Plum IV and CTR announce agreements to convert ~$205M convertible debt to equity ahead of proposed business combination

Plum Acquisition Corp, IV

CTR's outstanding convertible notes expected to total about $245M at closing; ~$205M expected to convert to equity and ~$40M into a new planned PIPE.
Combined company expected to operate as Controlled Thermal Resources and list on Nasdaq under ticker CTRH; deal expected to close in Q4 2026.
CTR plans Stage 1 Power as a 50 MW geothermal facility with commercial operation in 2028, plus Stage 1 Lithium targeting 25,000 metric tons annually in 2030.
CTR plans ~650 MW of renewable baseload geothermal generation and has invested ~$310M in Hell's Kitchen development to date.
Plum IV CEO Kanishka Roy says the steps simplify CTR's balance sheet ahead of proposed listing; CTR CEO Rod Colwell cites greater flexibility for Stage 1 project financing.

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