Prime Impact Acquisition I (PIAI) Postpones Extension Vote
by Nicholas Alan Clayton on 2023-03-03 at 7:44am

Prime Impact I (NYSE:PIAI) announced in an 8-K this morning that it has postponed its upcoming extension vote slated for today to noon ET March 8.

Shareholders now have until 5 pm ET March 6 to make their redemption decisions and as of the last deadline, 2,725,066 shares had been tendered for redemption. This would remove about $27.8 million from the estimated $69 million Prime Impact I has remaining in its trust.

With the postponement, Prime Impact I will have more time to engage with investors about its recently announced business combination, however.

On January 30, the SPAC announced an $841 million deal with Cheche Technology. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered.

The extension would bump Prime Impact I’s transaction deadline from March 14 to April 14 in exchange for a contribution of the lesser of $210,000 or $0.035 per unredeemed share and allow the sponsor to automatically extend up to five more times in one-month increments. These further extensions would require a contribution of the lesser of $1.05 million or $0.175 per share.

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