Welcome to our dedicated page for Plum Acquisition news (Ticker: PLMJ), a resource for investors and traders seeking the latest updates and insights on Plum Acquisition stock.
Plum Acquisition Corp. (PLMJ), a special purpose acquisition company (SPAC), provides investors with critical updates through this centralized news hub. Our curated collection features official press releases, regulatory filings, and strategic announcements related to PLMJ's merger targets and capital deployment activities.
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Tactical Resources, a North American rare earth elements (REEs) company, is set to list on NASDAQ through a business combination with Plum Acquisition Corp. III. The deal implies a pro forma enterprise value of $589 million. Tactical Resources aims to become a significant U.S. REEs producer, addressing the critical need for these materials in modern technologies and national defense.
The company's Peak Project in Texas has exclusive rights to REE-enriched tailings from the Sierra Blanca Quarry, offering a rare direct-leach-extractable project with existing permits. This strategic move aims to reduce U.S. dependence on Chinese REE supply, which currently accounts for nearly 70% of global production.
The transaction is expected to close in Q4 2024, subject to approvals. Existing Tactical Resources shareholders will own approximately 82% of the new entity upon completion.
