CTR and Plum Acquisition IV Announce Capital Restructuring Ahead of Merger

Key Facts

1Approximately $205 million of existing convertible debt is expected to convert to equity upon the closing of the proposed business combination.

2CTR plans to develop approximately 650 MW of renewable geothermal generation for potential co-location of AI data centers.

Controlled Thermal Resources (CTR) and Plum Acquisition Corp. IV announced a series of agreements to strengthen CTR's capital structure ahead of their proposed business combination. GlobeNewswire reported that approximately $205 million of existing convertible debt is expected to convert to equity upon the closing of the merger. The restructuring aims to simplify the capital structure and support financing for the Hell's Kitchen geothermal project prior to a planned Nasdaq listing via the SPAC merger.

CTR plans to develop approximately 650 MW of renewable geothermal generation to support potential co-location of AI data centers. Regarding market performance, PLMK closed at $10.72 on September 30, 2026, reaching a session high of $10.72 and a low of $10.68.