Prime Number Acquisition I Corp. (PNAC) Adds FPA to Noco-Noco Deal
by Nicholas Alan Clayton on 2023-08-14 at 9:28am

Prime Number I (NASDAQ:PNAC) announced in an 8-K this morning that it has signed a forward purchase agreement (FPA) with Meteora Capital Partners affiliates covering up to 2,000,000 shares.

Meteora is to buy up to this amount of shares and will be issued 2,000,000 shares less any amounts it purchases. In exchange, Meteora is to pay the deal parties half of a $1 million fee upfront and the other half once the SEC declares Prime Number’s registration statement effective.

The investor is nonetheless to be paid the equivalent of the redemption rate for its share purchases and will pay the combined company back for any share sales it makes subsequently at prices subject to a two-week VWAP reset with a $7 floor.

Meteora will also receive a cash payment for its participation equal to the value of 150,000 shares at the deal’s initial share price. Unless the FPA is terminated early, Meteora will repay the combined company $1 per share it still holds two years after the deal closes.

Prime Number I also revealed in the filing that its shareholders had redeemed 98.5% of its shares for cash as of August 11. The SPAC’s decision to shift the contribution amount for its past extension after the record date had already passed may have contributed to redemption decisions.

The SPAC’s remaining shareholders are heading into a vote tomorrow to approve its $1.3 billion merger with battery-maker Noco-Noco, which was announced 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.

Recent Posts
by Kristi Marvin on 2025-04-26 at 10:02am

Terms Tracker for the Week Ending April 25, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Everybody’s back in the pool. Two more SPACs filed this week while four others priced their IPOs. Additionally five SPACs announced their combinations, breaking the...

by Nicholas Alan Clayton on 2025-04-25 at 8:23am

At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...

by Nicholas Alan Clayton on 2025-04-24 at 6:43pm

Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...

by Nicholas Alan Clayton on 2025-04-24 at 5:11pm

Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...

by Nicholas Alan Clayton on 2025-04-24 at 11:59am

Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved