Plum Acquisition Corp. I Announces $300 Million Initial Public Offering

Rhea-AI Summary

Plum Acquisition Corp. I, formed by Ursula Burns and other tech leaders, announced its IPO of 30 million units priced at $10 each. The units will trade on Nasdaq under the symbol PLMI U starting March 16, 2021. Each unit includes one Class A share and a fifth of a warrant, with each whole warrant entitling purchase at $11.50. The company plans to focus on potential business combinations in internet and software sectors. Goldman Sachs is the sole book-running manager, with a 45-day option for an additional 4.5 million units.

Positive

• Pricing of IPO at $10 per unit may attract investor interest.
• Focus on internet and software sectors suggests potential for growth.
• Sponsorship by experienced tech leaders like Ursula Burns.

Negative

• No guarantees on the completion of the offering as planned.
• Market conditions may affect successful execution of business combinations.

SPAC formed by Executive Chairwoman Ursula Burns and other tech leaders

SAN FRANCISCO, March 15, 2021 (GLOBE NEWSWIRE) -- Plum Acquisition Corp. I (the “Company” or “Plum”), a newly incorporated special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 30,000,000 units at $10.00 per unit.

The units will be listed on the Nasdaq Capital Market (NASDAQ) and trade under the ticker symbol “PLMI U” beginning tomorrow, March 16, 2021. Each unit consists of one Class A ordinary share and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Company expects that the Class A ordinary shares and redeemable warrants will be listed on Nasdaq under the symbols “PLMI” and “PLMI W,” respectively.

The Company is sponsored by Plum Partners, LLC (the “Sponsor”) and led by Executive Chairwoman Ursula Burns, Chief Executive Officer Clay Whitehead, President Kanishka Roy, and Chief Financial and Chief Operating Officer Mike Dinsdale. While the Company may pursue an initial business combination target in any industry, it currently intends to pursue opportunities with internet and software companies that leverage platform models in enterprise software, SMB software and infrastructure, or disruptive marketplace models in verticals where the Plum team has extensive expertise, such as business automation, health and wellbeing, and finance- and insurance-related tech.

Goldman Sachs & Co. LLC is serving as sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 4,500,000 units at $10.00 per unit to cover over-allotments, if any.

A registration statement relating to the securities became effective on March 15, 2021. The offering is expected to close on March 18, 2021, subject to customary closing conditions.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West St., New York, NY, 10282 or by telephone at (866) 471-2526 or by e-mail at prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” related to the initial public offering and search for an initial business combination. No assurance can be given that the offering will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the Risk Factors section of the company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts:
Media@plumpartners.com

Sean Healy
Sean@healycorp.com
201-857-2520
201-218-2039/cell

FAQ

What is Plum Acquisition Corp. I's stock symbol?

The stock symbol for Plum Acquisition Corp. I is PLMI.

When will PLMI begin trading on Nasdaq?

PLMI will begin trading on Nasdaq on March 16, 2021.

How many units are being offered in the IPO?

The IPO is offering 30,000,000 units.

What are the components of each unit in the IPO?

Each unit consists of one Class A ordinary share and one-fifth of a redeemable warrant.

What is the price at which the warrants can be exercised?

The warrants can be exercised at a price of $11.50 per share.