Prime Impact Acquisition I (PIAI) Completes Cheche Deal

Prime Impact Acquisition I (NYSE:PIAI) announced that it has completed its combination with Chinese auto insurer Cheche Technology and the combined company’s shares and warrants will begin trading on the Nasdaq later today under the symbols “CCG” and “CCGWW”.

Final proceeds from the deal are to be about $22.1 million, made up of an $18 million PIPE at $10 per share and $4.1 million from Prime Impact I’s trust. The SPAC’s shareholders approved the deal at a special meeting on September 12.

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 and in June it rolled out an upgraded version of its machine-learning insurance software, which is used by 10 of China’s main auto insurers.

ADVISORS

• Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC is serving as exclusive financial advisor and lead capital markets advisor to Prime Impact.
• Goodwin is serving as International legal advisor to Prime Impact.
• Zhong Lun Law Firm is serving as PRC legal advisor to Prime Impact.
• Wilson Sonsini is serving as legal advisor to Cheche Technology.