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On January 30, 2023, Cheche Technology Inc. (Cheche Technology), China’s leading auto insurance technology platform, and Prime Impact Acquisition I (Prime Impact), a public special purpose acquisition company, announced the following: announced that it has signed a formal contract. Business integration of Cheche Technology and Prime Impact. Upon completion of the business combination, the combined company, Cheche Group Inc., will become a public company on his Nasdaq stock exchange. Wilson Sonsini Goodrich & Rosati represented Cheche Technology in the transaction.
The business combination, which will give Cheche Technology a pre-money equity value of $760 million, is currently targeted for completion in the third quarter of 2023. There are no further redemptions by Prime Impact shareholders and additional funding potential. Cheche Technology expects to use the proceeds from the business combination to accelerate technology development and entry into new markets, and to continue to invest in growth across existing markets.
The Wilson Sonsini team representing Cheche Technology in this transaction includes:
Corporate
Dan Ouyan, Partner
Ke Li Lawyer
Meichen Liu, Associate
Vincent (Zhonghan) Wang, Distinguished Associate
tax
Myra Stunt Shen, Partner
Han Sheng, Associate
regulation
Joshua Gruenspectt, Partner
For more information, please see the joint press release from Cheche Technology and Prime Impact.
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