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.
Ribbon Acquisition Corp. (NASDAQ:RIBBU) announced the pricing of its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RIBBU”, Wednesday, January 15, 2025. The new SPAC intends to take a generalist approach in searching for a business combination, but will not consider targets located in China. Ribbon’s...
Plum Acquisition Corp. IV (NASDAQ:PLMKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PLMKU”, Wednesday, January 15, 2025. The new SPAC intends to take a broad approach in searching for a business combination that leverages its team’s global network of contacts....
At the SPAC of Dawn It has clearly taken some time for SPACs to break out from their niche, but SPACs and de-SPACs are suddenly everywhere in current events. As the Russian invasion of Ukraine drags on, one of the most prolific SPAC teams has stepped forward with a letter of intent to take Ukraine’s...
Live Oak Acquisition Corp. V (NASDAQ:LOKVU) has filed for a $200 million IPO that brings another serial SPAC team back to the mix for a generalist search but with a pair of technology deals already in their pocket. The new S-1 also puts Santander on the board for the 2025 SPAC market after it made...
CH4 Natural Solutions (NYSE:MTNE.U) has filed for a $250 million SPAC to bring both the Riverstone sponsor team and underwriter Citigroup back to the market for 2025. The team secured notably sponsor-friendly terms for the vehicle and will not overfund its trust. In fact, along with fellow Friday filer Live Oak V (NASDAQ:LOKVU), these two...