Prime Number Acquisition I Corp. (PNAC) to Adjourn Completion Vote
by Nicholas Alan Clayton on 2023-08-15 at 8:00am

Prime Number I (NASDAQ:PNAC) announced this morning that it plans to adjourn its upcoming vote to complete its combination with EV battery-maker Noco-Noco.

The special meeting was set to be held at 9 am ET today, but will be pushed to 10 am ET tomorrow. Shareholders can still change their votes, but the SPAC did not specify if there will be any change in the redemption decision time frame.

Yesterday, the company announced that it had 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.

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.

Prime Number Acquisition I Corp. (PNAC) to Adjourn Completion Vote
Recent Posts
by Nicholas Alan Clayton on 2025-07-11 at 8:24am

At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...

by Kristi Marvin on 2025-07-10 at 8:31am

A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...

by Nicholas Alan Clayton on 2025-07-10 at 8:27am

At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...

by Nicholas Alan Clayton on 2025-07-09 at 12:57pm

Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....

by Nicholas Alan Clayton on 2025-07-09 at 8:22am

At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved