Prime Number Acquisition I Corp. (PNAC) Closes Noco-Noco Deal

Prime Number I (NASDAQ:PNAC) announced this morning that it expects to close its combination with EV battery-maker Noco-Noco later today.

The combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “NCNC” and “NCNCW” beginning August 28.

Prime Number I secured shareholder approval for the deal on August 16 with just 65.6% of its shares redeemed in the end, giving it the second lowest redemptions result for a SPAC reaching completion of 2023.

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.