Prime Number Acquisition I Shares Drop as Co. Closes noco-noco Deal

Dow Jones

2023-08-26

By Stephen Nakrosis

Shares of blank-check company Prime Number Acquisition I Corp. were trading in the red on Friday, a day after the company said it planned to close its business combination with early-stage decarbonization solutions provider noco-noco Pte.

At 3:10 p.m., shares of the special purpose acquisition company were trading 46% lower, at $4.27 a share. The stock opened at $5.08 a share after closing at $8.03 a share on Thursday.

After the bell Thursday, the SPAC said it planned to close its business combination with noco-noco on Friday. Shares of the combined company, noco-noco Inc., are slated to begin trading on the Nasdaq under the symbol NCNC on Aug. 28.

Noco-noco said it plans to "address the need for clean, affordable, and sustainable energy solutions, with its X-SEPA battery separator technology and a carbon-neutral leasing platform.

Prime Number filed for an initial public offering in February 2022.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

August 25, 2023 15:19 ET (19:19 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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The stock opened at $5.08 a share after closing at $8.03 a share on Thursday. \n</p>\n<p>\n  After the bell Thursday, the SPAC said it planned to close its business combination with noco-noco on Friday. 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