Prime Impact Acquisition I in an 8-K said today's shareholder vote on a proposed extension has been postponed until March 8 at noon Eastern.
As of March 1, the SPAC said 2,725,066 shares were presented for redemption, erasing about 41% of the remaining $68 million that was held in trust as of January. Although Prime Impact raised $300 million in a 2020 ipo with plans to target a company engaged in the data-centric economy, redemptions since then have whittled away at the trust.
The SPAC in January announced a merger agreement with China-based Cheche Technology, an auto insurance technology platform, which at the time had an enterprise value of $841 million. Read more.
Source: Prime Impact Acquisition I Postpones Today's Extension Vote