Prime Number Acquisition I in an 8-K filing disclosed it plans to merger with EV battery technology developer Noco-Noco at a valuation of $1.35 billion.
Noco-Noco is a development-stage manufacturer of carbon-zero electric vehicle battery technologies. Through the research and development of multilayer battery separator and by providing sustainable mobility services for people and goods, Noco-Noco aims to address the need for energy to customers driven to carbon-zero, according to the 8-K.
There is a minimum $20 million cash condition to close the deal.
Prime Number Acquisition I raised $64.5 million in a May 2022 IPO. Read more.
Source: Prime Number Acquisition I Merging with Noco-Noco in .35B Deal