PLUN: NT1 Pty Ltd strikes $500M reverse merger deal

Plutonian Acquisition Corp II (PLUN) announced on 3 September 2026 that NT1 Pty Ltd has entered into a merger and business combination agreement to acquire the company in a reverse merger transaction valued at $500 million. PLUN is the target in the deal.

In a reverse merger, the private company — here NT1 Pty Ltd — effectively goes public by combining with the listed shell. Existing PLUN holders would see their shares converted according to the deal terms. Short interest in PLUN is negligible, at well under 0.01% of free float with only 912 shares reported short, so the deal mechanics carry no meaningful short-side dimension here.