identify and merge with a private operating business, thereby taking it public. Plum raised $282.5M in its IPO in July/August 2021 and placed the proceeds in a trust account invested in U.S. government securities. The sponsor, Mercury Capital, acquired founder shares at a nominal cost and profits if the combined company trades above the IPO price post-merger. Public shareholders invest with downside protection, retaining the right to redeem shares at approximately the original $10.00 per share (plus interest) regardless of how they vote on any deal. Plum signed a Business Combination Agreement in August 2024 to merge with Tactical Resources Corp., a British Columbia-based mining company, which would take TRC public via the combined entity. Shareholders approved the deal at the December 2025 extraordinary general meeting, but closing has not yet occurred and remains subject to conditions. The deal deadline has been extended multiple times and now sits at July 30, 2026, after which Plum must liquidate if the merger has not closed. Successive redemption waves have reduced the trust account from the original $282.5M to approximately $486K, meaning any completed merger would be largely equity-financed rather than cash-financed. Plum was delisted from Nasdaq in January 2025 and now trades on OTC Markets.