Prime Impact Acquisition I (PIAI) Adds $13M PIPE to Cheche Deal

Prime Impact I (NYSE:PIAI) announced this morning that investors have subscribed to a PIPE in its combination with digital insurance firm Cheche buying 1,300,000 for $10 per share.

The investors were not named, but the PIPE would cover the deal’s $5 million minimum cash condition as it heads into its approval vote.

Prime Impact I shareholders are to meet digitally at a special meeting at 10 am September 12 to consider an approval of the combination as well as allowing the company to issue new shares and make certain governance changes.

The SPAC adjourned an earlier extension vote, but still saw about 85.7% of shares redeemed, leaving it with about $48.3 million in its trust going into its meeting for completion. It now has until September 14 to complete a transaction.

The two sides announced their $841 million deal in January. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. Last year, it was named as one of IDC’s Top 50 Chinese fintech companies.