Sakuu Corporation entered into a definitive business combination agreement to acquire Plum Acquisition Corp. I from Plum Partners, LLC and others for approximately $610 million in a reverse merger transaction.
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.