UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant ☒
Filed by a party other than the Registrant ☐
Check the appropriate box:
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Preliminary Proxy Statement |
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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Definitive Proxy Statement |
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Definitive Additional Materials |
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Soliciting Material under § 240.14a-12 |
Plutonian Acquisition Corp.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
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No fee required |
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Fee paid previously with preliminary materials |
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
PRELIMINARY PROXY
STATEMENT — SUBJECT TO COMPLETION DATED JULY 12, 2023
PLUTONIAN ACQUISITION CORP.
1441 Broadway 3rd, 5th & 6th Floors
New York, NY 10018
NOTICE OF SPECIAL MEETING
TO BE HELD ON [●], 2023
TO THE STOCKHOLDERS OF PLUTONIAN ACQUISITION CORP.:
You are cordially invited to attend the special meeting (the “special
meeting”) of stockholders of Plutonian Acquisition Corp. (the “Company,” “we,”
“us” or “our”), to be held at [●], on [●], 2023. The special meeting
will be held virtually, at [●]. At the special meeting, the stockholders will consider and vote upon the following proposals:
1. |
Proposal 1 – A proposal to amend (the “Extension Amendment”) the Company’s Amended and Restated Certificate of Incorporation (our “charter”) to allow the Company to extend the date by which the Company must consummate a business combination (the “Extension”), up to four times for an additional three months each time, from August 15, 2023 to August 15, 2024 (the date that is 21 months from the closing date of the Company’s initial public offering of units (the “IPO”)). The later such date actually extended is referred to as the “Extended Date.” (the “Extension Amendment Proposal”). |
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Proposal 2 – A proposal to amend (the “Trust Amendment”) the Investment Management Trust Agreement, dated November 9, 2022 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company (the “Trustee”), to allow the Company to extend the date on which the Trustee must liquidate the trust account established by the Company in connection with the IPO (the “trust account”) if the Company has not completed its initial business combination, up to four times for an additional three months each time, from August 15, 2023 to August 15, 2024. (the “Trust Amendment Proposal”). |
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Proposal 3 – A proposal to approve the adjournment of the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension (the “Adjournment Proposal”). The Adjournment Proposal will only be presented at the special meeting if there are not sufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal and the Trust Amendment Proposal. |
Each of the Extension Amendment Proposal, the Trust Amendment Proposal
and the Adjournment Proposal is more fully described in the accompanying proxy statement. The special meeting will be a virtual meeting.
You will be able to attend and participate in the special meeting online by visiting [●]. Please see “Questions and Answers
about the Special Meeting — How do I attend the special meeting?” for more information.
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR”
THE EXTENSION AMENDMENT PROPOSAL, THE TRUST AMENDMENT PROPOSAL AND, IF PRESENTED, THE ADJOURNMENT PROPOSAL.
The Company’s currently effective charter provides that the Company
has the right to extend the period to complete a business combination (the “Combination Period”) nine times
by an additional month each time (for a total of 18 months to complete a business combination). Under the current charter, in order to
extend the time available for the Company to consummate a business combination without the need for a separate stockholder vote under
the charter, Plutonian Investments LLC (the “Sponsor”) or its affiliate or designees must deposit into the trust
account $189,750 ($0.033033 per public share) on or prior to the date of each applicable deadline. Given the current market conditions,
the Sponsor would like to pay extension fees that are substantially less than the $189,750 required for each one-month extension under
the existing charter. The Company expects that there will be significant redemptions at the special meeting.
The Extension Amendment and the Trust Amendment will provide the Company
with additional time to complete a business combination. While we are currently in discussions with respect to a business combination,
the Company’s board of directors (the “Board”) currently believes that there will not be sufficient time
before August 15, 2023 (unless the Combination Period is extended in accordance with the terms of the existing charter) to complete an
initial business combination. Accordingly, our Board has determined that the Extension is necessary in order to be able to consummate
an initial business combination and believes that it is in the best interests of our stockholders to extend the date by which the Company
must consummate a business combination to the Extended Date in order to provide our stockholders with the opportunity to participate in
the prospective investment. The purpose of the Adjournment Proposal is to allow the Company to adjourn the special meeting to a later
date or dates if we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there
are insufficient votes to approve the Extension Amendment Proposal and the Trust Amendment Proposal or if we determine that additional
time is necessary to effectuate the Extension.
Each of the Company, Plutonian Investments LLC or any of their respective
affiliates (the “Contributors”) have agreed that if the Extension Amendment Proposal and the Trust Amendment
Proposal are approved, they will deposit to the trust account $150,000 for each three-month Extension (approximately $0.026 per share
assuming no redemptions), up to four times till August 15, 2024 (each being referred to herein as a “Contribution”).
Each Contribution will be deposited in the trust account within two business days prior to the beginning of the additional extension period
(or portion thereof). The Contribution(s) will not bear any interest and will be repayable by the Company to the Contributors upon consummation
of an initial business combination. The Contributions will be forgiven by the Contributors if the Company is unable to consummate its
initial business combination except to the extent of any funds held outside of the trust account. If the Company extends the time to complete
a business combination to August 15, 2024, the Contributors would make aggregate Contributions in the amount of $600,000, or approximately
$0.104 per share assuming no redemptions.
The Company will have the sole discretion whether to continue extending
the time to complete a business combination until the Extended Date, and if the Company determines not to continue extending for an additional
period, any obligation to make additional Contributions will terminate. If this occurs, or if the Company’s Board otherwise determines
that the Company will not be able to consummate an initial business combination by the Extended Date and does not wish to seek an additional
Extension, the Company would wind up the Company’s affairs and redeem 100% of the outstanding public shares in accordance with the
same procedures set forth below that would be applicable if the Extension Amendment Proposal and the Trust Amendment Proposal are not
approved.
The affirmative vote of at least
a majority of then Company’s outstanding common stock, par value $0.0001 per share, held by the Company’s public stockholders
(the “public shares”), and the outstanding common stock, par value $0.0001 per share, held by the Company’s
initial stockholders (the “founder shares” and, together with the public shares, the “common stock”),
present and entitled to vote at the meeting, will be required to approve the Extension Amendment Proposal and the Trust Amendment Proposal.
Approval of the Extension Amendment Proposal and the Trust Amendment Proposal is a condition to the implementation of the Extension. Approval
of the Adjournment Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person (including
virtually) or by proxy at the special meeting.
Our Board has fixed the close of business on July 12, 2023 as the record
date for determining the Company’s stockholders entitled to receive notice of and vote at the special meeting and any adjournment
thereof. Only holders of record of the Company’s common stock on that date are entitled to have their votes counted at the special
meeting or any adjournment thereof. A complete list of stockholders of record entitled to vote at the special meeting will be available
for ten days before the special meeting at the Company’s principal executive offices for inspection by stockholders during ordinary
business hours for any purpose germane to the special meeting.
In connection with the Extension Amendment Proposal, holders of public
shares (“public stockholders”) may elect to redeem their public shares for a per share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account as of two business days prior to such approval, including interest
earned on the funds held in the trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding
public shares (the “Election”), regardless of whether such public stockholders vote on the Extension Amendment
Proposal and the Trust Amendment Proposal. If the Extension Amendment Proposal and the Trust Amendment Proposal are approved by the requisite
vote of stockholders, holders of public shares that do not make the Election will retain the opportunity to have their public shares redeemed
in conjunction with the consummation of a business combination, subject to any limitations set forth in our charter, as amended. In addition,
public stockholders who do not make the Election would be entitled to have their public shares redeemed for cash if the Company has not
completed a business combination by the Extended Date.
The Company estimates that the per share price at which the public
shares may be redeemed from cash held in the trust account will be approximately $[●] at the time of the special meeting (based
on the trust account balance as of [●], 2023, including interest and prior to the payment of taxes). The closing price of the Company’s
common stock on The Nasdaq Capital Market on [●], 2023, was $[●]. Accordingly, if the market price were to remain the same
until the date of the special meeting, exercising redemption rights would result in a public stockholder receiving approximately $[●]
more per share than if such stockholder sold the public shares in the open market. The Company cannot assure public stockholders that
they will be able to sell their public shares in the open market, even if the market price per share is higher than the redemption price
stated above, as there may not be sufficient liquidity in its securities when such stockholders wish to sell their shares.
The Adjournment Proposal, if adopted, will allow our Board to adjourn
the special meeting to a later date or dates, if necessary or appropriate, to permit further solicitation of proxies. The Adjournment
Proposal will be presented to our stockholders only in the event that there are insufficient votes for, or otherwise in connection with,
the approval of the Extension Amendment Proposal and the Trust Amendment Proposal.
If the Extension Amendment Proposal or the Trust Amendment Proposal
is not approved and the Combination Period is not extended in accordance with the terms of the existing charter, the Company will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, and subject to having lawfully available funds therefor, redeem 100% of the outstanding public shares, at a per share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation
distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining stockholders and our Board, dissolve and liquidate, subject in each case to our obligations under Delaware
law to provide for claims of creditors and requirements of other applicable law. There will be no redemption rights or liquidating distributions
with respect to our warrants and rights, including the warrants and rights included in the units sold in the IPO (the “public
warrants” and “public rights” respectively), which will expire worthless in the event the Company
winds up.
You are not being asked to vote on a business combination at this
time. If the Extension is implemented and you do not elect to redeem your public shares in connection with the Extension, you will retain
the right to vote on a business combination when it is submitted to the public stockholders (provided that you are a stockholder on the
record date for a meeting to consider a business combination) and the right to redeem your public shares for a pro rata portion of the
trust account in the event a business combination is approved and completed or the Company has not consummated a business combination
by the Extended Date.
After careful consideration of all relevant factors, our Board has
determined that the Extension Amendment Proposal, the Trust Amendment Proposal and, if presented, the Adjournment Proposal are advisable
and recommends that you vote or give instruction to vote “FOR” the Extension Amendment Proposal, the Trust Amendment Proposal
and, if presented, the Adjournment Proposal.
Enclosed is the proxy statement containing detailed information concerning
the Extension Amendment Proposal, the Trust Amendment Proposal and the Adjournment Proposal and the special meeting. Whether or not you
plan to attend the special meeting, the Company urges you to read this material carefully and vote your shares.
[●], 2023 |
By Order of the Board of Directors, |
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Wei Kwang Ng |
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Chief Executive Officer,
President and Chairman of the Board |
Your vote is important. If you are a stockholder of record, please
sign, date and return your proxy card as soon as possible to make sure that your shares are represented at the special meeting. If you
are a stockholder of record, you may also cast your vote virtually at the special meeting. If your shares are held in an account at a
brokerage firm or bank, you must instruct your broker or bank how to vote your shares, or you may cast your vote virtually at the special
meeting by obtaining a proxy from your brokerage firm or bank. Your failure to vote or instruct your broker or bank how to vote will have
the same effect as voting against the Extension Amendment Proposal and the Trust Amendment Proposal, and an abstention will have the same
effect as voting against the Extension Amendment Proposal and the Trust Amendment Proposal. Abstentions will be counted in connection
with the determination of whether a valid quorum is established but will have no effect on the outcome of the Adjournment Proposal.
Important Notice Regarding the Availability of Proxy Materials for
the Special Meeting of Stockholders to be held on [●], 2023: This notice of meeting and the accompanying proxy statement are
available at [●].
TO EXERCISE YOUR REDEMPTION RIGHTS, YOU MUST (1) IF YOU HOLD PUBLIC
SHARES THROUGH UNITS, ELECT TO SEPARATE YOUR UNITS INTO THE UNDERLYING PUBLIC SHARES, PUBLIC WARRANTS AND PUBLIC RIGHTS PRIOR TO EXERCISING
YOUR REDEMPTION RIGHTS WITH RESPECT TO THE PUBLIC SHARES, (2) SUBMIT A WRITTEN REQUEST TO THE TRANSFER AGENT BY 5:00 P.M. EASTERN TIME
ON [●], 2023, THE DATE THAT IS TWO BUSINESS DAYS PRIOR TO THE SCHEDULED VOTE AT THE SPECIAL MEETING, THAT YOUR PUBLIC SHARES BE
REDEEMED FOR CASH, INCLUDING THE LEGAL NAME, PHONE NUMBER, AND ADDRESS OF THE BENEFICIAL OWNER OF THE SHARES FOR WHICH REDEMPTION IS REQUESTED,
AND (3) DELIVER YOUR SHARES OF COMMON STOCK TO THE TRANSFER AGENT, PHYSICALLY OR ELECTRONICALLY USING THE DEPOSITORY TRUST COMPANY’S
DWAC (DEPOSIT WITHDRAWAL AT CUSTODIAN) SYSTEM, IN EACH CASE IN ACCORDANCE WITH THE PROCEDURES AND DEADLINES DESCRIBED IN THE ACCOMPANYING
PROXY STATEMENT. IF YOU HOLD THE SHARES IN STREET NAME, YOU WILL NEED TO INSTRUCT THE ACCOUNT EXECUTIVE AT YOUR BANK OR BROKER TO WITHDRAW
THE SHARES FROM YOUR ACCOUNT IN ORDER TO EXERCISE YOUR REDEMPTION RIGHTS.
PROXY STATEMENT — DATED [●], 2023
PLUTONIAN ACQUISITION CORP.
1441 Broadway 3rd, 5th & 6th Floors
New York, NY 10018
PROXY STATEMENT FOR THE SPECIAL MEETING OF STOCKHOLDERS
TO BE HELD ON [●], 2023
The special meeting of stockholders (the “special meeting”)
of Plutonian Acquisition Corp., a Delaware corporation (the “Company,” “we,” “us”
or “our”), will be held at [●], on [●], 2023. The special meeting will be held virtually, at [●].
At the special meeting, the stockholders will consider and vote upon the following proposals:
1. |
Proposal 1 – A proposal to amend (the “Extension Amendment”) the Company’s Amended and Restated Certificate of Incorporation (our “charter”) to allow the Company to extend the date by which the Company must consummate a business combination (the “Extension”), up to four times for an additional three months each time, from August 15, 2023 to August 15, 2024 (the date that is 21 months from the closing date of the Company’s initial public offering of units (the “IPO”)). The later such date actually extended is referred to as the “Extended Date” (the “Extension Amendment Proposal”). |
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Proposal 2 – A proposal to amend (the “Trust Amendment”) the Investment Management Trust Agreement, dated November 9, 2022 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company (the “Trustee”), to allow the Company to extend the date on which the Trustee must liquidate the trust account established by the Company in connection with the IPO (the “trust account”) if the Company has not completed its initial business combination, up to four times for an additional three months each time, from August 15, 2023 to August 15, 2024 (the “Trust Amendment Proposal”). |
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3. |
Proposal 3 – A proposal to approve the adjournment of the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension (the “Adjournment Proposal”). The Adjournment Proposal will only be presented at the special meeting if there are not sufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal and the Trust Amendment Proposal. |
The purpose of the Extension Amendment Proposal, the Trust Amendment
Proposal, and, if necessary the Adjournment Proposal, is more fully described herein. The special meeting will be a virtual meeting. You
will be able to attend and participate in the special meeting online by visiting [●]. Please see “Questions and Answers
about the Special Meeting — How do I attend the special meeting?” for more information.
