China-based Cheche Group, an auto insurance technology platform, today announced the completion of its merger with Prime Impact Acquisition I.
Cheche Group shares and warrants began trading today on the Nasdaq under the ticker symbols CCG and CCGWW.
The SPAC last 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 redeemed, 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.
Further redemptions up to the completion vote last week reduced the trust to about $4 million.
At an enterprise value of $841 million, the deal was originally expected to bring Cheche about $68 million in gross proceeds. The final tally will be closer to $22 million. Read more.