Prime Impact Acquisition I (PIAI) Adds $13M PIPE to Cheche Deal
by Nicholas Alan Clayton on 2023-09-11 at 9:28am

Prime Impact I (NYSE:PIAI) announced this morning that investors have subscribed to a PIPE in its combination with digital insurance firm Cheche buying 1,300,000 for $10 per share.

The investors were not named, but the PIPE would cover the deal’s $5 million minimum cash condition as it heads into its approval vote.

Prime Impact I shareholders are to meet digitally at a special meeting at 10 am September 12 to consider an approval of the combination as well as allowing the company to issue new shares and make certain governance changes.

The SPAC adjourned an earlier extension vote, but still saw about 85.7% of shares redeemed, leaving it with about $48.3 million in its trust going into its meeting for completion. It now has until September 14 to complete a transaction.

The two sides announced their $841 million deal in January. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. Last year, it was named as one of IDC’s Top 50 Chinese fintech companies.

Recent Posts
by Kristi Marvin on 2024-07-13 at 11:44am

Terms Tracker for the Week Ending July 12, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The rush is on to price the SPAC IPOs with anchor investors while they still can and Cantor managed to push out two of them...

by Nicholas Alan Clayton on 2024-07-12 at 8:17am

At the SPAC of Dawn With all eyes on the fireworks both literal and figurative in Western politics this month, July has hosted a relative drought of new business combinations with just one so far announced. But, there are flashes on the horizon as three SPACs signed letters of intent to combine with targets in...

by Nicholas Alan Clayton on 2024-07-11 at 4:59pm

Launch One Acquisition Corp. announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “LPAAU”, Friday, July 12, 2024. The new SPAC aims to combine with an established company of scale in healthcare and healthcare-related industries and, in particular, life sciences, globally. Launch...

by Nicholas Alan Clayton on 2024-07-11 at 8:24am

At the SPAC of Dawn As the market awaits the reading for the US’ CPI numbers for June at 8:30 am ET, SPAC teams are increasingly looking outside of the US for filing their initial corporate documents. So far, none of the 34 SPACs that have filed for IPOs in 2024 have been domiciled in...

by Nicholas Alan Clayton on 2024-07-10 at 8:11am

At the SPAC of Dawn Wednesday is set to be potentially the busiest day of the week for SPACs with three extension votes and a completion vote for investors to get through. The day also holds the possibility of being the month’s first debut of multiple SPACs at once as SIM I (NASDAQ:SIMAU) priced overnight...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved