Prime Impact Acquisition I (NYSE:PIAI) announced that it has completed its combination with Chinese auto insurer Cheche Technology and the combined company’s shares and warrants will begin trading on the Nasdaq later today under the symbols “CCG” and “CCGWW”.
Final proceeds from the deal are to be about $22.1 million, made up of an $18 million PIPE at $10 per share and $4.1 million from Prime Impact I’s trust. The SPAC’s shareholders approved the deal at a special meeting on September 12.
The two sides announced their $841 million deal in January. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered.
Last year, it was named as one of IDC’s Top 50 Chinese fintech companies and in June it rolled out an upgraded version of its machine-learning insurance software, which is used by 10 of China’s main auto insurers.
ADVISORS
- Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC is serving as exclusive financial advisor and lead capital markets advisor to Prime Impact.
- Goodwin is serving as International legal advisor to Prime Impact.
- Zhong Lun Law Firm is serving as PRC legal advisor to Prime Impact.
- Wilson Sonsini is serving as legal advisor to Cheche Technology.
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...
At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...