Tactical Resources Completes Business Combination with Plum Acquisition Corp. III and Prepares for Nasdaq Listing

Tactical Resources Corp. has completed its business combination with Plum Acquisition Corp. III, creating a new parent entity known as "New PubCo" that will begin trading on the Nasdaq Capital Market under the ticker "TREO" on August 18, 2026. Prior to the listing, a four-for-one reverse share consolidation took effect on August 17, 2026, reducing the total share count from approximately 54.4 million to 13.6 million. The exchange ratio for the transaction is set at approximately 4.45396581 New PubCo Common Shares for every Tactical Share. To comply with Nasdaq listing standards, 37% of the newly issued shares are subject to a six-month transfer restriction.

In leadership changes, Man Ching ("Jenny") Shen has been appointed as Chief Financial Officer, succeeding Alnesh Mohan. Concurrently, shares will be delisted from the TSX Venture Exchange and OTC Markets effective August 13, 2026. Outstanding warrants have been adjusted to a $46.00 strike price following the consolidation and will not be listed on Nasdaq.

The transaction followed a multi-step progression beginning in November 2025, when the company secured a $140 million financing package consisting of $40 million in convertible debt and $100 million in a Securities Purchase Agreement (SEPA) to fund the merger and project development. By December 2025, shareholder and court approvals for the SPAC amalgamation were secured. In March 2026, Tactical Resources acquired an exclusive option to purchase approximately 4 million tons of rare earth element (REE)-bearing tailings and 100% of Sierra Blanca Quarry for $29 million. This was followed in April 2026 by the securing of 1.5 million tons of processed tailings via an Asset Purchase Agreement. Nasdaq approval was received in July 2026, at which point the exchange ratio was finalized and the closing was expected in late July, leading to the official completion of the combination and the execution of the reverse split in August 2026.

Tactical Resources Corp. (RARE) has completed its SPAC merger, a procedural milestone widely anticipated and priced into the stock over the past several months. The transaction includes a reverse split and a listing on Nasdaq, measures intended to improve liquidity, visibility, and access to U.S. capital markets in alignment with management’s stated strategic goals.

The release contains no new operational, financial, or strategic surprises. The transaction structure, dilution mechanics, and lock-up terms match prior disclosures. Consequently, the market impact is expected to be limited to standard SPAC listing volatility. The fundamental risk profile remains unchanged: the company is pre-revenue, carries a working capital deficiency, and faces a going concern warning.

Tactical Resources Corp. is a pre-revenue rare earth element (REE) exploration and development company headquartered in Vancouver, Canada. Its flagship asset is the Peak Project, located in Hudspeth County, Texas, approximately 68 miles southeast of El Paso. The project sits on the northwest side of the Sierra Blanca laccolith and is part of a geologic complex known for REE mineralization.

Metallurgical testing indicates a direct-to-leach extraction amenability with 88-93% TREE+Y extraction efficiency at 30-60 micron grind sizes. The company holds an exclusive option to acquire approximately 4 million tons of REE-bearing tailings and 100% of Sierra Blanca Quarry, LLC, for $29 million. The project is currently in the exploration and scoping study phase, with no defined mineral resources or reserves.