Prime Number Acquisition I said shareholders approved a deadline extension in monthly increments that would give the SPAC up until Nov. 17 to complete a deal.
The SPAC deployed the first monthly extension and the sponsor deposited $125,000 into trust.
The SPAC in December announced plans to merge with EV battery technology developer Noco-Noco at a valuation of $1.35 billion. Noco-Noco is a development-stage manufacturer of carbon-zero electric vehicle battery technologies.
There is a minimum $20 million cash condition to close the deal.
Prime Number I raised $64.5 million in an IPO a year ago. There was no word on redemptions, if any, ahead of yesterday’s extension vote. Read more.
