Plum Acquisition Corp. IV Class A Ordinary Shares

Controlled Thermal Resources Holdings Inc. and Plum Acquisition Corp. IV announced agreements with strategic investors that are expected to convert approximately $245 million of CTR's outstanding convertible notes into equity and a new planned PIPE structure at the close of their proposed business combination. Under the agreements, roughly $205 million of that convertible debt is expected to convert to equity, while approximately $40 million is expected to convert into the new planned PIPE. The combined company is expected to trade on the Nasdaq under the ticker symbol CTRH, with the transaction targeted to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals. CTR said the simplified capital structure is intended to support project financing for Stage 1 of its Hell's Kitchen development, a planned 50 MW geothermal facility expected to reach commercial operation in 2028, followed by Stage 1 Lithium with planned annual battery grade capacity of 25,000 metric tons targeted for 2030. CTR has invested approximately $310 million in development to date and plans to develop approximately 650 MW of renewable baseload geothermal generation across an approximately 4,000-acre site in southern California's Salton Sea region.