Prime Number Acquisition I Corp. (PNAC) Shareholders Approve Noco-Noco Deal
by Nicholas Alan Clayton on 2023-08-17 at 7:17am

Prime Number I (NASDAQ:PNAC) announced in an 8-K that its shareholders approved its combination with EV battery-maker Noco-Noco at a shareholder meeting yesterday.

In connection with the vote, 2,695,029 shares were redeemed, leaving Prime Number I with a relatively modest 65.6% of its shares redeemed in total. This would make for the lowest redemption rate by a SPAC through its completion vote since AMCI II got to the end of its process with LanzaTech (NASDAQ:LNZA) with just 55.7% of shares redeemed in February.

Overall, completed SPACs have seen an average of 91.89% of shares redeemed in 2023. Prime Number I may have improved its situation by signing forward purchase agreements (FPA) with Meteora Capital Partners earlier this week covering up to public 2,000,000 shares.

Should it seek to arrange additional facilities for the deal, Prime Number I has time to do so as it also announced last night that it had made a $125,000 contribution to its trust to extend its completion deadline to September 17.

Prime Number I initially announced its $1.3 billion merger with battery-maker Noco-Noco in December 2022. Singapore-based Noco-Noco is developing carbon-zero EV batteries and lithium-ion separators.

In April, it announced it had signed a memorandum of understanding to work on a proof-of-concept for fuel cell and battery-powered buses for the Kyushu Sanko Group.

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