Plum Acquisition IV, a blank check company sponsored by investment company Plum Partners, raised $150 million by offering 15 million units at $10. Each unit consists of one common stock and one-half of one redeemable warrant, exercisable at $11.50. The company had originally filed in July 2024 to raise $200 million, before lowering the proposed deal size in December.
The SPAC is led by CEO and Chairman Kanishka Roy, co-founder and Managing Partner at Plum Partners and former Head of Tech M&A Origination at Morgan Stanley, as well as CFO and Director Steven Handwerker, a former analyst at Citadel and former CFO of FinServ Acquisition II (liquidated).
Roy serves as Chairman and CEO of Plum Acquisition Corp. III (PLMJ; last close $11.17), which is pending a combination with rare earth elements firm Tactical Resources Corp, and previously served as Chairman and CEO of Plum Acquisition Corp. I before its combination with edge-to-cloud computing firm Veea (VEEA; last close $3.54).
The San Francisco, CA-based company plans to target businesses with large addressable markets, experienced management, and robust growth, among other characteristics.
Plum Acquisition IV plans to list on the Nasdaq under the symbol PLMKU. Cohen & Company Capital Markets and Seaport Global acted as bookrunners on the deal.