California lithium company to go public in $4.7 billion SPAC deal

Controlled Thermal Resources, a California-based lithium company, plans to go public in the United States through a $4.7 billion merger with a SPAC (special purpose acquisition company). The deal will combine the company with Plum Acquisition Corp IV, a blank-check firm created to take private companies public through mergers. Once the transaction is completed, the combined company is expected to trade on the Nasdaq under the ticker symbol “CTRH.” The merger is anticipated to close in the second half of 2026, pending regulatory approvals and other closing conditions. In the transaction, Hall Chadwick is serving as the advisor to Controlled Thermal Resources, while Cohen & Company Capital Markets is advising Plum Acquisition Corp IV. The deal highlights growing investor interest in lithium production, which is a key material used in electric vehicle batteries and energy storage systems, as global demand for clean energy technologies continues to rise.