Plum Acquisition Corp. IV (Nasdaq: PLMK) and Controlled Thermal Resources Holdings Inc. (CTR) announced on October 1, 2026, a series of agreements between CTR and strategic investors. These agreements are intended to strengthen CTR’s capital structure in connection with the parties' previously announced proposed business combination.
Under the agreements, CTR expects to retire the majority of its outstanding convertible debt obligations through a combination of equity conversion and participation in a planned Private Investment in Public Equity (PIPE). CTR’s outstanding convertible notes are expected to total approximately $245 million at closing. The agreements stipulate that approximately $205 million of this debt is expected to convert to equity upon the closing of the proposed business combination. Additionally, approximately $40 million is expected to convert into the new planned PIPE structure.
Upon completion of the proposed transactions, the combined company is expected to operate as Controlled Thermal Resources and be listed on the Nasdaq Stock Market under the ticker symbol "CTRH." The proposed business combination is expected to close in the fourth quarter of 2026, subject to shareholder approval, regulatory approvals, and other customary closing conditions.
CTR is developing the Hell’s Kitchen project in southern California, an integrated power and critical minerals business. The company plans to develop approximately 650 MW of renewable baseload geothermal generation. CTR expects Stage 1 Power, a planned 50 MW geothermal facility, to achieve commercial operation in 2028. This will be followed by Stage 1 Lithium, with planned annual battery-grade capacity of 25,000 metric tons targeted for commercial operation in 2030.
To date, CTR has invested approximately $310 million in the development of the Hell’s Kitchen project, which includes advanced permitting and key long-lead equipment staged for construction.
