On January 30, 2023, Cheche Technology Co., Ltd. Cheche Technology, China’s leading auto insurtech platform, and Prime Impact Acquisition I (Prime Impact), a listed special purpose acquisition company, announced that they have reached a definitive agreement on the business combination of Cheche Technology and Prime Impact. Upon completion of the business combination, the combined company, Cheche Group Inc., will become a listed company on the Nasdaq Stock Market. Wilson Sonsini Goodrich & Rosati represented Cheche Technology in this transaction.
The business combination, which gives Cheche Technology a pre-money equity value of $760 million, is currently targeted for completion in the third quarter of 2023. The business combination is expected to provide Cheche Technology with gross proceeds of up to approximately $68 million, assuming no further redemptions by Prime Impact shareholders and the possibility of additional financing. Cheche Technology expects to use the proceeds of the business combination to accelerate technology development and new market entry, and to continue to invest in growth in existing markets.
The Wilson Sonsini team representing Cheche Technology in this transaction includes:
Ouyang Dan, Partner
Curly, Legal Counsel
Meichen Liu, Assistant
Vincent (Zhonghan) Wang, Special Assistant
Myra Sutanto Shen, Partner
Chen Han, Assistant
Joshua Gruenspecht, Partner
For more information, see the joint news release from Cheche Technology and Prime Impact.