Prime Number Acquisition I in an 8-K said its shareholders voted in favor of merging with noco-noco, a development-stage manufacturer of carbon-zero electric vehicle battery technologies. The SPAC also said its sponsor deposited $125,000 into trust to extend the completion deadline until Sept. 17.
The deal was announced in January at a valuation of $1.35 billion. There is a minimum $20 million cash condition to close.
Prime Number I said 5,211,553 shares were voted in support of the business combination, with 410,843 against.
Redemptions totaling 2,695,029 shares represented 54.86% of the outstanding shares remaining. The SPAC disclosed earlier this week that 98.59% of its shares outstanding at the time had been redeemed ahead of the merger vote.
To shore up the financing on the deal, Meteora Funds agreed to buy up to 2 million Class A shares in a forward purchase agreement. That should cover the minimum cash condition.
Shares and warrants of noco-noco are expected to list on the Nasdaq under the symbols NCNC and NCNCW once the closing conditions are satisfied, the SPAC said. Read more.
