Fintech SPAC Prime Number Acquisition I Prices US$60 Million IPO

Special purpose acquisition company Prime Number Acquisition I Corp (Nasdaq: PNACU) started trading its securities on the Nasdaq Global Market on Friday. The firm priced its initial public offering, aiming to raise total proceeds of US$60.0 million.

The offering will entail selling 6.0 million units priced at US$10.00 per unit. Each unit is composed of one Class A common share, one-half redeemable warrant, and one-eighth of a right. Each warrant is exercisable to purchase one common share at US$11.50 per share while each whole right equates to one common share upon business combination.

The company units trade on the Nasdaq big board under the symbol “PNACU”. Once the securities separate, the company shares, warrants, and rights will trade under the ticker symbols “PNAC”, “PNACW”, and “PNACR”, respectively.

The proposed offering is being managed by Prime Number Capital, LLC and WestPark Capital, Inc. as the bookrunners. The underwriters were granted a 45-day over-allotment option to purchase additional 0.9 million company units.

The blank check company intends to focus its search for business combinations within technology-enabled financial sectors like blockchain, datacenter, non-fungible tokens, and e-commerce.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply