American Critical Resources and Plum Acquisition Corp. IV Announce Letter of Intent for a Proposed Business Combination Aimed to Advance U.S. Energy and Critical Minerals[...]

American Critical Resources and Plum Acquisition Corp. IV Announce Letter of Intent for a Proposed Business Combination Aimed to Advance U.S. Energy and Critical Minerals Security

IMPERIAL COUNTY, CA and NEW YORK, NY - Dec. 19, 2025 / EIN Presswire / -- American Critical Resources ("ACR"), a subsidiary of Controlled Thermal Resources Holdings Inc. ("CTR"), and Plum Acquisition Corp. IV (Nasdaq: PLMK) ("Plum IV"), a publicly traded special purpose acquisition company, have entered into a non-binding letter of intent ("LOI") for a proposed business combination. Upon completion, the combined company is expected to be publicly listed on a national securities exchange in the United States.

American Critical Resources was formed to advance CTR's Hell's Kitchen development at the Salton Sea in California - known as one of the world's most prolific geothermal lithium resources and considered one of the most strategically important energy and critical minerals resources in the United States. ACR is expected to deliver approximately 50 megawatts of renewable baseload electricity and an estimated annual production of up to 100,000 metric tons of lithium carbonate over four project stages.

Supported by strategic partnerships, the project has secured over US$ 285 million in private investment to date and has successfully demonstrated its direct minerals extraction process with the completion of a Definitive Feasibility Study validated by Baker Hughes.

Beyond power and lithium, research and development is underway to seek to unlock additional critical minerals identified by the Idaho National Laboratory, including potash, zinc, manganese, rubidium, cesium, and rare earth materials vital to U.S. national security.

Joining Forces to Build U.S. Energy and Minerals Leadership

Plum IV's management team brings extensive experience in SPAC transactions, operational acceleration, and structured capital markets. The proposed combination reflects the growing alignment between U.S. policy and private sector initiatives to strengthen domestic capacity across energy and critical minerals.

The combination is intended to accelerate ACR's development timeline, strengthen its balance sheet, and provide access to U.S. public market capital to advance projects that directly support national priorities in energy security, manufacturing, and defense.

Statements from Company Leadership

Rod Colwell, CEO of CTR: "ACR is positioned at the center of U.S. energy dominance and national security priorities. Hell's Kitchen has the resources to deliver baseload energy and critical minerals that will supercharge domestic supply chains and expand U.S. leadership in low-carbon minerals exports. After a decade of development, we are ready to deploy and are delighted to join forces with Plum IV to unlock this vital U.S. resource."

Kanishka Roy, CEO of Plum IV: "We are pleased to partner with ACR, a company at the forefront of strengthening the U.S. supply chain by delivering critical minerals and renewable energy solutions. We believe this proposed transaction represents a significant opportunity to support a strategic U.S. initiative while creating long-term value for shareholders."

Definitive Documentation

The parties will announce additional details regarding the proposed business combination if and when a definitive agreement is executed. No assurances can be provided as to the entry into or timing of any definitive agreement or the consummation of any transaction. Any transaction would be subject to the completion of satisfactory due diligence, negotiation of definitive agreements, board and shareholder approvals, regulatory approvals, and other customary conditions.

Advisors

Hall Chadwick is serving as Exclusive Financial Advisor and Lead Capital Markets Advisor to ACR. Cohen & Company Capital Markets is serving as Exclusive Financial Advisor and Lead Capital Markets Advisor to Plum IV. Both firms bring deep expertise in equity capital markets and cross-border transactions. Greenberg Traurig, LLP is serving as legal counsel to Plum IV. Duane Morris LLP is serving as legal counsel to ACR.

Additional Information and Where to Find It

If a definitive agreement is entered into in connection with the proposed business combination, Plum IV or a newly formed holding company will prepare and file a registration statement on Form S-4, including a preliminary proxy statement/prospectus (the "Proxy Statement") with the U.S. Securities and Exchange Commission (the "SEC"). Plum IV urges investors and securityholders to read the proxy statement/prospectus and other documents filed with the SEC when they become available, as they will contain important information regarding the proposed business combination. The Proxy Statement will be distributed to holders of Plum IV's Class A Ordinary Shares in connection with Plum IV's solicitation of proxies for the vote by Plum IV's shareholders with respect to the proposed business combination and other matters as will described therein. All SEC filings will be available free of charge at www.sec.gov, or by directing a request to: Plum Acquisition Corp. IV, 2021 Fillmore St., #2089, San Francisco, California 94115, Attention: Kanishka Roy, or by email at [email protected].

Participants in the Solicitation

Plum IV, ACR, and their respective directors, officers, and employees may be deemed participants under SEC rules in the solicitation of proxies in connection with the proposed business combination. Information about Plum IV's directors and officers is available in Plum IV's SEC filings.

Additional details regarding the interests of persons involved in the proposed business combination will be included in the proxy statement/prospectus when it becomes available.