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.
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...