- Cheche's Class A ordinary shares and warrants to begin
trading on the Nasdaq on September 18,
2023, under ticker symbols "CCG" and "CCGWW,"
respectively.
- Common stock financings and trust account balance expected
to generate approximately $22.1
million in proceeds for Cheche
BEIJING and SAN
JOSE, Calif., Sept. 18,
2023 /PRNewswire/ -- Cheche Group Inc. ("Cheche" or
the "Company"), China's leading
auto insurance technology platform, today announced the completion
of a previously announced business combination (the "Business
Combination") with Prime Impact Acquisition I ("Prime Impact") on
September 14, 2023. The listed
company following the Business Combination is Cheche Group Inc.,
and its Class A ordinary shares and warrants will commence trading
on the Nasdaq Stock Market ("Nasdaq") under the ticker symbols
"CCG" and "CCGWW," respectively, on September 18, 2023.
The announcement of the completion of the Business Combination
comes after Prime Impact's shareholders voted to approve the
transaction on September 12, 2023 and
all remaining closing conditions were met. Complete official
results of the vote are included in a current report on Form 8-K
filed by Prime Impact on September 13,
2013, with the U.S. Securities and Exchange Commission (the
"SEC") at www.sec.gov.
Lei Zhang, Founder, CEO and Chairman of Cheche, said, "I'm
incredibly proud of what our remarkable team at Cheche has built
over the last nine years.
Successfully listing on the Nasdaq is an important milestone as we
execute our growth strategy, and I look forward to our enhanced
trajectory. As the leading technology platform for auto insurance
in the world's largest auto market, Cheche is uniquely positioned
to drive digital transformation and innovation in the global
industry."
"We are pleased to announce the completion of our Business
Combination with Cheche and are very excited about the Company's
future as an innovative technology leader," said Mark Long, Co-Founder, Co-CEO, and CFO of Prime
Impact. "We are very impressed with Lei's strategy of leveraging
Cheche's extensive insurance transaction platform to provide
scalable SaaS and AI-enabled analytic solutions to key stakeholders
in the insurance ecosystem, including leading insurers, new energy
vehicle ("NEV") manufacturers and intermediaries. As a public
company with a strong financial model and additional capital from
the Business Combination, Cheche is well-positioned to execute on
its growth plans and create significant value for all
stakeholders."
Cheche and Prime Impact entered into various agreements with
global institutional investors (the "Investors") where the
Investors contractually agreed to purchase an aggregate of 1,800,00
Class A ordinary shares of Cheche at a purchase price of
$10.00 per share for aggregate
proceeds of approximately $18.0
million (the "PIPE Financings") in connection with the
Business Combination. In addition, Prime Impact Cayman, LLC (the
"Sponsor") subscripted for 634,228 Class A ordinary shares of
Cheche at $10.00 per share in
settlement of the Sponsor's obligations with respect to the payment
of certain Prime Impact transaction expenses in connection with the
Business Combination. Following the payment of redemptions, the
trust account will have a balance of approximately $4.1 million, which, together with the
proceeds raised from the PIPE Financings, will be used to fund
Cheche's operations. Additional information about the PIPE Financings is available in Prime
Impact's Current Reports on Form 8-K, filed with the SEC on
September 11, 2023 and September 13, 2023 and future SEC filings to be
made by Cheche.
Mr. Zhang added, "We are excited to have such meaningful support
from Prime Impact and other institutional investors. The resources
from the PIPE Financings and trust account balance will enable us
to continue investing in our technology platform, our strategic
partnerships with leading NEV manufacturers and our growth plans
across key segments of the global insurance market."
More information about the transaction is available in the
Company's registration statement on Form F-4, as amended and
supplemented, which includes Prime Impact's proxy statement and the
Company's prospectus in relation to the business combination, which
was declared effective by the SEC on August
30, 2023.
About Cheche Group Inc.
Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto
insurance technology platform with a nationwide network of around
110 branches licensed to distribute insurance policies across 24
provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in
auto insurance transaction services, Cheche has evolved into a
comprehensive, data-driven technology platform that offers a full
suite of services and products for digital insurance transactions
and insurance SaaS solutions in China. Learn more at
https://www.chechegroup.com/en.
About Prime Impact
Prime Impact is a Cayman
Islands-exempted company formed on July 21, 2020, for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization, or similar business combination involving Prime
Impact and one or more businesses. Prime Impact is focused on
partnering with experienced management teams building innovative,
data-centric technology or technology-related companies in key
Asian markets with a focus on the Greater
China market. Prime Impact is led by Co-Founder, Co-CEO and
CFO Mark Long and Co-Founder and
Co-CEO Michael Cordano. Learn more
at https://ir.primeimpactcapital.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements also include, but are not limited to,
statements regarding projections, estimates and forecasts of
revenue and other financial and performance metrics, projections of
market opportunity and expectations, the successful closing of the
PIPE Financings, Cheche's ability to scale and grow its business,
Cheche's advantages and expected
growth, Cheche's ability to
source and retain talent, and Cheche's cash position following
closing of the Business Combination, as applicable. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Cheche's management and are not predictions of actual
performance. These statements involve risks, uncertainties and
other factors that may cause Cheche's actual results, levels of
activity, performance, or achievements to be materially different
from those expressed or implied by these forward-looking
statements. Although the Company believes that it has a reasonable
basis for each forward-looking statement contained in this press
release, the Company cautions you that these statements are based
on a combination of facts and factors currently known and
projections of the future, which are inherently uncertain. The
forward-looking statements in this press release represent the
views of the Company as of the date of this press release.
Subsequent events and developments may cause those views to change.
Except as may be required by law, the Company does not undertake
any duty to update these forward-looking statements.
Cheche Group Inc.:
IR@chechegroup.com
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185
Prime Impact:
Mark Long
investorinfo@primeimpactcapital.com
(650) 825-6965
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SOURCE Cheche Technology
