On January 30, 2023, Cheche Expertise Inc. (Cheche Expertise), China’s main automotive insurance coverage expertise platform, and Prime Affect Acquisition I (Prime Affect), a publicly traded particular function acquisition firm, introduced that they’ve entered right into a definitive settlement for a enterprise mixture between Cheche Expertise and Prime Affect. Upon the completion of the enterprise mixture, the mixed firm, Cheche Group Inc., will develop into a publicly traded firm on the Nasdaq Inventory Market. Wilson Sonsini Goodrich & Rosati represented Cheche Expertise on this transaction.
The enterprise mixture, which provides Cheche Expertise a pre-money fairness worth of $760 million, is at present focused to shut within the third quarter of 2023. The enterprise mixture is predicted to supply as much as roughly $68 million in gross proceeds to Cheche Expertise, assuming no additional redemptions by Prime Affect shareholders, and the potential for added financing. Cheche Expertise expects to make use of proceeds from the enterprise mixture to speed up expertise growth and new market entry, in addition to proceed to put money into progress throughout present markets.
The Wilson Sonsini crew representing Cheche Expertise on this transaction consists of:
Company
Dan Ouyang, Companion
Ke Li, Of Counsel
Meichen Liu, Affiliate
Vincent (Zhonghan) Wang, Particular Affiliate
Tax
Myra Sutanto Shen, Companion
Han Shen, Affiliate
Regulatory
Joshua Gruenspecht, Companion
For extra info, please see the joint press launch from Cheche Expertise and Prime Affect.