Prime Number Acquisition I Corp. Announces Extension Of The Deadline For An Initial Business Combination To August 17, 2023
Prime Number Acquisition I Corp. (the "Company" or "PNAC") (NASDAQ:PNAC), a special purpose acquisition company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from July 17, 2023 to August 17, 2023, noco-noco Inc., the sponsor of the Company, has deposited into its trust account (the "Trust Account") an aggregate of $125,000 (the "Monthly Extension Payment").
The payment for such Monthly Extension Fee was made by noco-noco Pte. Ltd., a Singapore private company limited by share ("noco-noco"), a party to the business combination agreement (the "Business Combination Agreement") entered between the Company and certain other entities on December 29, 2022, as the designee of the sponsors of the Company.
Pursuant to the Company's certificate of amendment to the amended & restated Certificate of Incorporation ("Current Charter"), effectively May 17, 2023, the Company may extend on monthly basis from May 17, 2023 until November 17, 2023 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account. This is the third of six monthly extensions of the Company.
As previously disclosed, on December 29, 2022, the Company entered into the Business Combination Agreement (as it may be amended, supplemented, or otherwise modified from time to time) with noco-noco, Prime Number Merger Sub Inc. ("Merger Sub"), Delaware corporation established for the purpose to become a wholly-owned subsidiary of a newly incorporated exempted Cayman Islands company ("PubCo"), and certain shareholders of noco-noco collectively holding a controlling interest. Prime Number Holding Limited, formed as the PubCo on December 28, 2022, and Prime Number New Sub Pte. Ltd., formed as New SubCo on January 25, 2023, joined as parties to the Business Combination Agreement on February 3, 2023.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.