Beijing Cheche Technology Co., Ltd. executed a non-binding letter of intent to acquire Prime Impact Acquisition I (NYSE:PIAI) from a group of shareholders in a reverse merger transaction on July 7, 2022. Beijing Cheche Technology Co., Ltd. entered into a definitive business combination agreement to acquire Prime Impact Acquisition I from a group of shareholders for approximately $790 million in a reverse merger transaction on January 29, 2023. Aggregate Merger Consideration will be a number of Surviving Company Class A Ordinary Shares and Surviving Company Class B Ordinary Shares equal to the quotient obtained by dividing (i) $760 million, by (ii) $10. Upon closing, Cheche Technology?s shareholders will own 81.4% of the outstanding shares of the Combined Company and Cheche Technology will designate a majority of proposed directors for the Combined Company board. The transaction will result in Cheche Technology becoming a publicly listed company. Upon closing, the combined company will be listed on Nasdaq under the new ticker symbol CCG. The Combined Company will continue to be led by Lei Zhang, Founder and Chief Executive Officer of Cheche Technology, and other key executive leadership members.

The transaction is subject to, among other things, approval by the shareholders of Prime Impact and Cheche Technology, and satisfaction (or waiver, as applicable) of the conditions stated in the Business Combination Agreement, including regulatory approvals and other customary closing conditions, including a registration statement on Form F-4 to be filed by the Combined Company being declared effective by the SEC, PIAI having at least $5,000,001 of net tangible assets after giving effect to the redemption of public shares and the listing application of the Combined Company being approved by the Nasdaq Stock Market LLC. The board of directors of both Cheche Technology and Prime Impact have unanimously approved the Proposed Transaction. PIAI shall hold a shareholders meeting on March 3, 2023 to consider and vote upon the Extension Proposal. On September 14, 2023, the China Securities Regulatory Commission issued its approval under the Overseas Listing Trial measures. The transaction was approved by the Prime Impact's shareholders on September 12, 2023 and all remaining closing conditions were met.

On April 12, 2023, Prime Impact deposited an aggregate of $162.4 million into the Company?s trust account for its public shareholders. This deposit enables Prime Impact to extend the date by which it has to complete its initial business combination from April 14, 2023 to May 14, 2023. On June 14, 2023, Prime Impact Cayman, LLC, the sponsor of Prime Impact Acquisition I deposited an aggregate of $0.17 million (representing $0.035 per public share) into the Company?s trust account for its public shareholders which enables the Company to extend the date by which its initial business combination needs to be completed from June 14, 2023 to July 14, 2023. The transaction is expected to be completed in the second or third quarter of 2023. Cheche Technology expects to use proceeds from the Proposed Transaction to accelerate technology development and new market entry while also continuing to invest in growth across existing markets.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC is serving as exclusive financial advisor and lead capital markets advisor to Prime Impact. Daniel J. Espinoza, Craig Schmitz and Jeffrey A. Letalien of Goodwin Procter LLP serving as International legal advisors to Prime Impact. Cheng Bo, Zhao Bingyin, Li Rui, Dai Wen, Xie Muting , Bian Yali and Yan Yiwei of Zhong Lun Law Firm acted as PRC legal advisor to Prime Impact. Myra Sutanto Shen, Joshua Gruenspecht, Dan Ouyang and Ronnie K. Li of Wilson Sonsini Goodrich & Rosati serving as legal advisor to Cheche Technology. Morrow & Co., LLC acted as proxy solicitor and pay a fee of $15,000.00 plus disbursements and Mark Zimkind of Continental Stock Transfer & Trust Company acted transfer agent to Prime Impact Acquisition I. Zhong Lun Law Firm and Cohen & Company acted as due diligence providers to PIAI. Houlihan Capital, LLC acted as financial advisor and fairness opinion provider to special committee of Prime Impact?s Board. Harney Westwood & Riegels acted as Cayman Islands counsel to Cheche Group.

Beijing Cheche Technology Co., Ltd. completed the acquisition of Prime Impact Acquisition I (NYSE:PIAI) from a group of shareholders in a reverse merger transaction on September 14, 2023. The class A ordinary shares and warrants of the Cheche Group are expected to be traded on The Nasdaq Stock Market LLC under the symbols ?CCG? and ?CCGWW,? respectively.