Prime Number Acquisition I today in an 8-K included an investor presentation outlining its merger deal with EV battery technology developer Noco-Noco at a valuation of $1.35 billion. There is a minimum $20 million cash condition to close the deal.
Singapore-based Noco-Noco is a development-stage manufacturer of carbon-zero electric vehicle battery technologies. Through the research and development of multilayer battery separator and by providing sustainable mobility services for people and goods, Noco-Noco aims to address the need for energy to customers driven to carbon-zero, according to the presentation.
The SPAC earlier this week said shareholders approved a deadline extension in monthly increments that would give the parties up until Nov. 17 to complete a deal. Prime Number I deployed the first monthly extension and the sponsor deposited $125,000 into trust.
Prime Number Acquisition I raised $64.5 million in a May 2022 IPO. Read more.
