PLUM PARTNERS IV, LLC 4

What Happened
Plum Partners IV, LLC (the Sponsor and a >10% holder) elected to convert 5,649,999 Class B ordinary shares (derivative securities) into Class A ordinary shares on July 9, 2026. The Form 4 also reports an earlier transfer/disposition of 25,000 Class B shares on April 25, 2025 that were transferred for services (per footnote). Both the conversion and the transfer are reported with a $0.00 price — the conversion resulted in issuance of Class A shares rather than a cash sale.

Key Details

• Transaction dates and types:
  • 2026-07-09 — Conversion of derivative security: 5,649,999 shares converted (reported as acquired via conversion) and simultaneously reported as disposed of as derivative holdings (reported $0.00). (See F4.)
  • 2025-04-25 — Other acquisition/disposition: 25,000 Class B shares disposed/transferred for services to Aidin Aghamiri (reported $0.00). (See F3.)
• Filing info: Form 4 filed July 13, 2026; the 2025-04-25 transfer is reported well after that date, which may indicate a delayed filing of that earlier transfer.
• Ownership context: Securities are held directly by Plum Partners IV, LLC (the Sponsor). Kanishka Roy, the issuer’s CEO and Chairman, is the Sponsor’s managing member and may be deemed a beneficial owner but disclaims beneficial ownership except for any pecuniary interest (F2).
• Footnotes of note:
  • F1: Class B shares automatically convert into Class A shares at no less than a 1:1 ratio after the issuer’s business combination or earlier at holder option; Class B shares have no expiration.
  • F3: 25,000 Class B shares were transferred to a director for services.
  • F4: The large block was converted pursuant to the Sponsor’s election.
• Shares owned after transaction: not specified in the provided extract.

Context

• Conversion explanation: This was a conversion of founder/Class B shares into publicly tradeable Class A shares (no cash changed hands), not an open-market purchase or sale. Conversions are a structural change in share class rather than a bullish or bearish purchase/sale signal by itself.
• Transfers for services (25,000 shares) typically reflect compensation to a director and do not necessarily indicate trading sentiment.
• As this involves a >10% holder (an entity sponsor) rather than a routine executive open-market trade, treat it as institutional/structural activity tied to capitalization and corporate structure.