Prime Number Acquisition I Corp. (PNAC) Shareholders Approve Noco-Noco Deal
by Nicholas Alan Clayton on 2023-08-17 at 7:17am

Prime Number I (NASDAQ:PNAC) announced in an 8-K that its shareholders approved its combination with EV battery-maker Noco-Noco at a shareholder meeting yesterday.

In connection with the vote, 2,695,029 shares were redeemed, leaving Prime Number I with a relatively modest 65.6% of its shares redeemed in total. This would make for the lowest redemption rate by a SPAC through its completion vote since AMCI II got to the end of its process with LanzaTech (NASDAQ:LNZA) with just 55.7% of shares redeemed in February.

Overall, completed SPACs have seen an average of 91.89% of shares redeemed in 2023. Prime Number I may have improved its situation by signing forward purchase agreements (FPA) with Meteora Capital Partners earlier this week covering up to public 2,000,000 shares.

Should it seek to arrange additional facilities for the deal, Prime Number I has time to do so as it also announced last night that it had made a $125,000 contribution to its trust to extend its completion deadline to September 17.

Prime Number I initially announced its $1.3 billion merger with battery-maker Noco-Noco in December 2022. Singapore-based Noco-Noco is developing carbon-zero EV batteries and lithium-ion separators.

In April, it announced it had signed a memorandum of understanding to work on a proof-of-concept for fuel cell and battery-powered buses for the Kyushu Sanko Group.

Recent Posts
by Nicholas Alan Clayton on 2024-06-11 at 12:22pm

EQV Ventures (NYSE:EQV.U) is the largest SPAC to file since April 2023 as it seeks a $350 million IPO that reflects the ongoing experimentation in underwriting approaches over the last two months of 2024. It is BTIG’s first new SPAC filed for 2024, and it is structured to compensate the firm in a unique way....

by Nicholas Alan Clayton on 2024-06-11 at 8:14am

At the SPAC of Dawn As both SPAC and traditional-way IPO activity picks back up in 2024, SPAC teams might want to brush up on their Spanish as they compete for targets. Spain has not traditionally been considered a tech innovation hotbed, but the combined enterprise value of Spanish startups hit €100 billion last year,...

by Nicholas Alan Clayton on 2024-06-10 at 8:08pm

Centurion Acquisition Corp announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ALFUU”, Tuesday, June 11, 2024. The new SPAC aims to combine with a technology company with a focus on video gaming, interactive entertainment and enabling services and technologies, cybersecurity, artificial...

by Nicholas Alan Clayton on 2024-06-10 at 3:36pm

Rising Dragon Acquisition Corp (NASDAQ:RDACU) has filed for a $50 million SPAC to hunt for a small cap target in cutting age technology. The SPAC’s units are to be funded to 100% at $10 per unit while including no warrants. Each unit would have a 1/10 right, however, which has been overall not an uncommon...

by Nicholas Alan Clayton on 2024-06-10 at 11:48am

Bayview (NASDAQ:BAYA) has entered into a definitive agreement to combine with Chinese fintech Oabay at an enterprise value of $393 million. Oabay provides cloud-based software to help companies optimize their supply chains with trade credit solutions. The combined company is expected to trade on the Nasdaq once the deal is completed in late 2024. Transaction...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved