Prime Impact Acquisition I (PIAI) Shareholders Approve Cheche Deal

Prime Impact Acquisition I (NYSE:PIAI) announced in an 8-K this afternoon that its shareholders approved its combination with insurance firm Cheche at a special meeting yesterday.

At the meeting, 10,764,455 Class A and Class B Ordinary Shares of Prime Impact, which represented 84.48% of the ordinary shares outstanding, were represented.

The combination was overwhelmingly approved as holders of 10,367,834, shares voted in approval of the deal, while holders of 396,621 shares cast their votes against it.

The parties have not yet disclosed details for the closing of the deal, but they have until tomorrow to do so. Once completed, the combined company is expected to trade on the Nasdaq under the symbol “CCG”.

Prime Impact I noted that today it entered into a certain irrevocable waiver to release 2,874,556 Holdings Class A ordinary shares to be issued to existing shareholders from the lock-up and transfer restrictions in order to satisfy the initial listing requirements of the Nasdaq.

Earlier this week, Prime Impact announced that investors have subscribed to a PIPE, buying 1,300,000 for $10 per share. The investors were not named, but the PIPE covered the deal’s $5 million minimum cash condition.

In addition to the private placement, on September 11, the SPAC entered into a backstop agreement with a certain investor, pursuant to which the investor agreed to purchase SPAC Class A ordinary shares with an aggregate market value of no less than $5 million in the open market, not to redeem or transfer any shares purchased pursuant to the agreement until and after the consummation of the transactions and to subscribe for and purchase an aggregate of 500,000 Holdings Class A ordinary shares.

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.