Prime Impact Acquisition I in an 8-K said shareholders overwhelmingly approved merging with China-based Cheche Technology, an auto insurance technology platform. The vote was 10,367,834 in favor with 396,621 opposed.
The SPAC’s completion deadline is tomorrow.
The SPAC earlier this week disclosed a PIPE agreement for 1.3 million shares at $10 each to support the deal.
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 in January. That left the SPAC with about $48 million in trust.
At an enterprise value of $841 million, the deal was originally expected to bring Cheche about $68 million in gross proceeds. Read more.
