Prime Number Acquisition I Corp. Announces Pricing of $60 Million Initial Public Offering
NEW YORK, May 13, 2022 /PRNewswire/ -- Prime Number Acquisition I Corp. (the "Company"), a newly organized blank check company incorporated as a Delaware corporation today announced the pricing of its initial public offering of 6,000,000 units at an offering price of $10.00 per unit, with each unit consisting of one share of Class A common stock, one-half of one redeemable warrant, and one right. Each whole warrant will entitle the holder thereof to purchase one share of Class A common stock, and each right will entitle the holder thereof to receive one-eighth (1/8) of one share of Class A common stock upon the completion of an initial business combination. The exercise price of the warrants is $11.50 per full share. The units are expected to trade on the Nasdaq Global Market ("Nasdaq") under the ticker symbol "PNACU" beginning on May 13, 2022. Once the securities comprising the units begin separate trading, Class A common stock, warrants and rights will be traded on Nasdaq under the symbols "PNAC," "PNACW," and "PNACR," respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will be traded. The offering is expected to close on May 17, 2022, subject to customary closing conditions.
Prime Number Capital, LLC and WestPark Capital, Inc. are acting as the representatives of the underwriters for the offering. The Company has granted the underwriters a 45-day option to purchase up to 900,000 additional units at the initial public offering price to cover over-allotments, if any.
A registration statement on Form S-1 (File No. 333-262457) relating to the securities to be sold in the initial public offering was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on May 12, 2022. The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Prime Number Capital LLC, 1345 Avenue of Americas, Suite 2054, New York, New York 10105 or by accessing the SEC's website, www.sec.gov.
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.
About Prime Number Acquisition I Corp.
Prime Number Acquisition I Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses with one or more businesses or entities, provided that it will not undertake its initial business combination with any entity being based in or having the majority of the company's operations in China (including Hong Kong and Macau). None of its founders or the Company is affiliated with Prime Number Capital LLC.
This press release contains statements that constitute "forward-looking statements," including with respect to the Company's initial public offering ("IPO") and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Prime Number Acquisition I Corp., including those set forth in the Risk Factors section of Prime Number Acquisition I Corp.'s registration statement and preliminary prospectus for the IPO filed with the SEC. Copies are available on the SEC's website, www.sec.gov. Prime Number Acquisition I Corp. undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Prime Number Capital LLC
Ms. Xiaoyan Jiang, Chairwoman
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Source: Prime Number Acquisition I Corp.
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