China-based Cheche Technology, an auto insurance technology platform, plans to combine with Prime Impact Acquisition I in a deal with an enterprise value of $841 million.
If approved, Cheche would list on the Nasdaq under new ticker symbol CCG.
As of June 30, 2022, Cheche Technology had facilitated a broad range of auto insurance transactions covering over 4,000 vehicle makes with approximately 100 insurance carriers, 400 third-party platforms, and 820,000 referral partners in its ecosystem, according to a press release.
The deal is expected to deliver approximately $68 million to Cheche Technology (assuming no further redemptions by Prime Impact shareholders), and the potential for additional financing. Cheche shareholders will retain a majority of the outstanding shares of the combined company and Cheche will designate a majority of proposed directors for the board.
Prime Ipact raised $300 million in a 2020 IPO with plans to target a company engaged in the data-centric economy, although share redemptions since then have whittled away at the cash in trust. Read more.