Prime Impact Acquisition I in an 8-K said it signed a PIPE agreement for 1.3 million shares at $10 each.
The SPAC in January announced a merger agreement with China-based Cheche Technology, an auto insurance technology platform, which at the time had an enterprise value of $841 million.
As of March 1, following an extension vote, the SPAC said 2,725,066 shares were presented for redemption, erasing about 41% of the remaining cash held in trust as of the Cheche deal announcement. That left the SPAC with about $48 million in trust.
Although Prime Impact raised $300 million in a 2020 IPO with plans to target a company engaged in the data-centric economy, redemptions since then have carved out the trust. Read more.
