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.

Recent Posts
by Nicholas Alan Clayton on 2023-09-26 at 5:45pm

Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...

by Kristi Marvin on 2023-09-26 at 5:41pm

Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...

by Nicholas Alan Clayton on 2023-09-26 at 3:54pm

Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...

by Nicholas Alan Clayton on 2023-09-26 at 2:26pm

Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...

by Nicholas Alan Clayton on 2023-09-26 at 11:39am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Terran Orbital Closes 432.5 Million Public Offering Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved