Plum Acquisition IV, a blank check company sponsored by investment company Plum Partners, lowered the proposed deal size for its upcoming IPO on Friday.
The San Francisco, CA-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 20 million units at the same price. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised terms, Plum Acquisition IV will raise 25% less in proceeds than previously anticipated.
The SPAC is led by CEO and Chairman Kanishka Roy, Managing Partner at Plum Partners, and CFO and Director Steven Handwerker, a former Citadel analyst. It plans to target businesses with large addressable markets, experienced management, and robust growth, among other characteristics.
Kanishka previously led Plum Acquisition I, which merged with tech firm Veea (VEEA; -70% from $10 offer price) this past September, and currently leads Plum Acquisition III (PLMJ; +11%), which has a pending merger agreement with rare earth element firm Tactical Resources. Handwerker previously advised on FinServ Acquisition I (which merged with Katapult Holdings at a $1 billion EV in June 2021) and was CFO of FinServ Acquisition II (which liquidated in November 2023).
Plum Acquisition IV was founded in 2024 and plans to list on the Nasdaq under the symbol PLMKU. Cohen & Company Securities and Seaport Global are the joint bookrunners on the deal.