Prime Impact Acquisition I filed a preliminary proxy in which it seeks a deadline extension from Sept. 14 to Dec. 14. The proposal would also allow the SPAC without need for another shareholder vote, to extend the deadline three more times for one month each time, after which it intends to liquidate if a deal cannot be done by then.
The SPAC raised $300 million in an IPO almost two years ago, with plans to target a company engaged in the data-centric economy.
The sponsor has agreed to deposit 11 cents a share for all non-redeemed shares, up to $1.1 million for the initial 3-month extension, plus and additional $400,000 for each of the three months therefater, if necessary. Read more.