The Company’s currently effective charter provides that the Company
has the right to extend the period to complete a business combination (the “Combination Period”) nine times
by an additional month each time (for a total of 18 months to complete a business combination). Under the current charter, in order to
extend the time available for the Company to consummate a business combination without the need for a separate stockholder vote under
the charter, Plutonian Investments LLC (the “Sponsor”) or its affiliate or designees must deposit into the trust
account $189,750 ($0.033 per public share) on or prior to the date of each applicable deadline. Given the current market conditions, the
Sponsor would like to pay extension fees that are substantially less than the $189,750 required for each one-month extension under the
existing charter. The Company expects that there will be significant redemptions at the special meeting.
The Extension Amendment and the Trust Amendment will provide the Company
with additional time to complete a business combination. While we are currently in discussions with respect to a business combination,
the Company’s board of directors (the “Board”) currently believes that there will not be sufficient time
before August 15, 2023 (unless the Combination Period is extended in accordance with the terms of the existing charter) to complete an
initial business combination. Accordingly, our board has determined that the Extension is necessary in order to be able to consummate
an initial business combination and believes that it is in the best interests of our stockholders to extend the date by which the Company
must consummate a business combination to the Extended Date in order to provide our stockholders with the opportunity to participate in
the prospective investment. The purpose of the Adjournment Proposal is to allow the Company to adjourn the special meeting to a later
date or dates if we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there
are insufficient votes to approve the Extension Amendment Proposal and the Trust Amendment Proposal or if we determine that additional
time is necessary to effectuate the Extension.
Each of the Company, Plutonian Investments LLC or any of their respective
affiliates (the “Contributors”) have agreed that if the Extension Amendment Proposal and the Trust Amendment
Proposal are approved, they will deposit to the trust account $150,000 for each three-month Extension (approximately $0.026 per share
assuming no redemptions), up to four times till August 15, 2024 (each being referred to herein as a “Contribution”).
Each Contribution will be deposited in the trust account within two business days prior to the beginning of the additional extension period
(or portion thereof). The Contribution(s) will not bear any interest and will be repayable by the Company to the Contributors upon consummation
of an initial business combination. The Contributions will be forgiven by the Contributors if the Company is unable to consummate its
initial business combination except to the extent of any funds held outside of the trust account. If the Company extends the time to complete
a business combination to August 15, 2024, the Contributors would make aggregate Contributions in the amount of $600,000, or approximately
$0.104 per share assuming no redemptions.
The Company will have the sole discretion whether to continue extending
the time to complete a business combination until the Extended Date, and if the Company determines not to continue extending for an additional
period, any obligation to make additional Contributions will terminate. If this occurs, or if the Company’s Board otherwise determines
that the Company will not be able to consummate an initial business combination by the Extended Date and does not wish to seek an additional
Extension, the Company would wind up the Company’s affairs and redeem 100% of the outstanding public shares in accordance with the
same procedures set forth below that would be applicable if the Extension Amendment Proposal and the Trust Amendment Proposal are not
approved.
The affirmative vote of at least
a majority of then Company’s outstanding common stock, par value $0.0001 per share, held by the Company’s public stockholders
(the “public shares”), and the outstanding common stock, par value $0.0001 per share, held by the Company’s
initial stockholders (the “founder shares” and, together with the public shares, the “common stock”),
present and entitled to vote at the meeting, will be required to approve the Extension Amendment Proposal and the Trust Amendment Proposal.
Approval of the Extension Amendment Proposal and the Trust Amendment Proposal is a condition to the implementation of the Extension. Approval
of the Adjournment Proposal requires the affirmative vote of the majority of the votes cast by stockholders represented in person (including
virtually) or by proxy at the special meeting.
Our Board has fixed the close of business on July 12, 2023 as the record
date for determining the Company’s stockholders entitled to receive notice of and vote at the special meeting and any adjournment
thereof. Only holders of record of the Company’s common stock on that date are entitled to have their votes counted at the special
meeting or any adjournment thereof. A complete list of stockholders of record entitled to vote at the special meeting will be available
for ten days before the special meeting at the Company’s principal executive offices for inspection by stockholders during ordinary
business hours for any purpose germane to the special meeting.
In connection with the Extension Amendment Proposal, holders of public
shares (“public stockholders”) may elect to redeem their public shares for a per share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account established by the Company in connection with the IPO (the “trust
account”) as of two business days prior to such approval, including interest earned on the funds held in the trust account
and not previously released to the Company to pay taxes, divided by the number of then outstanding public shares (the “Election”),
regardless of whether such public stockholders vote on the Extension Amendment Proposal and the Trust Amendment Proposal. If the Extension
Amendment Proposal and the Trust Amendment Proposal are approved by the requisite vote of stockholders, the holders of public shares that
do not make the Election will retain the opportunity to have their public shares redeemed in conjunction with the consummation of a business
combination, subject to any limitations set forth in our charter, as amended. In addition, public stockholders who do not make the Election
would be entitled to have their public shares redeemed for cash if the Company has not completed a business combination by the Extended
Date.
The withdrawal of funds from the trust account in connection with the
Election will reduce the amount held in the trust account following the Election, and the amount remaining in the trust account after
such withdrawal may be only a fraction of the $[●] (including interest but prior to the payment of taxes) that was in the trust
account as of [●], 2023. In such event, the Company may still seek to obtain additional funds to complete a business combination,
and there can be no assurance that such funds will be available on terms acceptable to the parties or at all. The Company will not use
the proceeds placed in the trust account and the interest earned thereon to pay any excise taxes or any other similar fees or taxes in
nature that may be imposed on the Company pursuant to any current, pending or future rules or laws, including without limitation any excise
tax due imposed under the Inflation Reduction Act of 2022 on any redemptions or stock buybacks by the Company.
The Company estimates that the per share price at which the public
shares may be redeemed from cash held in the trust account will be approximately $[●] at the time of the special meeting (based
on the trust account balance as of [●], 2023, including interest and prior to the payment of taxes). The closing price of the Company’s
common stock on The Nasdaq Capital Market (the “NASDAQ”) on [●], 2023, was $[●]. Accordingly, if
the market price were to remain the same until the date of the special meeting, exercising redemption rights would result in a public
stockholder receiving approximately $[●] more per share than if such stockholder sold the public shares in the open market. The
Company cannot assure public stockholders that they will be able to sell their public shares in the open market, even if the market price
per share is higher than the redemption price stated above, as there may not be sufficient liquidity in its securities when such stockholders
wish to sell their shares.
The Adjournment Proposal, if adopted, will allow our Board to adjourn
the special meeting to a later date or dates, if necessary or appropriate, to permit further solicitation of proxies. The Adjournment
Proposal will be presented to our stockholders only in the event that there are insufficient votes for, or otherwise in connection with,
the approval of the Extension Amendment Proposal and the Trust Amendment Proposal.
If the Extension Amendment Proposal or the Trust Amendment Proposal
is not approved and the Combination Period is not extended in accordance with the terms of the existing charter, the Company will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, and subject to having lawfully available funds therefor, redeem 100% of the outstanding public shares, at a per share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation
distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining stockholders and our Board, dissolve and liquidate, subject in each case to our obligations under Delaware
law to provide for claims of creditors and requirements of other applicable law. There will be no redemption rights or liquidating distributions
with respect to our warrants and rights, which will expire worthless in the event the Company winds up.
Plutonian Investments LLC, a Delaware limited liability company (the
“Sponsor”), has agreed that it will be liable to the Company if and to the extent any claims by a third party
(other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company,
or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds
in the trust account to below (i) $10.175 per public share or (ii) such lesser amount per public share held in the trust account as of
the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of the interest
which may be withdrawn to pay the Company’s taxes, except as to any claims by a third party who executed a waiver of any and all
rights to seek access to the trust account and except as to any claims under the Company’s indemnity of the underwriters of the
IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended. However, we have not asked the Sponsor
to reserve for such indemnification obligations, nor have we independently verified whether the Sponsor has sufficient funds to satisfy
its indemnity obligations and believe that the Sponsor’s only assets are securities of the Company. Therefore, we cannot assure
that the Sponsor would be able to satisfy those obligations.
Under the Delaware General Corporation Law (the “DGCL”),
stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received by them in a
dissolution. If the corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure that it makes
reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims can be brought against
the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional 150-day waiting period
before any liquidating distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution
is limited to the lesser of such stockholder’s pro rata share of the claim or the amount distributed to the stockholder, and any
liability of the stockholder would be barred after the third anniversary of the dissolution.
However, because the Company will not be complying with Section 280
of the DGCL, Section 281(b) of the DGCL requires the Company to adopt a plan, based on facts known to the Company at such time that will
provide for our payment of all existing and pending claims or claims that may be potentially brought against the Company within the subsequent
ten years following our dissolution. However, because the Company is a blank check company, rather than an operating company, and our
operations have been limited to searching for prospective target businesses to acquire, the only likely claims to arise would be from
our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses.
If the Extension Amendment Proposal and the Trust Amendment Proposal
are approved, such approval will constitute consent for the Company to (i) remove from the trust account an amount (the “Withdrawal
Amount”) equal to the number of public shares properly redeemed multiplied by the per share price, equal to the aggregate
amount then on deposit in the trust account as of two business days prior to such approval, including interest earned on the funds held
in the trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding public shares
and (ii) deliver to the holders of such redeemed public shares their portion of the Withdrawal Amount. The remainder of such funds shall
remain in the trust account and be available for use by the Company to complete a business combination on or before the Extended Date.
Holders of public shares who do not redeem their public shares now will retain their redemption rights and their ability to vote on a
business combination through the Extended Date if the Extension Amendment Proposal and the Trust Amendment Proposal are approved.
Our Board has fixed the close of business on July 12, 2023 as the date
for determining the Company stockholders entitled to receive notice of and vote at the special meeting. Only record holders of the Company’s
common stock at the close of business on the record date are entitled to vote or have their votes cast at the special meeting. On the
record date, there were 7,511,125 outstanding shares of common stock entitled to vote on the Extension Amendment Proposal and the Trust
Amendment Proposal. The Company’s rights do not have voting rights in connection with the Extension Amendment Proposal, the Trust
Amendment Proposal or, if presented, the Adjournment Proposal.
This proxy statement contains important information about the special
meeting and the proposals to be voted on at the special meeting. Please read it carefully and vote your shares.
TABLE OF CONTENTS
FORWARD-LOOKING STATEMENTS
This proxy statement contains statements that are forward-looking and
as such are not historical facts. This includes, without limitation, statements regarding the Company’s financial position, business
strategy and the plans and objectives of management for future operations, including as they relate to a business combination. These statements
constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. They involve known and unknown
risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by these statements. Such statements can
be identified by the fact that they do not relate strictly to historical or current facts. When used in this proxy statement, words such
as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “strive,” “would” and similar expressions may identify forward-looking
statements, but the absence of these words does not mean that a statement is not forward-looking. When the Company discusses its strategies
or plans, including as they relate to a business combination, it is making projections, forecasts or forward-looking statements. Such
statements are based on the beliefs of, as well as assumptions made by and information currently available to, the Company’s management.
Actual results and stockholders’ value will be affected by a variety of risks and factors, including, without limitation, international,
national and local economic conditions, merger, acquisition and business combination risks, financing risks, geo-political risks, acts
of terror or war, and those risk factors described under “Item 1A. Risk Factors” of the Company’s Quarterly Report on
Form 10-Q filed with the SEC on May 15, 2023, in this proxy statement and in other reports the Company files with the SEC. Many of the
risks and factors that will determine these results and stockholders’ value are beyond the Company’s ability to control or
predict.
All such forward-looking statements speak only as of the date of this
proxy statement. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based. All subsequent written or oral forward-looking statements attributable to us or
persons acting on the Company’s behalf are qualified in their entirety by this “Forward-Looking Statements” section.
RISK FACTORS
You should consider carefully all of the risks described in our prospectus
dated November 9, 2022, and in the other reports we file with the SEC before making a decision to invest in our securities. Furthermore,
if any of the following events occur, our business, financial condition and operating results may be materially adversely affected or
we could face liquidation. In that event, the trading price of our securities could decline, and you could lose all or part of your investment.
The risks and uncertainties described in our prospectus and other reports we filed with the SEC and below are not the only ones we face.
Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors
that adversely affect our business, financial condition and operating results or result in our liquidation.
If we were deemed to be an investment company for purposes of
the Investment Company Act of 1940, as amended (the “Investment Company Act”), we may be forced to abandon our efforts to
complete an initial business combination and instead be required to liquidate the Company. To avoid that result, on or shortly prior to
the 24-month anniversary of the effective date of the registration statement relating to our initial public offering, we will liquidate
the securities held in the trust account and instead hold all funds in the trust account in an interest bearing bank demand deposit account,
which may earn less interest than we otherwise would have if the trust account had remained invested in U.S. government securities or
money market funds.
There is currently uncertainty concerning the applicability of the
Investment Company Act to a special purpose acquisition company (“SPAC”), including companies that do not enter into a definitive
agreement within 18 months after the effective date of the registration statement relating to their initial public offerings or that that
do not complete an initial business combination within 24 months after such date. We may not be able to complete our initial business
combination within 24 months of such date and, as a result, we may in the future be subject to a claim that we have been operating as
an unregistered investment company. If we were deemed to be an investment company for purposes of the Investment Company Act, we might
be forced to abandon our efforts to complete an initial business combination and instead be required to liquidate. If we are required
to liquidate, our investors would not be able to realize the benefits of owning stock in a successor operating business, including the
potential appreciation in the value of our stock, warrants and rights following such a transaction, and our warrants and rights would
expire worthless.
We may not be able to complete an initial
business combination with a U.S. target company if such initial business combination is subject to U.S. foreign investment regulations
and review by a U.S. government entity such as the Committee on Foreign Investment in the United States (CFIUS), or ultimately
prohibited.
Our sponsor, Plutonian Investments LLC, a Delaware
limited liability company, which is controlled by Mr. Guojian Zhang, a PRC resident and a
non-U.S. person, currently owns an aggregate of 1,538,625 shares of common stock of the Company (including 266,125 shares underlying the
Private Units) or 20.48% of our outstanding shares.
Controlling or non-controlling investments in
U.S. businesses that produce, design, test, manufacture, fabricate or develop one or more critical technologies in one of 27 identified
industries - including aviation, defense, semiconductors, telecommunications and biotechnology - are subject to a mandatory filing with
the Committee on Foreign Investment in the U.S. (“CFIUS”). In addition, CFIUS is an interagency committee authorized
to review certain transactions involving foreign investment in the United States by foreign persons in order to determine the effect of
such transactions on the national security of the United States. Because we may be considered a “foreign person” under such
rules and regulations, any proposed business combination between us and a U.S. business engaged in a regulated industry or which may affect
national security, we could be subject to such foreign ownership restrictions and/or CFIUS review. The scope of CFIUS was expanded by
the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) to include certain non-passive, non-controlling
investments in sensitive U.S. businesses and certain acquisitions of real estate even with no underlying U.S. business. FIRRMA, and subsequent
implementing regulations that are now in force, also subject certain categories of investments to mandatory filings. If our potential
initial business combination with a U.S. business falls within the scope of foreign ownership restrictions, we may be unable to consummate
a business combination with such business. In addition, if our potential business combination falls within CFIUS’s jurisdiction,
we may be required to make a mandatory filing or determine to submit a voluntary notice to CFIUS, or to proceed with the initial business
combination without notifying CFIUS and risk CFIUS intervention, before or after closing the initial business combination. CFIUS may decide
to block or delay our initial business combination, impose conditions to mitigate national security concerns with respect to such initial
business combination or order us to divest all or a portion of a U.S. business of the combined company if we had proceeded without first
obtaining CFIUS clearance. The foreign ownership limitations, and the potential impact of CFIUS, may limit the attractiveness of a transaction
with us or prevent us from pursuing certain initial business combination opportunities that we believe would otherwise be beneficial to
us and our shareholders. As a result, the pool of potential targets with which we could complete an initial business combination may be
limited and we may be adversely affected in terms of competing with other special purpose acquisition companies which do not have similar
foreign ownership issues.
Moreover, the process of government review, whether by CFIUS or otherwise,
could be lengthy. Because we have only limited time to complete our initial business combination, our failure to obtain any required approvals
within the requisite time period may require us to liquidate. If we liquidate, our public shareholders may only receive $[●] per
share (as of the Record Date), and our warrants and rights will expire worthless. This will also cause you to lose any potential investment
opportunity in a target company and the chance of realizing future gains on your investment through any price appreciation in the combined
company.
QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING
These Questions and Answers are only summaries of the matters they
discuss. They do not contain all of the information that may be important to you. You should read carefully the entire document, including
the annexes to this proxy statement.
Why am I receiving this proxy statement?
This proxy statement and the enclosed proxy card are being sent to
you in connection with the solicitation of proxies by our Board for use at the special meeting, or at any adjournments thereof. This proxy
statement summarizes the information that you need to make an informed decision on the proposals to be considered at the special meeting.
On November 15, 2022,
we consummated our initial public offering (“IPO”) of 5,750,000 units at an offering price of
$10.00 per unit (the “Public Units”), which includes the full exercise of the over-allotment option of 750,000
Public Units issued to EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”). Each Public Unit
consists of one share of common stock (“Common Stock”), one redeemable warrant entitling its holder to purchase
one share of Common Stock at a price of $11.50 per whole share (“Warrant”), and one right to receive one-sixth
(1/6) of a share of Common Stock upon the consummation of an initial business combination (“Right”). The Public
Units were sold at an offering price of $10.00 per Public Unit, generating gross proceeds of $57,500,000.
Simultaneously with the
closing of the IPO on November 15, 2022, we consummated a private placement with Plutonian Investments LLC, purchasing 266,125 units
at $10.00 per unit (the “Private Units”), generating total proceeds of $2,661,250. The Private Units (and the
underlying securities) are identical to the Public Units sold in the IPO, except as otherwise disclosed in the IPO registration statement. No
underwriting discounts or commissions were paid with respect to such sale.
A total of $58,506,250
of the net proceeds from the sale of the Public Units in the IPO (including the Over-Allotment Option Units) and the Private Placements
on November 15, 2022, were deposited in a trust account with Continental Stock Transfer & Trust Company acting as trustee.
The trust account was invested in U.S. government securities, within
the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in money market funds
meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations,
until the earliest of: (a) the completion of the Company’s initial business combination, (b) the redemption of any public shares
properly submitted in connection with a stockholder vote to amend the Company’s charter (i) to modify the substance or timing of
the Company’s obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public
shares if the Company does not complete its initial business combination within 9 months (or up to 15 months if the Combination Period
is extended in accordance with the existing charter) from the closing of the IPO or (ii) with respect to any other provision relating
to stockholders’ rights or pre-initial business combination activity, and (c) the redemption of the Company’s public shares
if the Company is unable to complete the initial business combination within the Combination Period (as defined below). Like most blank
check companies, our charter provides for the return of the IPO proceeds held in the trust account to the holders of shares of common
stock sold in the IPO if there is no qualifying business combination consummated on or before a certain date (the “Combination
Period”). In our case such certain date is August 15, 2023 (unless the Combination Period is extended in accordance with
the terms of the existing charter). Our Board has determined that it is in the best interests of the Company to amend the Company’s
charter to allow the Company to extend the date to consummate a business combination, up to four times for an additional three months
each time, from August 15, 2023 to August 15, 2024, in order to allow the Company more time to complete a business combination. Therefore,
our Board is submitting the proposals described in this proxy statement for the stockholders to vote upon.
What is being voted on?
You are being asked to vote on each of the Extension Amendment Proposal,
the Trust Amendment Proposal and, if presented, the Adjournment Proposal. The proposals are listed below:
1. |
Extension Amendment Proposal: To amend our charter to allow the Company to extend the date by which the Company must consummate a business combination, up to four times for an additional three months each time, from August 15, 2023 to August 15, 2024. |
|
|
2. |
Trust Amendment Proposal: To amend the Trust Agreement to extend the liquidation date, up to four times for an additional three months each time, from August 15, 2023 to August 15, 2024. |
|
|
3. |
Adjournment Proposal: A proposal to approve the adjournment of the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal and the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension. The Adjournment Proposal will only be presented at the special meeting if there are not sufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal and the Trust Amendment Proposal. |
What are the purposes of the Extension Amendment and the Trust
Amendment?
The Company’s currently effective charter provides that the Company
has the right to extend the period to complete a business combination nine times by an additional month each time (for a total of 18 months
to complete a business combination). In order to extend the time available for the Company to consummate a business combination without
the need for a separate stockholder vote under the charter, the Sponsor or its affiliate or designees must deposit into the Trust Account
$189,750 ($0.033 per public share) on or prior to the date of the applicable deadline. Given current market conditions, the Sponsor would
like to pay extension fees that are substantially less than the $189,750 required for each one-month extension under the existing charter.
The Company expects that there will be significant redemptions at the special meeting.
The Extension Amendment and the Trust Amendment will provide the Company
with additional time to complete a business combination. While we are currently in discussions with respect to a business combination,
the Company’s board of directors (the “Board”) currently believes that there will not be sufficient time
before August 15, 2023 (unless the Combination Period is extended in accordance with the terms of the existing charter) to complete an
initial business combination. Accordingly, our Board has determined that the Extension is necessary in order to be able to consummate
an initial business combination and believes that it is in the best interests of our stockholders to extend the date by which the Company
must consummate a business combination to the Extended Date in order to provide our stockholders with the opportunity to participate in
the prospective investment. The purpose of the Adjournment Proposal is to allow the Company to adjourn the special meeting to a later
date or dates if we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there
are insufficient votes to approve the Extension Amendment Proposal and the Trust Amendment Proposal or if we determine that additional
time is necessary to effectuate the Extension.
The purpose of the Adjournment Proposal is to allow the Company to
adjourn the special meeting to a later date or dates if we determine that additional time is necessary to permit further solicitation
and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal and the Trust Amendment
Proposal or if we determine that additional time is necessary to effectuate the Extension.
Approval of the Extension Amendment Proposal and the Trust Amendment
Proposal is a condition to the implementation of the Extension.
If the Extension is implemented, such approval will constitute consent
for the Company to remove the Withdrawal Amount from the trust account, deliver to the holders of redeemed public shares their portion
of the Withdrawal Amount and retain the remainder of the funds in the trust account for the Company’s use in connection with consummating
a business combination on or before the Extended Date.
If the Extension Amendment Proposal and the Trust Amendment Proposal
are approved and the Extension is implemented, the removal of the Withdrawal Amount from the trust account in connection with the Election
will reduce the amount held in the trust account following the Election. The Company cannot predict the amount that will remain in the
trust account after such withdrawal if the Extension Amendment Proposal and the Trust Amendment Proposal are approved and the amount remaining
in the trust account may be only a fraction of the $[●] (including interest and prior to the payment of pay taxes) that was in the
trust account as of [●], 2023. In such event, the Company may still seek to obtain additional funds to complete a business combination,
and there can be no assurance that such funds will be available on terms acceptable to the parties or at all. The Company will not use
the proceeds placed in the trust account and the interest earned thereon to pay any excise taxes or any other similar fees or taxes in
nature that may be imposed on the Company pursuant to any current, pending or future rules or laws, including without limitation any excise
tax due imposed under the Inflation Reduction Act of 2022 on any redemptions or stock buybacks by the Company.
If the Extension Amendment Proposal or the Trust Amendment Proposal
is not approved and the Combination Period is not extended in accordance with the terms of the existing charter, the Company will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, and subject to having lawfully available funds therefor, redeem 100% of the outstanding public shares, at a per share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation
distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining stockholders and our Board, dissolve and liquidate, subject in each case to our obligations under Delaware
law to provide for claims of creditors and requirements of other applicable law. There will be no redemption rights or liquidating distributions
with respect to our warrants and rights, which will expire worthless if we fail to complete an initial business combination within the
Combination Period.
The Adjournment Proposal will be presented at the special meeting only
if there are not sufficient votes to approve the Extension Amendment Proposal and the Trust Amendment Proposal or if we determine that
additional time is necessary to effectuate the Extension.
Why is the Company proposing the Extension Amendment Proposal,
the Trust Amendment Proposal and the Adjournment Proposal?
The Company’s charter provides that the Company has the right
to extend the period to complete a business combination nine times by an additional month each time (for a total of 18 months to complete
a business combination). In order to extend the time available for the Company to consummate a business combination without the need for
a separate stockholder vote under the charter, the Sponsor or its affiliate or designees must deposit into the Trust Account $189,750
($0.033 per public share) on or prior to the date of the applicable deadline. Given current market conditions, the Sponsor would like
to pay extension fees that are substantially less than the $189,750 required for each one-month extension under the existing charter.
The Company expects that there will be significant redemptions at the special meeting.
The Extension Amendment and the Trust Amendment will provide the Company
with additional time to complete a business combination. While we are currently in discussions with respect to a business combination,
the Company’s board of directors (the “Board”) currently believes that there will not be sufficient time
before August 15, 2023 (unless the Combination Period is extended in accordance with the terms of the existing charter) to complete an
initial business combination. Accordingly, our Board has determined that the Extension is necessary in order to be able to consummate
an initial business combination and believes that it is in the best interests of our stockholders to extend the date by which the Company
must consummate a business combination to the Extended Date in order to provide our stockholders with the opportunity to participate in
the prospective investment. The purpose of the Adjournment Proposal is to allow the Company to adjourn the special meeting to a later
date or dates if we determine that additional time is necessary to permit further solicitation and vote of proxies in the event that there
are insufficient votes to approve the Extension Amendment Proposal and the Trust Amendment Proposal or if we determine that additional
time is necessary to effectuate the Extension. Accordingly, our Board is proposing the Extension Amendment Proposal, the Trust Amendment
Proposal and, if necessary, the Adjournment Proposal to extend the Company’s corporate existence until the Extended Date.
You are not being asked to vote on any proposed business combination
at this time. If the Extension is implemented and you do not elect to redeem your public shares now, you will retain the right to vote
on any proposed business combination when and if one is submitted to the public stockholders (provided that you are a stockholder on the
record date for a meeting to consider a business combination) and the right to redeem your public shares for a pro rata portion of the
trust account in the event a proposed business combination is approved and completed or the Company has not consummated a business combination
by the Extended Date.
Why should I vote for the Extension Amendment Proposal and the
Trust Amendment Proposal?
The Extension Amendment and the Trust Amendment will provide the Company
with additional time to complete a business combination. While we are currently in discussions with respect to a business combination,
the Company’s board of directors (the “Board”) currently believes that there will not be sufficient time
before August 15, 2023 (unless the Combination Period is extended in accordance with the terms of the existing charter) to complete an
initial business combination. Accordingly, our Board has determined that the Extension is necessary in order to be able to consummate
an initial business combination and believes that it is in the best interests of our stockholders to extend the date by which the Company
must consummate a business combination to the Extended Date in order to provide our stockholders with the opportunity to participate in
the prospective investment..
Our charter provides that if our stockholders approve an amendment
to our charter that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s public
shares if the Company does not complete a business combination within the Combination Period, the Company will provide our public stockholders
with the opportunity to redeem all or a portion of their shares of common stock upon such approval at a per share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account as of two business days prior to such approval, including interest
earned on the funds held in the trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding
public shares. This charter provision was included to protect the Company’s stockholders from having to sustain their investments
for an unreasonably long period if the Company failed to find a suitable business combination in the timeframe contemplated by the charter.
The Company also believes, however, that given the Company’s expenditure of time, effort and money on pursuing an initial business
combination, circumstances warrant providing those who believe they might find a business combination to be an attractive investment with
an opportunity to consider such transaction.
The Trust Agreement provides that if a business combination has not
been consummated, upon the date which is 9 months (or up to 15 months if the Combination Period is extended in accordance with the terms
of the existing charter) after the closing of the IPO, the trust account is to be liquidated and its proceeds are to be distributed to
the Company’s public stockholders of record as of such date, including interest earned on the funds held in the trust account and
not previously released to the Company to pay its taxes. The purpose of the Trust Amendment is to amend the Trust Agreement to extend
the liquidation date of the trust account, up to four times for an additional three months each time, from August 15, 2023 to August 15,
2024 to match the Company’s charter if the Extension Amendment is approved.
Our Board recommends that you vote in favor of the Extension Amendment
Proposal and the Trust Amendment Proposal but expresses no opinion as to whether you should redeem your public shares.
Why should I vote for the Adjournment Proposal?
If the Adjournment Proposal is presented and not approved by our stockholders,
our Board may not be able to adjourn the special meeting to a later date in the event that there are insufficient votes for, or otherwise
in connection with, the approval of the Extension Amendment Proposal and the Trust Amendment Proposal.
Our Board recommends that you vote in favor of the Adjournment Proposal.
When would the Board abandon the Extension Amendment Proposal
and the Trust Amendment Proposal?
Our Board will abandon the Extension Amendment and the Trust Amendment
if our stockholders do not approve the Extension Amendment Proposal and the Trust Amendment Proposal. In addition, notwithstanding stockholder
approval of the Extension Amendment Proposal, our Board will retain the right to abandon and not implement the Extension Amendment at
any time without any further action by our stockholders.
How do the Company insiders intend to vote their shares?
The Company’s initial stockholders (the “initial
stockholders”) and their respective affiliates are expected to vote any common stock over which they have voting control
(including any public shares owned by them) in favor of all proposals.
The initial stockholders are not entitled to redeem the founder shares
or any public shares held by them. On the record date, the initial stockholders beneficially owned and were entitled to vote 1,437,500
founder shares and 266,125 shares of common stock underlying the Private Units, which together represents 22.68% of the Company’s
issued and outstanding common stock.
In addition, the Company’s initial stockholders or advisors,
or any of their respective affiliates, may purchase public shares in privately negotiated transactions or in the open market prior to
or following the special meeting, although they are under no obligation to do so. There is no limit on the number of shares our initial
stockholders, directors, officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable
law and NASDAQ rules. The purpose of such share purchases and other transactions would be to increase the likelihood that the proposals
to be voted upon at the special meeting is approved by the requisite number of votes and to reduce the number of public shares that are
redeemed. In the event that such purchases do occur, the purchasers may seek to purchase shares from stockholders who would otherwise
have voted against the Extension Amendment Proposal and Trust Amendment Proposal and elected to redeem their shares for a portion of the
trust account. Any public shares held by or subsequently purchased by our affiliates may be voted in favor of the Extension Amendment
Proposal and Trust Amendment Proposal. None of the initial stockholders, advisors or their respective affiliates may make any such purchases
when they are in possession of any material non-public information not disclosed to the seller or during a restricted period under Regulation
M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Does the Board recommend voting for the approval of the Extension
Amendment Proposal, the Trust Amendment Proposal and, if presented, the Adjournment Proposal?
Yes. After careful consideration of the terms and conditions of the
proposals, the Board has determined that the Extension Amendment Proposal, the Trust Amendment Proposal and, if presented, the Adjournment
Proposal are in the best interests of the Company and its stockholders. The Board unanimously recommends that stockholders vote “FOR”
the Extension Amendment Proposal, the Trust Amendment Proposal and, if presented, the Adjournment Proposal.
What vote is required to adopt the Extension Amendment Proposal
and the Trust Amendment Proposal?
Approval of the Extension Amendment Proposal and the Trust Amendment
Proposal will require the affirmative vote of holders of at least a majority of the Company’s outstanding shares of common stock,
present and entitled to vote at the meeting, including those shares held as a constituent part of our units, on the record date.
If the Extension Amendment Proposal and Trust Amendment Proposal are
approved, any holder of public shares may redeem all or a portion of their public shares at a per share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account as of two business days prior to such approval, including interest earned
on the funds held in the trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding
public shares.
What vote is required to adopt the Adjournment Proposal?
If presented, the Adjournment Proposal requires the affirmative vote
of the majority of the votes cast by stockholders represented in person (including virtually) or by proxy at the special meeting.
What happens if I sell my public shares or units before the special
meeting?
The July 12, 2023 record date is earlier than the date of the special
meeting. If you transfer your public shares, including those shares held as a constituent part of our units, after the record date, but
before the special meeting, unless the transferee obtains from you a proxy to vote those shares, you will retain your right to vote at
the special meeting. If you transfer your public shares prior to the record date, you will have no right to vote those shares at the special
meeting. If you acquired your public shares after the record date, you will still have an opportunity to redeem them if you so decide.
What if I don’t want to vote for the Extension Amendment
Proposal and/or the Trust Amendment Proposal?
If you do not want the Extension Amendment Proposal or the Trust Amendment
Proposal to be approved, you must abstain, not vote, or vote against the proposal. If the Extension Amendment Proposal and the Trust Amendment
Proposal are approved, and the Extension is implemented, then the Withdrawal Amount will be withdrawn from the trust account and paid
to the redeeming holders.
What if I don’t want to vote for the Adjournment Proposal?
If you do not want the Adjournment Proposal to be approved, you must
vote against the proposal. Abstentions will be counted in connection with the determination of whether a valid quorum is established but
will have no effect on the outcome of the vote on the Adjournment Proposal.
Will you seek any further extensions to liquidate the trust account?
Other than the extension until the Extended Date as described in this
proxy statement, the Company does not currently anticipate seeking any further extension to consummate its initial business combination,
although it may determine to do so in the future.
What happens if the Extension Amendment Proposal or the Trust
Amendment Proposal is not approved?
If the Extension Amendment Proposal or the Trust Amendment Proposal
is not approved and the Combination Period is not extended in accordance with the terms of the existing charter, the Company will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, and subject to having lawfully available funds therefor, redeem 100% of the outstanding public shares, at a per share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation
distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining stockholders and our Board, dissolve and liquidate, subject in each case to our obligations under Delaware
law to provide for claims of creditors and requirements of other applicable law. There will be no redemption rights or liquidating distributions
with respect to our warrants and rights, which will expire worthless if we fail to complete an initial business combination within the
Combination Period.
If the Extension Amendment Proposal and the Trust Amendment Proposal
are approved, what happens next?
If the Extension Amendment Proposal and the Trust Amendment Proposal
are approved, the Company will continue to attempt to consummate an initial business combination until the Extended Date.
If the Extension Amendment Proposal is approved, the Company will file
an amendment to the charter with the Secretary of State of the State of Delaware in the form of Annex A hereto. The Company will
remain a reporting company under the Exchange Act, and its units, public shares, public warrants, and public rights will remain publicly
traded. The Company will also execute an amendment to the Trust Agreement in the form of Annex B hereto.
If the Extension Amendment Proposal and the Trust Amendment Proposal
are approved, the Contributors have agreed they will contribute to the trust account $150,000 for each three-month Extension (approximately
$0.026 per share assuming no redemptions), up to four times till August 15, 2024.Each Contribution will be deposited in the trust account
within two business days prior to the beginning of the additional extension period (or portion thereof). The Contribution(s) will not
bear any interest and will be repayable by the Company to the Contributors upon consummation of an initial business combination. The Contributions
will be forgiven by the Contributors if the Company is unable to consummate its initial business combination except to the extent of any
funds held outside of the trust account. If the Company extends the time to complete a business combination to August 15, 2024, the Contributors
would make aggregate Contributions in the amount of $600,000, or approximately $0.104 per share assuming no redemptions.
If the Extension Amendment Proposal and the Trust Amendment Proposal
are approved, the removal of the Withdrawal Amount from the trust account will reduce the amount remaining in the trust account and increase
the percentage interest of the Company’s common stock held by our initial stockholders through the founder shares.
If I do not redeem my shares now, would I still be able to vote
on an initial business combination and exercise my redemption rights with respect to an initial business combination?
Yes. If you do not redeem your shares in connection with the Extension
Amendment Proposal, then, assuming you are a stockholder as of the record date for voting on a business combination, you will be able
to vote on the business combination when it is submitted to stockholders. You will also retain your right to redeem your public shares
upon consummation of a business combination, subject to any limitations set forth in the charter, as amended.
When and where is the special meeting?
The special meeting will be held at [●] Eastern time, on [●],
2023, in virtual format. The Company’s stockholders may attend, vote and examine the list of stockholders entitled to vote at the
special meeting by visiting [●] and entering the control number found on their proxy card, voting instruction form or notice included
in their proxy materials. You may also attend the special meeting telephonically by dialing [●] (toll-free within the United States
and Canada) or [●] (outside of the United States and Canada, standard rates apply). The pin number for telephone access is [●]#,
but please note that you will not be able to vote or ask questions if you choose to participate telephonically. The special meeting will
be held in virtual meeting format only. You will not be able to attend the special meeting physically.
How do I attend the virtual special meeting, and will I be able
to ask questions?
If you are a registered stockholder, you received a proxy card from
the Company’s transfer agent, Continental Stock Transfer & Trust Company (“transfer agent”). The form contains instructions
on how to attend the virtual annual meeting including the URL address, along with your control number. You will need your control number
for access. If you do not have your control number, contact the transfer agent at the phone number or e-mail address below. The transfer
agent support contact information is as follows: 917-262-2373, or email proxy@continentalstock.com.
You can pre-register to attend the virtual meeting starting [●],
2023 at [●] Eastern time (five days prior to the date of the special meeting). Enter the following URL address into your browser:
[●], enter your control number, name and email address. Once you pre-register you can vote or enter questions in the chat box. At
the start of the special meeting you will need to re-log in using your control number and will also be prompted to enter your control
number if you vote during the special meeting.
Beneficial holders, who own their investments through a bank or broker,
will need to contact the transfer agent to receive a control number. If you plan to vote at the special meeting you will need to have
a legal proxy from your bank or broker or if you would like to join and not vote, the transfer agent will issue you a guest control number
with proof of ownership. Either way you must contact the transfer agent for specific instructions on how to receive the control number.
We can be contacted at the number or email address above. Please allow up to 72 hours prior to the special meeting for processing your
control number.
If you do not have internet capabilities, you can listen only to the
special meeting by dialing [●], within the U.S. and Canada, or [●] (standard rates apply) outside the U.S. and Canada; when
prompted enter the pin number [●]#. This is listen only, you will not be able to vote or enter questions during the special meeting.
How do I vote?
If you are a holder of record of Company common stock, including those
shares held as a constituent part of our units, you may vote virtually at the special meeting or by submitting a proxy for the special
meeting. Whether or not you plan to attend the special meeting virtually, the Company urges you to vote by proxy to ensure your vote is
counted. You may submit your proxy by completing, signing, dating and returning the enclosed proxy card in the accompanying pre-addressed
postage paid envelope. You may still attend the special meeting and vote virtually if you have already voted by proxy.
If your shares of Company common stock, including those shares held
as a constituent part of our units, are held in “street name” by a broker or other agent, you have the right to direct your
broker or other agent on how to vote the shares in your account. You are also invited to attend the special meeting. However, since you
are not the stockholder of record, you may not vote your shares virtually at the special meeting unless you request and obtain a valid
proxy from your broker or other agent.
How do I change my vote?
If you have submitted a proxy to vote your shares and wish to change
your vote, you may do so by delivering a later-dated, signed proxy card prior to the date of the special meeting or by voting virtually
at the special meeting. Attendance at the special meeting alone will not change your vote. You also may revoke your proxy by sending a
notice of revocation to the Company at 1441 Broadway 3rd, 5th & 6th Floors, New York, NY 10018, Attn: Corporate Secretary.
How are votes counted?
Votes will be counted by the inspector of election appointed for the
special meeting, who will separately count “FOR” and “AGAINST” votes, abstentions and broker non-votes. Because
approval of the Extension Amendment Proposal and the Trust Amendment Proposal requires the affirmative vote of the stockholders holding
at least a majority of the public shares and founder shares outstanding on the record date, abstentions and broker non-votes will have
the same effect as votes against the Extension Amendment Proposal and the Trust Amendment Proposal.
Approval of the Adjournment Proposal requires the affirmative vote
of the majority of the votes cast by stockholders represented in person (including virtually) or by proxy. Abstentions will be counted
in connection with the determination of whether a valid quorum is established but will have no effect on the outcome of the Adjournment
Proposal.
If my shares are held in “street name,” will my broker
automatically vote them for me?
No. Under the rules governing banks and brokers who submit a proxy
card with respect to shares held in street name, such banks and brokers have the discretion to vote on routine matters, but not on non-routine
matters. It is expected that all proposals to be voted on at the special meeting will be treated as “non-routine” matters
and therefore, we do not expect there to be any broker non-votes at the special meeting.
Your bank, broker, or other nominee can vote your shares only if you
provide instructions on how to vote. You should instruct your broker to vote your shares in accordance with directions you provide. If
your shares are held by your broker as your nominee, which we refer to as being held in “street name”, you may need to obtain
a proxy form from the institution that holds your shares and follow the instructions included on that form regarding how to instruct your
broker to vote your shares.
What is a quorum requirement?
A quorum of stockholders is necessary to hold a valid meeting. A quorum
will be present if at least a majority of the outstanding shares of common stock on the record date, including those shares held as a
constituent part of our units, are represented virtually or by proxy at the special meeting.
Your shares will be counted towards the quorum only if you submit a
valid proxy (or one is submitted on your behalf by your broker, bank or other nominee) or if you vote virtually at the special meeting.
Because all of the proposals to be voted on at the special meeting are expected to be treated as “non-routine” matters, banks,
brokers and other nominees will not have authority to vote on any proposals unless instructed, so we do not expect there to be any broker
non-votes at the special meeting. If there is no quorum, the presiding officer of the special meeting may adjourn the special meeting
to another date.
Who can vote at the special meeting?
Only holders of record of the Company’s common stock, including
those shares held as a constituent part of our units, at the close of business on July 12, 2023, are entitled to have their vote counted
at the special meeting and any adjournments or postponements thereof. As of the record date, there were 7,511,125 outstanding shares of
common stock outstanding and entitled to vote.
Stockholder of Record: Shares Registered in Your Name. If on
the record date your shares or units were registered directly in your name with the Company’s transfer agent, Continental Stock
Transfer & Trust Company, then you are a stockholder of record. As a stockholder of record, you may vote virtually at the special
meeting or vote by proxy. Whether or not you plan to attend the special meeting virtually, the Company urges you to fill out and return
the enclosed proxy card to ensure your vote is counted.
Beneficial Owner: Shares Registered in the Name of a Broker or Bank.
If on the record date your shares or units were held, not in your name, but rather in an account at a brokerage firm, bank, dealer, or
other similar organization, then you are the beneficial owner of shares held in “street name” and these proxy materials are
being forwarded to you by that organization. As a beneficial owner, you have the right to direct your broker or other agent on how to
vote the shares in your account. You are also invited to attend the special meeting virtually. However, since you are not the stockholder
of record, you may not vote your shares virtually at the special meeting unless you request and obtain a valid proxy from your broker
or other agent.
What interests do the Company’s directors and executive
officers have in the approval of the Extension Amendment Proposal?
The Company’s directors and executive officers have interests
in the Extension Amendment Proposal that may be different from, or in addition to, your interests as a stockholder. These interests include
ownership by them or their affiliates of founder shares and the Private Units, loans by them that will not be repaid in the event of our
winding up and the possibility of future compensatory arrangements. See the section entitled “The Extension Amendment —
Interests of the Company’s Directors and Officers.”
What if I object to the Extension Amendment Proposal, the Trust
Amendment Proposal and/or the Adjournment Proposal? Do I have appraisal rights?
Stockholders do not have appraisal rights in connection with either
the Extension Amendment Proposal, the Trust Amendment Proposal or, if presented, the Adjournment Proposal under the DGCL.
What happens to the Company’s rights if the Extension Amendment
Proposal and Trust Amendment Proposal are not approved?
If the Extension Amendment Proposal and the Trust Amendment Proposal
are not approved and the Combination Period is not extended in accordance with the terms of the existing charter, the Company will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, and subject to having lawfully available funds therefor, redeem 100% of the outstanding public shares, at a per share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive
further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining stockholders and our Board, dissolve and liquidate, subject in each case to our obligations under
Delaware law to provide for claims of creditors and requirements of other applicable law. There will be no distribution from the trust
account with respect to our warrants and rights, which will expire worthless in the event the Company winds up.
What happens to the Company rights if the Extension Amendment
Proposal and Trust Amendment Proposal are approved?
If the
Extension Amendment Proposal and the Trust Amendment Proposal are approved, the Company will continue its efforts to consummate a
business combination until the Extended Date and will retain the blank check company restrictions previously applicable to it. The
warrants and rights will remain outstanding in accordance with their terms.
How do I redeem my public shares?
If the Extension is implemented, each public stockholder may seek to
redeem all or a portion of his or her public shares at a per share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account as of two business days prior to the approval of the Extension, including interest earned on the funds held in the
trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding public shares. You will
also be able to redeem your public shares in connection with any stockholder vote to approve a business combination, or if the Company
has not consummated a business combination by the Extended Date.
Pursuant to our charter, a public stockholder may request that the
Company redeem all or a portion of such public stockholder’s public shares for cash if the Extension Amendment Proposal is approved.
You will be entitled to receive cash for any public shares to be redeemed only if you:
(i) |
(a) hold public shares or (b) hold public shares through units and you elect to separate your units into the underlying public shares, public warrants and public rights prior to exercising your redemption rights with respect to the public shares; and |
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(ii) |
prior to 5:00 p.m. Eastern time, on [●], 2023 (two business days prior to the scheduled vote at the special meeting), (a) submit a written request, including the name, phone number, and address of the beneficial owner of the shares for which redemption is requested, to Continental Stock Transfer & Trust Company, the Company’s transfer agent, at Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attn: SPAC Redemption Team E-mail: spacredemptions@continentalstock.com, that the Company redeem your public shares for cash and (b) deliver your public shares to the transfer agent, physically or electronically through The Depository Trust Company (“DTC”). |
Holders of units must elect to separate the underlying public shares,
public warrants, and public rights prior to exercising redemption rights with respect to the public shares. If holders hold their units
in an account at a brokerage firm or bank, holders must notify their broker or bank that they elect to separate the units into the underlying
public shares, public warrants and public rights, or if a holder holds units registered in its own name, the holder must contact the transfer
agent directly and instruct it to do so. Public stockholders may elect to redeem all or a portion of their public shares regardless
of whether they vote for or against the Extension Amendment Proposal and regardless of whether they hold public shares on the record date.
If you hold your shares through a bank or broker, you must ensure your
bank or broker complies with the requirements identified herein, including submitting a written request that your shares be redeemed for
cash to the transfer agent and delivering your shares to the transfer agent prior to 5:00 p.m. Eastern time on [●], 2023 (two business
days before the scheduled vote at the special meeting). You will only be entitled to receive cash in connection with a redemption of these
shares if you continue to hold them until the effective date of the Extension Amendment and Election.
Through DTC’s DWAC (Deposit/Withdrawal at Custodian) System,
this electronic delivery process can be accomplished by the stockholder, whether or not it is a record holder or its shares are held in
“street name,” by contacting the transfer agent or its broker and requesting delivery of its shares through the DWAC system.
Delivering shares physically may take significantly longer. In order
to obtain a physical stock certificate, a stockholder’s broker and/or clearing broker, DTC, and the Company’s transfer agent
will need to act together to facilitate this request. There is a nominal cost associated with the above-referenced tendering process and
the act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge the tendering
broker $100 and the broker would determine whether or not to pass this cost on to the redeeming holder. It is the Company’s understanding
that stockholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. The Company does
not have any control over this process or over the brokers or DTC, and it may take longer than two weeks to obtain a physical stock certificate.
Such stockholders will have less time to make their investment decision than those stockholders that deliver their shares through the
DWAC system. Stockholders who request physical stock certificates and wish to redeem may be unable to meet the deadline for tendering
their shares before exercising their redemption rights and thus will be unable to redeem their shares.
Certificates that have not been tendered in accordance with these procedures
prior to the vote on the Extension Amendment Proposal will not be redeemed for cash held in the trust account. In the event that a public
stockholder tenders its shares and decides prior to the vote at the special meeting that it does not want to redeem its shares, the stockholder
may withdraw the tender. If you delivered your shares for redemption to our transfer agent and decide prior to the vote at the special
meeting not to redeem your public shares, you may request that our transfer agent return the shares (physically or electronically). You
may make such request by contacting our transfer agent at the address listed above. In the event that a public stockholder tenders shares
and the Extension Amendment Proposal is not approved, these shares will not be redeemed and the physical certificates representing these
shares will be returned to the stockholder promptly following the determination that the Extension Amendment Proposal will not be approved.
The Company anticipates that a public stockholder who tenders shares for redemption in connection with the vote to approve the Extension
would receive payment of the redemption price for such shares soon after the completion of the Extension Amendment. The transfer agent
will hold the certificates of public stockholders that make the election until such shares are redeemed for cash or returned to such stockholders.
If I am a unit holder, can I exercise redemption rights with
respect to my units?
No. Holders of outstanding units must separate the underlying public
shares, public warrants and public rights prior to exercising redemption rights with respect to the public shares.
If you hold units registered in your own name, you must deliver the
certificate for such units to Continental Stock Transfer & Trust Company, our transfer agent, with written instructions to separate
such units into public shares, public warrants, and public rights. This must be completed far enough in advance to permit the mailing
of the public share certificates back to you so that you may then exercise your redemption rights upon the separation of the public shares
from the units. See “How do I redeem my public shares?” above.
What should I do if I receive more than one set of voting materials?
You may receive more than one set of voting materials, including multiple
copies of this proxy statement and multiple proxy cards or voting instruction cards, if your shares are registered in more than one name
or are registered in different accounts. For example, if you hold your shares in more than one brokerage account, you will receive a separate
voting instruction card for each brokerage account in which you hold shares. Please complete, sign, date and return each proxy card and
voting instruction card that you receive in order to cast a vote with respect to all of your shares of common stock.
Who is paying for this proxy solicitation?
The Company will pay for the entire cost of soliciting proxies. The
Company has engaged Morrow Sodali LLC (“Morrow Sodali”) to assist in the solicitation of proxies for the special
meeting. The Company has agreed to pay Morrow Sodali its customary fee. The Company will also reimburse Morrow Sodali for reasonable and
customary out-of-pocket expenses. In addition to these mailed proxy materials, our directors and executive officers may also solicit proxies
in person, by telephone or by other means of communication. These parties will not be paid any additional compensation for soliciting
proxies. The Company may also reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial
owners.
Where do I find the voting results of the special meeting?
We will announce preliminary voting results at the special meeting.
The final voting results will be tallied by the inspector of election and published in the Company’s Current Report on Form 8-K,
which the Company is required to file with the SEC within four business days following the special meeting.
Who can help answer my questions?
If you have questions about the proposals or if you need additional
copies of the proxy statement or the enclosed proxy card you should contact:
Plutonian Acquisition Corp.
1441 Broadway 3rd, 5th & 6th Floors
New York, NY 10018
Attn: Wei Kwang Ng
Email: ngweik@plutoniancorp.com
You may also contact the Company’s proxy solicitor at:
Morrow Sodali LLC
333 Ludlow Street, 5th Floor, South Tower
Stamford, CT 06902
Tel: (800) 662-5200 (toll-free) or
(203) 658-9400 (banks and brokers can call collect)
Email: PLTN.info@investor.morrowsodali.com
You may also obtain additional information about the Company from documents
filed with the SEC by following the instructions in the section entitled “Where You Can Find More Information.”
THE SPECIAL MEETING
Date, Time, Place and Purpose of the Special Meeting
The special meeting will be held at [●], on [●], 2023.
The special meeting will be held virtually, at [●]. At the special meeting, the stockholders will consider and vote upon the following
proposals.
1. |
Extension Amendment Proposal: To amend our charter to allow the Company to extend the date by which the Company must consummate a business combination, up to four times for an additional three months each time, from August 15, 2023 to August 15, 2024 (the date that is 21 months from the closing date of the Company’s IPO). |
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2. |
Trust Amendment Proposal: To amend the Trust Agreement to extend the liquidation, up to four times for an additional three months each time, from August 15, 2023 to August 15, 2024 (the date that is 21 months from the closing date of the Company’s IPO). |
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3. |
Adjournment Proposal: A proposal to approve the adjournment of the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Extension Amendment Proposal and the Trust Amendment Proposal or if we determine that additional time is necessary to effectuate the Extension. The Adjournment Proposal will only be presented at the special meeting if there are not sufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal and the Trust Amendment Proposal. |
Voting Power; Record Date
You will be entitled to vote or direct votes to be cast at the special
meeting if you owned our common stock, including as a constituent part of a unit, at the close of business on July 12, 2023, the record
date for the special meeting. You will have one vote per share for each share of common stock you owned at that time. Our warrants and
rights do not carry voting rights.
At the close of business on the record date, there were 7,511,125 shares
of common stock outstanding, each of which entitles its holder to cast one vote per share. The warrants and rights do not carry voting
rights.
Votes Required
Approval of the Extension Amendment Proposal and the Trust Amendment
Proposal will require the affirmative vote of holders of at least a majority of the Company’s public shares and founder shares outstanding
on the record date.
Approval of the Adjournment Proposal requires the affirmative vote
of the majority of the votes cast by stockholders represented in person (including virtually) or by proxy at the special meeting.
If you do not vote (i.e., you “abstain” from voting), your
action will have the same effect as an “AGAINST” vote with regards to the Extension Amendment Proposal and the Trust Amendment
Proposal. Abstentions will be counted in connection with the determination of whether a valid quorum is established but will have no effect
on the outcome of the Adjournment Proposal.
If you do not want the Extension Amendment Proposal or the Trust Amendment
Proposal to be approved, you must abstain, not vote, or vote against the proposal. The Company anticipates that a public stockholder who
tenders shares for redemption in connection with the vote to approve the Extension Amendment Proposal would receive payment of the redemption
price for such shares soon after the completion of the Extension Amendment.
If you do not want the Adjournment Proposal to be approved, you must
vote against the proposal. Abstentions will be counted in connection with the determination of whether a valid quorum is established but
will have no effect on the outcome of the Adjournment Proposal.
Voting
You can vote your shares at the special meeting by proxy or virtually.
You can vote by proxy by having one or more individuals who will be
at the special meeting vote your shares for you. These individuals are called “proxies” and using them to cast your vote at
the special meeting is called voting “by proxy.”
If you wish to vote by proxy, you must (i) complete the enclosed form,
called a “proxy card,” and mail it in the envelope provided or (ii) submit your proxy by telephone or over the Internet (if
those options are available to you) in accordance with the instructions on the enclosed proxy card or voting instruction card.
If you complete the proxy card and mail it in the envelope provided
or submit your proxy by telephone or over the Internet as described above, you will designate Wei Kwang Ng to act as your proxy at the
special meeting. One of them will then vote your shares at the special meeting in accordance with the instructions you have given them
in the proxy card or voting instructions, as applicable, with respect to the proposals presented in this proxy statement. Proxies will
extend to, and be voted at, any adjournment(s) of the special meeting.
Alternatively, you can vote your shares in person by attending the
special meeting virtually.
A special note for those who plan to attend the special meeting
and vote virtually: if your shares or units are held in the name of a broker, bank or other nominee, please follow the instructions you
receive from your broker, bank or other nominee holding your shares. You will not be able to vote at the special meeting unless you obtain
a legal proxy from the record holder of your shares.
Our Board is asking for your proxy. Giving our Board your proxy means
you authorize it to vote your shares at the special meeting in the manner you direct. You may vote for or against any proposal or you
may abstain from voting. All valid proxies received prior to the special meeting will be voted. All shares represented by a proxy will
be voted, and where a stockholder specifies by means of the proxy a choice with respect to any matter to be acted upon, the shares will
be voted in accordance with the specification so made. If no choice is indicated on the proxy, the shares will be voted “FOR”
the Extension Amendment Proposal, the Trust Amendment Proposal and, if presented, the Adjournment Proposal, and as the proxy holders may
determine in their discretion with respect to any other matters that may properly come before the special meeting.
Stockholders who have questions or need assistance in completing or
submitting their proxy cards should contact our proxy solicitor, Morrow Sodali, at (203) 658-9400 (call collect), (800) 662-5200 (call
toll-free), or by sending an email to PLTN.info@investor.morrowsodali.com.
Stockholders who hold their shares in “street name,” meaning
the name of a broker or other nominee who is the record holder, must either direct the record holder of their shares to vote their shares
or obtain a legal proxy from the record holder to vote their shares at the special meeting.
Revocability of Proxies
Any proxy may be revoked by the person giving it at any time before
the polls close at the special meeting. A proxy may be revoked by filing with [●], at Plutonian Acquisition Corp., 1441 Broadway
3rd, 5th & 6th Floors, New York, NY 10018, either a written notice of revocation bearing a date later than the date of such proxy
or a subsequent proxy relating to the same shares or by attending the special meeting and voting virtually.
Simply attending the special meeting will not constitute a revocation
of your proxy. If your shares are held in the name of a broker or other nominee who is the record holder, you must follow the instructions
of your broker or other nominee to revoke a previously given proxy.
Attendance at the Special Meeting
Only holders of common stock, their proxy holders and guests the Company
may invite may attend the special meeting. If you wish to attend the special meeting virtually but you hold your shares or units through
someone else, such as a broker, please follow the instructions you receive from your broker, bank or other nominee holding your shares.
You must bring a legal proxy from the broker, bank or other nominee holding your shares, confirming your beneficial ownership of the shares
and giving you the right to vote your shares.
Solicitation of Proxies
Your proxy is being solicited by our Board on the proposals being presented
to the stockholders at the special meeting. The Company has agreed to pay Morrow Sodali its customary fee. The Company will also reimburse
Morrow Sodali for reasonable and customary out-of-pocket expenses. In addition to these mailed proxy materials, our directors and executive
officers may also solicit proxies in person, by telephone or by other means of communication. These parties will not be paid any additional
compensation for soliciting proxies. The Company may also reimburse brokerage firms, banks and other agents for the cost of forwarding
proxy materials to beneficial owners. You may contact Morrow Sodali at:
Morrow Sodali LLC
333 Ludlow Street, 5th Floor, South Tower
Stamford, CT 06902
Tel: (800) 662-5200 (toll-free) or
(203) 658-9400 (banks and brokers can call collect)
Email: PLTN.info@investor.morrowsodali.com
The cost of preparing, assembling, printing and mailing this proxy
statement and the accompanying form of proxy, and the cost of soliciting proxies relating to the special meeting, will be borne by the
Company.
Some banks and brokers have customers who beneficially own common stock
listed of record in the names of nominees. The Company intends to request banks and brokers to solicit such customers and will reimburse
them for their reasonable out-of-pocket expenses for such solicitations. If any additional solicitation of the holders of our outstanding
common stock is deemed necessary, the Company (through our directors and executive officers) anticipates making such solicitation directly.
No Right of Appraisal
The Company’s stockholders do not have appraisal rights under
the DGCL in connection with the proposals to be voted on at the special meeting. Accordingly, our stockholders have no right to dissent
and obtain payment for their shares.
Other Business
The Company is not currently aware of any business to be acted upon
at the special meeting other than the matters discussed in this proxy statement. The form of proxy accompanying this proxy statement confers
discretionary authority upon the named proxy holders with respect to amendments or variations to the matters identified in the accompanying
Notice of Special Meeting and with respect to any other matters which may properly come before the special meeting. If other matters do
properly come before the special meeting, or at any adjournment(s) of the special meeting, the Company expects that the shares of common
stock represented by properly submitted proxies will be voted by the proxy holders in accordance with the recommendations of our Board.
Principal Executive Offices
Our principal executive offices are located at 1441 Broadway 3rd, 5th
& 6th Floors, New York, NY 10018. Our telephone number at such address is (646) 969-0946.
THE EXTENSION AMENDMENT PROPOSAL
Background
We are a blank check company whose business purpose is to effect a
merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
We were incorporated in Delaware on March 11, 2021. In February 2022, the Company issued 1,437,500 founder shares to the Company’s
initial stockholders for an aggregate consideration of $25,000, or approximately $0.02 per share.
On November 15, 2022,
we consummated our IPO of 5,750,000 units at an offering price of $10.00 per Public Unit, which includes the full exercise
of the over-allotment option of 750,000 Public Units issued to EF Hutton. Each Public Unit consists of one share of Common Stock,
one redeemable Warrant entitling its holder to purchase one share of Common Stock at a price of $11.50 per whole share, and one Right
to receive one-sixth (1/6) of a share of Common Stock upon the consummation of an initial business combination. The Public Units were
sold at an offering price of $10.00 per Public Unit, generating gross proceeds of $57,500,000.
Simultaneously with the
closing of the IPO on November 15, 2022, we consummated a private placement with Plutonian Investments LLC, purchasing 266,125 units
at $10.00 per Private Unit, generating total proceeds of $2,661,250. The Private Units (and the underlying securities) are identical to
the Public Units sold in the IPO, except as otherwise disclosed in the IPO registration statement. No underwriting discounts or commissions
were paid with respect to such sale.
A total of $58,506,250
of the net proceeds from the sale of the Public Units in the IPO (including the Over-Allotment Option Units) and the Private Placements
on November 15, 2022, were deposited in a trust account with Continental Stock Transfer & Trust Company acting as trustee.
The Extension Amendment
The Company is proposing to amend its charter to extend the date by
which the Company must consummate a business combination to the Extended Date.
The Company’s currently effective charter provides that the Company
has the right to extend the period to complete a business combination nine times by an additional month each time (for a total of 18 months
to complete a business combination). In order to extend the time available for the Company to consummate a business combination without
the need for a separate stockholder vote under the charter, the Sponsor or its affiliate or designees must deposit into the Trust Account
$189,750 ($0.033 per public share) on or prior to the date of the applicable deadline. Given current market conditions, the Sponsor would
like to pay extension fees that are substantially less than the $189,750 required for each one-month extension under the existing charter.
The Company expects that there will be significant redemptions at the special meeting. The Extension Amendment will provide the Company
with additional time to complete an initial business combination. Approval of the Extension Amendment Proposal is a condition to the implementation
of the Extension.
We are currently in discussions with respect to a business combination.
In the event that we enter into a definitive agreement for an initial business combination prior to the special meeting, we will issue
a press release and file a Current Report on Form 8-K with the SEC announcing a proposed business combination.
The Contributors have agreed that if the Extension Amendment Proposal
and the Trust Amendment Proposal are approved, they will deposit to the trust account $150,000 for each three-month Extension (approximately
$0.026 per share assuming no redemptions), up to four times till August 15, 2024. Each Contribution will be deposited in the trust account
within two business days prior to the beginning of the additional extension period (or portion thereof). The Contribution(s) will not
bear any interest and will be repayable by the Company to the Contributors upon consummation of an initial business combination. The Contributions
will be forgiven by the Contributors if the Company is unable to consummate its initial business combination except to the extent of any
funds held outside of the trust account. If the Company extends the time to complete a business combination to August 15, 2024, the Contributors
would make aggregate Contributions in the amount of $600,000, or approximately $0.104 per share assuming no redemptions.
If the Extension Amendment Proposal is not approved and the Combination
Period is not extended in accordance with the terms of the existing charter, the Company will (i) cease all operations except for the
purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, and subject to having lawfully
available funds therefor, redeem 100% of the outstanding public shares, at a per share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released
to the Company to pay taxes, divided by the number of then outstanding public shares, which redemption will completely extinguish public
stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable
law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and
our Board, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and requirements
of other applicable law. There will be no redemption rights or liquidating distributions with respect to our warrants and rights, which
will expire worthless if we fail to complete an initial business combination within the Combination Period.
A copy of the proposed amendment to the Company’s charter is
attached to this proxy statement as Annex A.
Reasons for the Proposal
The Extension Amendment will provide the Company with additional time
to complete a business combination, which our Board believes is in the best interest of our stockholders. The Company believes that given
the Company’s expenditure of time, effort and money on searching for potential business combination opportunities, circumstances
warrant providing public stockholders an opportunity to consider an initial business combination. Accordingly, since the Company will
not be able to complete an initial business combination within the Combination Period, the Company has determined to seek stockholder
approval to extend the time for closing a business combination beyond the last day of the Combination Period to the Extended Date. The
Company and its officers and directors agreed that they would not seek to amend the Company’s charter to allow for a longer period
of time to complete a business combination unless the Company provided holders of public shares with the right to seek conversion of their
public shares in connection therewith.
If the Extension Amendment Proposal is Not Approved
Stockholder approval of the Extension Amendment Proposal is required
for the implementation of our Board’s plan to extend the date by which we must consummate an initial business combination. Therefore,
our Board will abandon and not implement the Extension Amendment unless our stockholders approve the Extension Amendment Proposal.
If the Extension Amendment Proposal is not approved and the Combination
Period is not extended in accordance with the terms of the existing charter, the Company will (i) cease all operations except for the
purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, and subject to having lawfully
available funds therefor, redeem 100% of the outstanding public shares, at a per share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released
to the Company to pay taxes, divided by the number of then outstanding public shares, which redemption will completely extinguish public
stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable
law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and
our Board, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and requirements
of other applicable law. There will be no redemption rights or liquidating distributions with respect to our warrants and rights, which
will expire worthless in the event the Company winds up.
The holders of the founder shares have waived their rights to participate
in any liquidation distribution with respect to such shares. There will be no distribution from the trust account with respect to the
Company’s warrants and rights, which will expire worthless in the event the Extension Amendment Proposal is not approved. The Company
will pay the costs of liquidation from its remaining assets outside of the trust account. If such funds are insufficient, the Sponsor
has agreed to advance it the funds necessary to complete such liquidation and has agreed not to seek repayment of such expenses.
If the Extension Amendment Proposal is Approved
If the Extension Amendment Proposal is approved, the Company will file
an amendment to the charter with the Secretary of State of the State of Delaware in the form of Annex A hereto to extend the time
it has to complete a business combination until the Extended Date. The Company will remain a reporting company under the Exchange Act,
and its units, common stock, public warrants and public rights will remain publicly traded. The Company will then continue to work to
consummate a business combination by the Extended Date.
You are not being asked to vote on a business combination at this
time. If the Extension is implemented and you do not elect to redeem your public shares in connection with the Extension, you will retain
the right to vote on a business combination when it is submitted to the public stockholders (provided that you are a stockholder on the
record date for a meeting to consider a business combination) and the right to redeem your public shares for a pro rata portion of the
trust account in the event a business combination is approved and completed or the Company has not consummated a business combination
by the Extended Date.
If the Extension Amendment Proposal is approved and the Extension is
implemented, the removal of the Withdrawal Amount from the trust account in connection with the Election will reduce the amount held in
the trust account following the Election. The Company cannot predict the amount that will remain in the trust account after such withdrawal
if the Extension Amendment Proposal is approved and the amount remaining in the trust account may be only a fraction of $[●] (including
interest and prior to the payment of taxes) that was in the trust account as of [●], 2023. In such event, the Company may still
seek to obtain additional funds to complete a business combination, and there can be no assurance that such funds will be available on
terms acceptable to the parties or at all. The Company will not use the proceeds placed in the trust account and the interest earned thereon
to pay any excise taxes or any other similar fees or taxes in nature that may be imposed on the Company pursuant to any current, pending
or future rules or laws, including without limitation any excise tax due imposed under the Inflation Reduction Act of 2022 on any redemptions
or stock buybacks by the Company.
Redemption Rights
If the Extension Amendment Proposal is approved, and the Extension
is implemented, public stockholders may elect to redeem their shares for a per share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account as of two business days prior to such approval, including interest earned on the funds held in the
trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding public shares. If the
Extension Amendment Proposal is approved by the requisite vote of stockholders, the remaining holders of public shares will retain the
opportunity to have their public shares redeemed in conjunction with the consummation of a business combination, subject to any limitations
set forth in our charter, as amended. In addition, public stockholders who vote for the Extension Amendment Proposal and do not make the
Election would be entitled to have their shares redeemed for cash if the Company has not completed a business combination by the Extended
Date.
TO EXERCISE YOUR REDEMPTION RIGHTS, YOU MUST ENSURE YOUR BANK OR
BROKER COMPLIES WITH THE REQUIREMENTS IDENTIFIED HEREIN, INCLUDING SUBMITTING A WRITTEN REQUEST THAT YOUR SHARES BE REDEEMED FOR CASH
TO THE TRANSFER AGENT AND DELIVERING YOUR SHARES TO THE TRANSFER AGENT PRIOR TO 5:00 P.M. EASTERN TIME ON [●], 2023 (TWO BUSINESS
DAYS BEFORE THE SCHEDULED VOTE AT THE SPECIAL MEETING). YOU WILL ONLY BE ENTITLED TO RECEIVE CASH IN CONNECTION WITH A REDEMPTION OF THESE
SHARES IF YOU CONTINUE TO HOLD THEM UNTIL THE EFFECTIVE DATE OF THE EXTENSION AMENDMENT PROPOSAL AND ELECTION.
Pursuant to our charter, a public stockholder may request that the
Company redeem all or a portion of such public stockholder’s public shares for cash if the Extension Amendment Proposal is approved.
You will be entitled to receive cash for any public shares to be redeemed only if you:
(i) |
(a) hold public shares or (b) hold public shares through units and you elect to separate your units into the underlying public shares, public warrants and public rights prior to exercising your redemption rights with respect to the public shares; and |
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(ii) |
prior to 5:00 p.m. Eastern time, on [●], 2023 (two business days prior to the scheduled vote at the special meeting), (a) submit a written request, including the name, phone number, and address of the beneficial owner of the shares for which redemption is requested, to Continental Stock Transfer & Trust Company, the Company’s transfer agent, at Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attn: SPAC Redemption Team E-mail: spacredemptions@continentalstock.com, that the Company redeem your public shares for cash and (b) deliver your public shares to the transfer agent, physically or electronically through DTC. |
Holders of units must elect to separate the underlying public shares,
public warrants and public rights prior to exercising redemption rights with respect to the public shares. If holders hold their units
in an account at a brokerage firm or bank, holders must notify their broker or bank that they elect to separate the units into the underlying
public shares, public warrants and public rights, or if a holder holds units registered in its own name, the holder must contact the transfer
agent directly and instruct it to do so. Public stockholders may elect to redeem all or a portion of their public shares regardless
of whether they vote for or against the Extension Amendment Proposal and regardless of whether they hold public shares on the record date.
Through DTC’s DWAC (Deposit/Withdrawal at Custodian) System,
this electronic delivery process can be accomplished by the stockholder, whether or not it is a record holder or its shares are held in
“street name,” by contacting the transfer agent or its broker and requesting delivery of its shares through the DWAC system.
Delivering shares physically may take significantly longer. In order to obtain a physical stock certificate, a stockholder’s broker
and/or clearing broker, DTC, and the Company’s transfer agent will need to act together to facilitate this request. There is a nominal
cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC
system. The transfer agent will typically charge the tendering broker $100 and the broker would determine whether or not to pass this
cost on to the redeeming holder. It is the Company’s understanding that stockholders should generally allot at least two weeks to
obtain physical certificates from the transfer agent. The Company does not have any control over this process or over the brokers or DTC,
and it may take longer than two weeks to obtain a physical stock certificate. Such stockholders will have less time to make their investment
decision than those stockholders that deliver their shares through the DWAC system. Stockholders who request physical stock certificates
and wish to redeem may be unable to meet the deadline for tendering their shares before exercising their redemption rights and thus will
be unable to redeem their shares. Certificates that have not been tendered in accordance with these procedures prior to the vote on the
Extension Amendment will not be redeemed for cash held in the trust account on the redemption date. In the event that a public stockholder
tenders its shares and decides prior to the vote at the special meeting that it does not want to redeem its shares, the stockholder may
withdraw the tender. If you delivered your shares for redemption to our transfer agent and decide prior to the vote at the special meeting
not to redeem your public shares, you may request that our transfer agent return the shares (physically or electronically). You may make
such request by contacting our transfer agent at the address listed above. In the event that a public stockholder tenders shares and the
Extension Amendment Proposal is not approved, these shares will not be redeemed and the physical certificates representing these shares
will be returned to the stockholder promptly following the determination that the Extension Amendment will not be approved. The Company
anticipates that a public stockholder who tenders shares for redemption in connection with the vote to approve the Extension would receive
payment of the redemption price for such shares soon after the completion of the Extension Amendment. The transfer agent will hold the
certificates of public stockholders that make the election until such shares are redeemed for cash or returned to such stockholders.
If properly demanded, the Company will redeem each public share for
a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the
funds held in the trust account and not previously released to the Company to pay taxes, divided by the number of then outstanding public
shares. Based on the amount in the trust account as of [●], 2023, this would amount to approximately $[●] per share (including
interest and prior to the payment of taxes). The closing price of the public shares on the NASDAQ on [●], 2023, was $[●].
Accordingly, if the market price were to remain the same until the date of the special meeting, exercising redemption rights would result
in a public stockholder receiving approximately $[●] more per share than if such stockholder sold the public shares in the open
market. The Company cannot assure public stockholders that they will be able to sell their public shares in the open market, even if the
market price per share is higher than the redemption price stated above, as there may not be sufficient liquidity in its securities when
such stockholders wish to sell their shares.
If you exercise your redemption rights, you will be exchanging your
shares of the Company’s common stock for cash and will no longer own the shares. You will be entitled to receive cash for these
shares only if you properly demand redemption and tender your stock certificate(s) to the Company’s transfer agent prior to 5:00
p.m. Eastern time on [●], 2023 (two business days before the scheduled vote at the special meeting). The Company anticipates that
a public stockholder who tenders shares for redemption in connection with the vote to approve the Extension Amendment would receive payment
of the redemption price for such shares soon after the completion of the Extension Amendment.
Interests of the Company’s Directors and Executive Officers
When you consider the recommendation of our Board, you should keep
in mind that the Company’s executive officers and directors, and their affiliates, have interests that may be different from, or
in addition to, your interests as a stockholder. These interests include, among other things:
● |
If the Extension Amendment Proposal is not approved and the Combination Period is not extended in accordance with the terms of the existing charter, the 1,437,500 founder shares (after giving effect to the forfeiture following expiration of the unexercised underwriters’ over-allotment option) that we issued to the Sponsor in exchange for an aggregate capital contribution of $25,000, or approximately $0.02 per share, will be worthless (as the initial stockholders have waived liquidation rights with respect to such shares). The founder shares had an aggregate market value of approximately $[●] based on the last sale price for the Company’s public shares of $[●] on the NASDAQ on [●], 2023; |
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● |
If the Extension Amendment Proposal is not approved and the Combination Period is not extended in accordance with the terms of the existing charter, the 266,125 Private Units purchased by the Sponsor for an aggregate investment of $2,661,250, or $10.00 per Private Unit, will be worthless. The Private Units had an aggregate market value (assuming they have the same value per unit as the Public Units) of $[●] based on the last sale price for the public warrants of $[●] and public rights of $[●] on the NASDAQ on [●], 2023; |
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● |
Even if the trading price of our common stock was as low as $[●] per share, the aggregate market value of the Sponsor’s founder shares alone (without taking into account the value of the Private Units) would be approximately equal to the initial investment in the Company by the Sponsor. As a result, if an initial business combination is completed, the initial stockholders are likely to be able to make a substantial profit on their investment in us even at a time when the common stock has lost significant value. On the other hand, if the Extension Amendment Proposal is not approved (and the Combination Period is not extended in accordance with the terms of the existing charter) and the Company liquidates without completing its initial business combination before August 15, 2023, the initial stockholders will lose their entire investment in us; |
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● |
The Sponsor has agreed that it will be liable to us, if and to the extent any claims by a third-party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to us, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the trust account to below: (i) $10.175 per public share or (ii) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay the Company’s taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended; |
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● |
All rights specified in the charter relating to the right of officers and directors to be indemnified by the Company, and of the Company’s executive officers and directors to be exculpated from monetary liability with respect to prior acts or omissions, will continue after a business combination. If a business combination is not approved and the Company liquidates, the Company will not be able to perform its obligations to its officers and directors under those provisions; |
● |
All of the current members of our Board are expected to continue to serve as directors at least through the date of the special meeting to approve a business combination and some may continue to serve following a business combination and receive compensation thereafter; and |
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● |
The Company’s executive officers and directors, and their affiliates are entitled to reimbursement of out-of-pocket expenses incurred by them in connection with certain activities on the Company’s behalf, such as identifying and investigating possible business targets and business combinations. However, if the Company fails to obtain the Extension and consummate a business combination, they will not have any claim against the trust account for reimbursement. Accordingly, the Company will most likely not be able to reimburse these expenses if a business combination is not completed. As of the date of this proxy statement, there are no outstanding out-of-pocket expenses for which the Company’s executive officers or directors, or their respective affiliates are awaiting reimbursement. |
Additionally, if the Extension Amendment Proposal is approved and we
consummate an initial business combination, the Sponsor, officers and directors may have additional interests as will be described in
the proxy statement for the business combination.
Required Vote
The affirmative vote by holders of at least a majority of the Company’s
outstanding common stock present and entitled to vote at the meeting is required to approve the Extension Amendment. If the Extension
Amendment Proposal is not approved and the Combination Period is not extended in accordance with the terms of the existing charter, the
Extension Amendment will not be implemented and the Company will be required by its charter to (i) cease all operations except for the
purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, and subject to having lawfully
available funds therefor, redeem 100% of the outstanding public shares, at a per share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest earned on the funds held in the trust Account and not previously released
to the Company to pay taxes, divided by the number of then outstanding public shares, which redemption will completely extinguish public
stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable
law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and
our Board, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and requirements
of other applicable law.
All of the Company’s initial stockholders are expected to vote
any common stock owned by them in favor of the Extension Amendment. On the record date, the initial stockholders beneficially owned and
were entitled to vote 1,437,500 founder shares and 266,125 shares of common stock underlying the Private Units, which together represents
22.68% of the Company’s issued and outstanding common stock.
In addition, the Company’s initial stockholders or advisors,
or any of their respective affiliates, may purchase public shares in privately negotiated transactions or in the open market prior to
or following the special meeting, although they are under no obligation to do so. There is no limit on the number of shares our initial
stockholders, directors, officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable
law and NASDAQ rules. The purpose of such share purchases and other transactions would be to increase the likelihood that the proposals
to be voted upon at the special meeting is approved by the requisite number of votes and to reduce the number of public shares that are
redeemed. In the event that such purchases do occur, the purchasers may seek to purchase shares from stockholders who would otherwise
have voted against the Extension Amendment Proposal and Trust Amendment Proposal and elected to redeem their shares for a portion of the
trust account. Any public shares held by or subsequently purchased by our affiliates may be voted in favor of the Extension Amendment
Proposal and Trust Amendment Proposal. None of the initial stockholders, advisors or their respective affiliates may make any such purchases
when they are in possession of any material non-public information not disclosed to the seller or during a restricted period under Regulation
M under the Exchange Act.
Recommendation
As discussed above, after careful consideration of all relevant factors,
our Board has determined that the Extension Amendment Proposal is in the best interests of the Company and its stockholders. Our Board
has approved and declared advisable adoption of the Extension Amendment Proposal.
OUR BOARD RECOMMENDS THAT YOU VOTE “FOR” THE EXTENSION
AMENDMENT PROPOSAL. OUR BOARD EXPRESSES NO OPINION AS TO WHETHER YOU SHOULD REDEEM YOUR PUBLIC SHARES.
The existence of financial and personal interests of our directors
and officers may result in a conflict of interest on the part of one or more of the directors or officers between what he, she or they
may believe is in the best interests of the Company and its stockholders and what he, she or they may believe is best for himself, herself
or themselves in determining to recommend that stockholders vote for the proposals. See the section entitled “— The Extension
Amendment — Interests of the Company’s Directors and Officers” for a further discussion.
THE TRUST AMENDMENT PROPOSAL
Overview
The Company entered into the Trust Agreement in connection with the
IPO and a potential business combination.
The Trust Amendment would amend the Trust Agreement to authorize the
Extension as contemplated by the Extension Amendment Proposal.
Reasons for the Proposal
The purpose of the Trust Amendment Proposal is to authorize the Extension
under the Trust Agreement, as the Extension is not contemplated under the Trust Agreement’s current terms.
We believe that given the Company’s expenditure of time, effort
and money on pursuing an initial business combination, circumstances warrant providing public stockholders an opportunity to consider
a business combination. For the Company to implement the Extension, the Trust Agreement must be amended to authorize the Extension.
Vote Required for Approval
The affirmative vote by holders of at least a majority of the Company’s
outstanding common stock is required to approve the Trust Amendment.
If you do not vote, you abstain from voting or you fail to instruct
your broker or other nominee as to the voting of shares you beneficially own, your action will have the same effect as a vote “AGAINST”
the Trust Amendment Proposal. If you do not want the Trust Amendment Proposal approved, you must abstain, not vote, or vote “AGAINST”
the Trust Amendment Proposal.
The Company’s initial stockholders and their respective affiliates
are expected to vote any common stock over which they have voting control (including any public shares owned by them) in favor of the
Trust Amendment Proposal.
The initial stockholders are not entitled to redeem the founder shares
or any public shares held by them. All of the Company’s initial stockholders are expected to vote any common stock owned by them
in favor of the Trust Amendment. On the record date, the initial stockholders beneficially owned and were entitled to vote 1,437,500 founder
shares and 266,125 shares of common stock underlying the Private Units, which together represents 22.68% of the Company’s issued
and outstanding common stock.
Recommendation
Our Board has determined that the Trust Amendment Proposal is in the
best interests of the Company and its stockholders. Our Board has approved and declared advisable adoption of the Trust Amendment Proposal.
OUR BOARD RECOMMENDS THAT YOU VOTE “FOR”
THE TRUST AMENDMENT PROPOSAL.
The existence of financial and personal interests of our directors
and officers may result in a conflict of interest on the part of one or more of the directors or officers between what he, she or they
may believe is in the best interests of the Company and its stockholders and what he, she or they may believe is best for himself, herself
or themselves in determining to recommend that stockholders vote for the proposals. See the section entitled “The Extension Amendment
— Interests of the Company’s Directors and Officers” for a further discussion.
THE ADJOURNMENT PROPOSAL
Overview
The Adjournment Proposal, if adopted, will allow our Board to adjourn
the special meeting to a later date or dates, if necessary or appropriate, to permit further solicitation of proxies in the event that
there are insufficient votes for, or otherwise in connection with, the Extension Amendment Proposal or the Trust Amendment Proposal. The
Adjournment Proposal will be presented to our stockholders only in the event that there are insufficient votes for, or otherwise in connection
with, the approval of the Extension Amendment Proposal and the Trust Amendment Proposal.
Consequences if the Adjournment Proposal is Not Approved
If the Adjournment Proposal is not approved by our stockholders, our
Board may not be able to adjourn the special meeting to a later date in the event that there are insufficient votes for, or otherwise
in connection with, the approval of the Extension Amendment Proposal or the Trust Amendment Proposal.
Required Vote
The approval of the Adjournment Proposal requires the affirmative vote
of a majority of the votes cast by the Company’s stockholders represented in person (including virtually) or by proxy at the special
meeting. Accordingly, if a valid quorum is otherwise established, a stockholder’s failure to vote by proxy or in person (including
virtually) at the special meeting or an abstention will have no effect on the outcome of the vote on the Adjournment Proposal. Abstentions
will be counted in connection with the determination of whether a valid quorum is established but will have no effect on the outcome of
the Adjournment Proposal.
Recommendation
As discussed above, after careful consideration of all relevant factors,
our Board has determined that the Adjournment Proposal is in the best interests of the Company and its stockholders. Our Board has approved
and declared advisable the adoption of the Adjournment Proposal.
OUR BOARD RECOMMENDS THAT YOU VOTE “FOR”
THE ADJOURNMENT PROPOSAL.
The existence of financial and personal interests of our directors
and officers may result in a conflict of interest on the part of one or more of the directors or officers between what he, she or they
may believe is in the best interests of the Company and its stockholders and what he, she or they may believe is best for himself, herself
or themselves in determining to recommend that stockholders vote for the proposals. See the section entitled “The Extension Amendment
— Interests of the Company’s Directors and Officers” for a further discussion.
PRINCIPAL STOCKHOLDERS
The following table sets forth information regarding the beneficial
ownership of our common stock as of May 30, 2023, by:
● |
each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock; |
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each of our executive officers and directors; and |
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all our executive officers and directors as a group. |
Unless otherwise indicated, we believe that all persons named in the
table have sole voting and investment power with respect to all shares of common stock beneficially owned by them. The following table
does not reflect record of beneficial ownership of any shares of Common Stock issuable upon conversion of Rights or the exercise of the
Warrants as the Rights are not convertible and the Warrants are not exercisable within 60 days of the date of this proxy statement.
The beneficial ownership of our common stock is based on 7,511,125
shares of common stock issued and outstanding as of the record date, consisting of 5,750,000 public shares, 1,437,500 founder shares and
266,125 shares of common stock underlying the private units.
Name and Address of Beneficial Owner(1) | |
Amount
and
Nature of
Beneficial
Ownership
of
Common
Stock | | |
Approximate
Percentage
of
Outstanding
Shares of
Common
Stock | |
Plutonian Investments LLC(2) | |
| 1,538,625 | | |
| 20.48 | % |
Wei Kwang Ng | |
| 50,000 | | |
| * | % |
Ke Wang | |
| 30,000 | | |
| * | % |
Sze Wai Lee | |
| 40,000 | | |
| * | % |
Robert M. Annis | |
| 25,000 | | |
| * | % |
Harry Harnett | |
| 20,000 | | |
| * | % |
All current directors and executive officers as a group (five individuals) | |
| 1,703,625 | | |
| 22.68 | % |
Harraden Circle Investors, LP (3) | |
| 456,842 | | |
| 6.08 | % |
Harraden Circle Investors GP, LP (3) | |
| 456,842 | | |
| 6.08 | % |
Harraden Circle Investors GP, LLC (3) | |
| 456,842 | | |
| 6.08 | % |
Harraden Circle Investments, LLC(3) | |
| 473,398 | | |
| 6.30 | % |
Frederick V. Fortmiller, Jr.(3) | |
| 488,500 | | |
| 6.50 | % |
Space Summit Capital LLC (4) | |
| 550,000 | | |
| 7.32 | % |
(1) |
Unless otherwise indicated, the business address of each of the individuals is c/o Plutonian Acquisition Corp., 1441 Broadway 3rd, 5th & 6th Floors, New York, NY 10018. |
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(2) |
Plutonian Investments LLC, our sponsor, is controlled by Mr. Guojian Zhang. |
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(3) |
Based on a Schedule 13G filed by the reporting person. The address for the reporting person is 299 Park Avenue, 21st Floor, New York, NY 10171. |
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(4) |
Based on a Schedule 13G filed by the reporting person. The address for the reporting person is 15455 Albright Street, Pacific Palisades, CA 90272. |
DELIVERY OF DOCUMENTS TO STOCKHOLDERS
Pursuant to the rules of the SEC, the Company and its agents that deliver
communications to its stockholders are permitted to deliver to two or more stockholders sharing the same address a single copy of the
Company’s proxy statement. Upon written or oral request, the Company will deliver a separate copy of the proxy statement to any
stockholder at a shared address who wishes to receive separate copies of such documents in the future. Stockholders receiving multiple
copies of such documents may likewise request that the Company deliver single copies of such documents in the future. Stockholders may
notify the Company of their requests by emailing or writing the Company at the Company’s principal executive offices at 1441 Broadway
3rd, 5th & 6th Floors, New York, NY 10018, Attn: Corporate Secretary.
WHERE YOU CAN FIND MORE INFORMATION
The Company files annual, quarterly and current reports, proxy statements
and other information with the SEC. The SEC maintains an internet web site that contains reports, proxy and information statements, and
other information regarding issuers, including us, that file electronically with the SEC. The public can obtain any documents that we
file electronically with the SEC at http://www.sec.gov.
You may obtain additional copies of this proxy statement, at no cost,
and you may ask any questions you may have about the Extension Amendment Proposal, the Trust Amendment Proposal or the Adjournment Proposal
by contacting us at the following address or email:
Plutonian Acquisition Corp.
1441 Broadway 3rd, 5th & 6th Floors
New York, NY 10018
Attn: Wei Kwang Ng
Email: ngweik@Plutoniancorp.com
You may also obtain these documents at no cost by requesting them in
writing or by telephone from the Company’s proxy solicitation agent at the following address and telephone number:
Morrow Sodali LLC
333 Ludlow Street, 5th Floor, South Tower
Stamford, CT 06902
Tel: (800) 662-5200 (toll-free) or
(203) 658-9400 (banks and brokers can call collect)
Email: PLTN.info@investor.morrowsodali.com
In order to receive timely delivery of the documents in advance of
the special meeting, you must make your request for information no later than [●], 2023 (one week prior to the date of the special
meeting).
ANNEX A
PROPOSED CERTIFICATE OF AMENDMENT TO THE
AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
PLUTONIAN ACQUISITION CORP.
Plutonian Acquisition Corp., a corporation existing
under the laws of the State of Delaware, by its Chief Executive Officer, hereby certifies as follows:
1. | The name of the corporation is Plutonian Acquisition Corp. |
2. |
The date of filing of the corporation’s original Certificate of Incorporation with the Secretary of State of the State of Delaware was March 11, 2021 (and it was thereafter amended by a Certificate of Amendment to the Certificate of Incorporation on September 28, 2022), which later was amended and restated by filing the Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware on November 9, 2022 (the “Amended and Restated Certificate of Incorporation”). |
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3. |
The Board of Directors of the corporation has duly adopted resolutions setting forth proposed amendments to the Amended and Restated Certificate of Incorporation, declaring said amendment to be advisable and in the best interests of the corporation and its stockholders and authorizing the appropriate officers of the corporation to solicit the consent of the stockholders therefor, which resolutions setting forth the proposed amendment are substantially as follows: |
RESOLVED, that Article Sixth (E) of the Amended
and Restated Certificate of Incorporation are hereby amended and restated in the entirety as follows:
“E. In the event that the Corporation does not consummate a Business
Combination by August 15, 2023, or if the Corporation shall, in its sole discretion determine, elect to extend the amount of time to complete
a Business Combination, up to four times for an additional three months each time, from August 15, 2023 to August 15, 2024 (the later
such date actually extended being referred to as or, in each case if the Office of the Delaware Division of Corporations shall not be
open for business (including filing of corporate documents) on such date the next date upon which the Office of the Delaware Division
of Corporations shall be open, the “Termination Date”) , the Corporation shall (i) cease all operations
except for the purposes of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter redeem 100%
of the IPO Shares for cash for a redemption price per share as described below (which redemption will completely extinguish such holders’
rights as stockholders, including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii)
as promptly as reasonably possible following such redemption, subject to approval of the Corporation’s then stockholders and subject
to the requirements of the GCL, including the adoption of a resolution by the Board of Directors pursuant to Section 275(a) of the GCL
finding the dissolution of the Corporation advisable and the provision of such notices as are required by said Section 275(a) of the GCL,
dissolve and liquidate the balance of the Corporation’s net assets to its remaining stockholders, as part of the Corporation’s
plan of dissolution and liquidation, subject (in the case of (ii) and (iii) above) to the Corporation’s obligations under the GCL
to provide for claims of creditors and other requirements of applicable law. In such event, the per share redemption price shall be equal
to a pro rata share of the Trust Account plus any pro rata interest earned on the funds held in the Trust Account and not previously released
to the Corporation to pay its taxes divided by the total number of IPO Shares then outstanding.”
4. |
That thereafter, said amendment was duly adopted by the affirmative vote of the holders of a majority of the stock entitled to vote at a meeting of stockholders in accordance with the provisions of Section 242 of the DGCL. |
IN WITNESS WHEREOF, the corporation has caused this Certificate
of Amendment to be signed this day of [●], 2023.
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Name: |
Wei Kwang Ng |
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Title: |
Chief Executive Officer |
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ANNEX B
PROPOSED AMENDMENT TO THE INVESTMENT MANAGEMENT
TRUST AGREEMENT
THIS AMENDMENT NO. 1 TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT (this
“Amendment”) is made as of [●], 2023, by and between Plutonian Acquisition Corp., a Delaware corporation (the
“Company”), and Continental Stock Transfer & Trust Company, a New York limited liability trust company (the “Trustee”).
Capitalized terms contained in this Amendment, but not specifically defined in this Amendment, shall have the meanings ascribed to such
terms in that certain Investment Management Trust Agreement, dated November 9, 2022, by and between the parties hereto (the “Trust
Agreement”).
WHEREAS, $58,506,250 of
the gross proceeds from the IPO and sale of the Private Placement Units was deposited into the Trust Account;
WHEREAS, Section 1(i) of the Trust Agreement provides that the Trustee
is to liquidate the Trust Account and distribute the Property in the Trust Account only after and promptly after (x) receipt of, and only
in accordance with, the terms of a Termination Letter; or (y) the date which is 9 months after the closing of the IPO, or, in the event
that the Company extended the time to complete the Business Combination for up to 18 months, as applicable, from the Closing but has not
completed the Business Combination within such 18-month period, as applicable, provided a Termination Letter has not been received by
the Trustee prior to such date;
WHEREAS, Section 7(c) of the Trust Agreement provides that Section
1(i) of the Trust Agreement may only be amended with the affirmative vote of the holders of at least 50% or more of the shares of the
Common Stock present or represented at the meeting, par value $0.0001 per share, of the Company voting together as a single class;
WHEREAS, the Company obtained the requisite vote of the stockholders
of the Company to approve this Amendment; and
WHEREAS, each of the Company and Trustee desire to amend the Trust
Agreement as provided herein.
NOW, THEREFORE, in consideration of the mutual agreements contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally
bound hereby, the parties hereto agree as follows:
1. Amendment to Section 1(i).
Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety as follows:
(i) Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B,
signed on behalf of the Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary
and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged
and agreed to by EF Hutton, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as
directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination
Letter has not been received by the Trustee upon the date which is, the later of (1) August 15, 2023, (2) up to the 21-month anniversary
from the closing of IPO, i.e., August 15, 2024, and (3) such later date as provided in the Company’s Amended and Restated Certificate
of Incorporation (the “Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth
in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date.
2.
Addition of Section 1(n). A new Section 1(n) shall be added as follows:
“(m) Upon receipt of an extension letter
(”Extension Letter”) substantially similar to Exhibit F hereto at least five days prior to the applicable
termination date (as may be extended in accordance with Section 1(i)), signed on behalf of the Company by an executive officer, and receipt
of the dollar amount specified in the Extension Letter on or prior to such termination date (if and as applicable), to follow the instructions
set forth in the Extension Letter.”
3.
Amendments to Definitions.
(i) Capitalized terms used herein and not otherwise defined shall have
the meanings ascribed to them in the Trust Agreement. The following defined term in the Trust Agreement shall be amended and restated
in their entirety:
“Trust Agreement” shall mean that certain
Investment Management Trust Agreement, dated November 9, 2022, by and between Plutonian Acquisition Corp. and Continental Stock Transfer
& Trust Company, as amended by the Amendment No. 1 to Investment Management Trust Agreement dated [●], 2023.”; and
(ii) The term “Property” shall be deemed
to include any Contribution paid to the Trust Account in accordance with the terms of the Amended and Restated Certificate of Incorporation
and the Trust Agreement.
4.
Addition of Exhibit F. A new Exhibit F of the Trust Agreement is hereby added as follows:
EXHIBIT F
[Letterhead of Company]
[Insert date]
Continental Stock Transfer & Trust Company
1 State Street, 30th Floor
New York, New York 10004
Attn: Francis Wolf and Celeste Gonzalez
Re: Trust Account — Extension Letter
Dear Mr. Wolf and Ms. Gonzalez:
Pursuant to paragraphs 1(i) and 1(n) of the Investment Management Trust
Agreement between Plutonian Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company
(the “Trustee”), dated as of November 9, 2022, as amended by the Amendment No. 1, dated [●], 2023 (the
“Trust Agreement”), this is to advise you that the Company is extending the time available in order to consummate
a Business Combination with the Target Businesses for an additional three month[s], from [●], 202_ to [●], 202_ (the “Extension”).
Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement. This Extension
Letter shall serve as the notice required with respect to Extension prior to the applicable termination date (as may be extended in accordance
with Section 1(i) of the Trust Agreement). In accordance with the terms of the Trust Agreement, we hereby authorize you to deposit the
contribution in the amount of $[●] for such three-month extension until [●], 202_ (the “Contribution”),
unless the Closing of the Company’s initial business combination shall have occurred, which will be wired to you, into the Trust
Account investments upon receipt.
Very truly yours, |
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Plutonian Acquisition Corp. |
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By: |
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Name: |
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Title: |
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5.1. |
Successors. All the covenants and provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind and inure to the benefit of their permitted respective successors and assigns. |
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5.2. |
Severability. This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. |
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5.3. |
Applicable Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York. |
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5.4. |
Counterparts. This Amendment may be executed in several original or facsimile counterparts, each of which shall constitute an original, and together shall constitute but one instrument. |
5.5. |
Effect of Headings. The section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof. |
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5.6. |
Entire Agreement. The Trust Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated. |
[Signature Page to Follow]
IN WITNESS WHEREOF, the parties have duly executed this Amendment as
of the date first written above.
PLUTONIAN ACQUISITION CORP. |
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By: |
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Name: |
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Title: |
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CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee |
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By: |
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Name: |
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Title: |
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PROXY CARD
PLUTONIAN ACQUISITION CORP.
PROXY FOR THE SPECIAL MEETING OF STOCKHOLDERS
THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS
Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to be Held on [__________], 2023: The Proxy Statement is available at [____________________] |
The undersigned hereby appoints Wei Kwang Ng as
proxy of the undersigned to attend the Special Meeting of Stockholders (the “Special Meeting”) of Plutonian
Acquisition Corp. (the “Company”), to be held via virtual meeting as described in the Proxy Statement on [__________],
2023 at [_] a.m. Eastern time, and any postponement or adjournment thereof, and to vote as if the undersigned were then and there personally
present on all matters set forth in the Notice of Special Meeting, dated [__________], 2023 (the “Notice”),
a copy of which has been received by the undersigned, as follows:
| 1. | PROPOSAL 1. EXTENSION AMENDMENT — To amend the
Company’s Amended and Restated Certificate of Incorporation to allow the Company to extend the date by which the Company must consummate
a business combination (the “Extension”), up to four times for an additional three months each time,
from August 15, 2023 to August 15, 2024 (the date that is 21 months from the closing date of the Company’s initial public offering
of units (“IPO”)). |
For ☐
Against ☐ Abstain ☐
| 2. | PROPOSAL 2. TERMINATION AMENDMENT — To amend the
Investment Management Trust Agreement, dated November 9, 2022, by and between the Company and Continental Stock Transfer & Trust
Company (the “Trustee”), to allow the Company to extend the date on which the Trustee must liquidate the trust
account established by the Company in connection with the IPO (the “trust account”) if the Company has not
completed its initial business combination, up to four times for an additional three months each time, from August 15, 2023 to August
15, 2024 (the date that is 21 months from the closing date of the Company’s IPO) (the “Trust Amendment Proposal”). |
For ☐
Against ☐ Abstain ☐
| 3. | PROPOSAL 3. ADJOURNMENT — To approve the adjournment
of the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there
are insufficient votes to approve the Extension Amendment Proposal or the Trust Amendment Proposal or if the Company determines that
additional time is necessary to effectuate the Extension. The Adjournment Proposal will only be presented at the special meeting if there
are not sufficient votes for, or otherwise in connection with, the approval of the Extension Amendment Proposal and the Trust Amendment
Proposal. |
For ☐
Against ☐ Abstain ☐
NOTE: IN HIS DISCRETION, THE PROXY HOLDER IS
AUTHORIZED TO VOTE UPON SUCH OTHER MATTER OR MATTERS THAT MAY PROPERLY COME BEFORE THE SPECIAL MEETING AND ANY ADJOURNMENT(S) THEREOF.
THIS PROXY WILL BE VOTED IN ACCORDANCE WITH THE
SPECIFIC INDICATION ABOVE. IN THE ABSENCE OF SUCH INDICATION, THIS PROXY WILL BE VOTED “FOR” EACH PROPOSAL AND, AT THE DISCRETION
OF THE PROXY HOLDER, ON ANY OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY POSTPONEMENT OR ADJOURNMENT THEREOF.
Dated:______ |
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Signature of Stockholder |
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PLEASE PRINT NAME |
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Certificate Number(s) |
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Total Number of Shares Owned |
Sign exactly as your name(s) appears on your stock
certificate(s). A corporation is requested to sign its name by its President or other authorized officer, with the office held designated.
Executors, administrators, trustees, etc., are requested to so indicate when signing. If a stock certificate is registered in two names
or held as joint tenants or as community property, both interested persons should sign.
PLEASE COMPLETE THE FOLLOWING:
I plan to attend the Special Meeting (Circle one):
Yes No
Number of attendees: ____________
PLEASE NOTE:
STOCKHOLDER SHOULD SIGN THE PROXY PROMPTLY AND
RETURN IT IN THE ENCLOSED ENVELOPE AS SOON AS POSSIBLE TO ENSURE THAT IT IS RECEIVED BEFORE THE SPECIAL MEETING. PLEASE INDICATE ANY ADDRESS
OR TELEPHONE NUMBER CHANGES IN THE SPACE BELOW.
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