On January 30, 2023, Cheche Technology Inc. (Cheche Technology), China’s leading automotive insurance technology platform, and Prime Impact Acquisition I (Prime Impact), a publicly traded special purpose acquisition company, announced that they have entered into a definitive agreement for a business combination between Cheche Technology and Prime Impact. Upon the completion of the business combination, the combined company, Cheche Group Inc., will become a publicly traded 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 to close in the third quarter of 2023. The business combination is expected to provide up to approximately $68 million in gross proceeds to Cheche Technology, assuming no further redemptions by Prime Impact shareholders, and the potential for additional financing. Cheche Technology expects to use proceeds from the business combination to accelerate technology development and new market entry, as well as continue to invest in growth across existing markets.

The Wilson Sonsini team representing Cheche Technology in this transaction includes:

Corporate
Dan Ouyang, Partner
Ke Li, Of Counsel
Meichen Liu, Associate
Vincent (Zhonghan) Wang, Special Associate

Tax
Myra Sutanto Shen, Partner
Han Shen, Associate

Regulatory
Joshua Gruenspecht, Partner

For more information, please see the joint press release from Cheche Technology and Prime Impact.