Plum Acquisition I said it will appeal a potential Nasdaq delisting, which was triggered by the SPAC’s failure to complete a deal within 36 months of the effectiveness of its IPO registration.
Plum I in December announced a deal with Veea, a cloud computing company. The deal has an enterprise value of approximately $281 million, prior to an anticipated $50 million private financing by Veea and assuming certain redemptions of Plum shares.
The transaction consideration will consist of newly-issued Plum securities determined based on a pre-money equity value for Veea’s outstanding equity securities and certain outstanding debt that will be converted into equity at the closing of approximately $194 million, excluding any money raised by Veea in its current financing.
Founded in 2014, Veea offers edge-to-cloud computing with its VeeaHub smart computing hub products, which can replace or complement Wi-Fi Access Points (APs), IoT gateways, routers, basic firewalls, network attached storage, and other types of hubs and appliances at user premises. Cloud-managed VeeaHub products and its edge applications are at the core of Veea’s mission of championing digital transformation across many industries. Read more.
