Welcome to our dedicated page for Prime Impact Acquisition I news (Ticker: PIAI), a resource for investors and traders seeking the latest updates and insights on Prime Impact Acquisition I stock.
Prime Impact Acquisition I (PIAI) is a Cayman Islands-exempted company founded in July 2020 with the aim of effecting mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more businesses. Headquartered in San Jose, California, Prime Impact focuses on partnering with experienced management teams that are building innovative, data-centric technology or technology-related companies, particularly within key Asian markets, including Greater China.
Prime Impact recently completed a high-profile business combination with Cheche Group Inc., China's leading auto insurance technology platform. The merger, finalized on September 14, 2023, signifies a pivotal milestone for both companies. Post-merger, Cheche Group Inc. will be listed on the Nasdaq Stock Market under the ticker symbols 'CCG' and 'CCGWW'. The transaction was overwhelmingly approved by Prime Impact's shareholders in a vote held on September 12, 2023.
Prime Impact has entered into several agreements with global institutional investors to support the business combination financially. An aggregate of 1,800,000 Class A ordinary shares of Cheche were purchased by investors at $10.00 per share, generating proceeds of approximately $18.0 million. Additionally, Prime Impact's sponsor subscribed for 634,228 Class A ordinary shares, also at $10.00 per share, to settle transaction expenses. Following redemptions, the trust account balance stands at approximately $4.1 million. These funds, combined with proceeds from the PIPE financings, will be leveraged to support Cheche's operational and growth strategies.
About Cheche Group Inc.
Cheche Group Inc., established in 2014 and based in Beijing, China, is a leading auto insurance technology platform with a nationwide network in China. The company has around 110 branches licensed to distribute insurance policies across 24 provinces, autonomous regions, and municipalities. Initially focused on auto insurance transactions, Cheche has evolved into a comprehensive, data-driven technology platform offering a full suite of digital insurance services and SaaS solutions.
Co-CEO and CFO of Prime Impact, Mark Long, expresses great excitement about the collaboration, emphasizing Cheche's potential to drive digital transformation and innovation within the global auto insurance industry. With a strong financial model and additional capital from the business combination, Cheche is well-positioned to execute its ambitious growth plans and create significant value for its stakeholders.
For more detailed and latest updates, please visit Prime Impact's investor relations page or Cheche Group Inc.'s official website.
Cheche Technology, China's auto insurance tech leader, has announced a business combination with Prime Impact Acquisition I (NYSE: PIAI). This agreement sets a pre-money equity value of $760 million for Cheche, leading to a combined enterprise value of approximately $841 million. Cheche anticipates unaudited revenue of about RMB 2.5 billion (around $360 million) for the year ending December 31, 2022. The deal is expected to close in Q3 2023, pending shareholder and regulatory approvals. The combined entity will trade on Nasdaq under the new ticker CCG.
Prime Impact Acquisition I (NYSE: PIAI) has regained compliance with the NYSE Listed Company Manual after filing its Quarterly Report on Form 10-Q for Q1 2021 on May 28, 2021. Prior to this, on May 25, 2021, the Company received a notice from the NYSE for non-compliance due to a delay in filing. Prime Impact Acquisition I is a blank check company, focused on mergers and acquisitions within the TMT, Med Tech, and Industrial Tech sectors.
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