• Approximately $205 Million of Existing Convertible Debt Expected to Convert to Equity at Close of the Proposed Business Combination, with an Additional Approximately $40 Million Expected to Convert into a New Planned PIPE
  • Simplified Capital Structure Expected to Support Financing of CTR’s Power-First Development Strategy Ahead of Proposed Nasdaq Listing
  • CTR plans to develop approximately 650 MW of renewable baseload geothermal generation for potential of co-location of AI data centers
     

IMPERIAL, Calif. and SAN FRANCISCO, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Controlled Thermal Resources Holdings Inc. ("CTR" or the "Company"), developer of one of America’s largest and most advanced geothermal power and critical minerals projects, and Plum Acquisition Corp. IV (NASDAQ:PLMK) ("Plum IV"), a publicly traded special purpose acquisition company, today announced a series of agreements between CTR and certain strategic investors that are expected to materially strengthen CTR’s capital structure in connection with their previously announced proposed business combination.

The agreements follow CTR and Plum IV’s previously announced proposed business combination. Upon closing of the proposed business combination and related transactions ("Proposed Transactions"), the combined company is expected to operate as Controlled Thermal Resources and is expected to be listed on the Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbol "CTRH". The Proposed Transactions are expected to close in the fourth quarter of 2026, subject to shareholder approval, regulatory approvals, and other customary closing conditions.