Sakuu Corporation entered into a definitive business combination agreement to acquire Plum Acquisition Corp. I (NasdaqCM:PLMI) from Plum Partners, LLC and others for approximately $610 million in a reverse merger transaction on March 2, 2023. Subject to, and in accordance with the terms and conditions of the Business Combination Agreement, Sakuu's equityholders will receive a number of shares of Common Stock (or rights to acquire such Common Stock) of Plum in the aggregate equal to $600,000,000.00 plus the aggregate exercise prices of Sakuu's options and warrants, divided by $10.00. Plum will issue an additional 6 million shares based on earnout available for Sakuu stockholders. Existing Sakuu shareholders rolling 100% of their equity and are expected to own a pro forma equity ownership of approximately 79.0%. Upon the closing of the proposed transaction, the combined company (the “Company”) will be renamed Sakuu Holdings Inc. and is expected to be listed on a US national exchange under the ticker symbol “SAKU.” The transaction implies an enterprise value of approximately $705 million and the transaction implies a pre-money equity value of approximately $600 million. Post completion of the agreement, the merger will result in Sakuu becoming a publicly traded company. There are currently no changes being announced to Sakuu's executive team. In connection with the closing of the Business Combination, Sakuu's Board of Directors will be expanding with the addition of certain board members selected by Sakuu and Plum as well additional independent board members.

The transactions remain subject to approval by Sakku shareholders and Plum stockholders representing a majority of the outstanding Plum voting power, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission (the “SEC”) in connection with the transaction, the expiration of the HSR Act waiting period, Plum shall have at least $5,000,001 of net tangible assets, approval of New Plum Common Shares being issued in connection with the Business Combination for listing on the Nasdaq Stock Market (“Nasdaq”), the Net Closing Cash (as defined in the Business Combination Agreement) shall be at least equal to $35,000,000 and at least fifty percent (50%) of the Net Closing Cash shall be Closing Equity Liquidity (as defined in the Business Combination Agreement), the Registration Rights Agreement duly executed by Plum Partners, LLC, Sakuu Lock-Up Agreement duly executed by each Locked-Up Company Person, a termination agreement duly executed by Sakuu and each applicable Sakuu Shareholder and other customary closing conditions. The Boards of Directors of both Sakuu and Plum have unanimously approved the contemplated transaction. Transaction expected to close in third quarter of 2023. As of March 15, 2023, the shareholders of PLMI has approved the extension proposal by which the Company has to consummate a business combination from March 18, 2023 to June 18, 2023. Funds from the transaction are expected to fully support the Company through its commercialization process.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC is serving as the exclusive financial advisor and C. Dana Waterman III of Lane & Waterman LLP is serving as its legal advisor to Plum. David K. Michaels, Michael Pilo, Jonathan Millard, Matt Cantor and Mike Knobler of Fenwick & West LLP is serving as Sakuu's legal advisor. Advantage Proxy, Inc. acted as information agent to Plum in the transaction. Continental Stock Transfer & Trust Company acted as Exchange Agent to Plum.