Prime Number Acquisition I Corp. (PNAC) to Adjourn Completion Vote

Prime Number I (NASDAQ:PNAC) announced this morning that it plans to adjourn its upcoming vote to complete its combination with EV battery-maker Noco-Noco.

The special meeting was set to be held at 9 am ET today, but will be pushed to 10 am ET tomorrow. Shareholders can still change their votes, but the SPAC did not specify if there will be any change in the redemption decision time frame.

Yesterday, the company announced that it had signed a forward purchase agreement (FPA) with Meteora Capital Partners affiliates covering up to 2,000,000 shares.

Meteora is to buy up to this amount of shares and will be issued 2,000,000 shares less any amounts it purchases. In exchange, Meteora is to pay the deal parties half of a $1 million fee upfront and the other half once the SEC declares Prime Number’s registration statement effective.

The investor is nonetheless to be paid the equivalent of the redemption rate for its share purchases and will pay the combined company back for any share sales it makes subsequently at prices subject to a two-week VWAP reset with a $7 floor.

Prime Number I initially announced its $1.3 billion merger with battery-maker Noco-Noco in December 2022. Singapore-based Noco-Noco is developing carbon-zero EV batteries and lithium-ion separators.

In April, it announced it had signed a memorandum of understanding to work on a proof-of-concept for fuel cell and battery-powered buses for the Kyushu Sanko Group.