Item 1.01 Entry into a Material Definitive Agreement
On July 13, 2022, the Board of Directors of Prime Number Acquisition I Corp., a
Delaware corporation (the "Company" or "we," "us") created the officer position
Chief Operating Officer pursuant to Section 6.3 the Company's bylaws. The Chief
Operating Officer reports directly to the Chief Executive Officer and has such
authority as delegated by the Chief Executive Officer. The same day, the Board
of Directors appointed Mr. Jeff Cheong to serve as our Chief Operating Officer,
effectively immediately.
For more information on the information of the Appointment, refer to Item 5.02
of this Current Report on Form 8-K.
In connection with the IPO, the Board of Directors authorized the Company to
enter into an Indemnity Agreement with Mr. Cheong. The Company and Mr. Cheong
consented to and executed the Indemnity Agreement, on July 13, 2022. A copy of
the Indemnity Agreement is included as Exhibit 10.1 to this Current Report on
Form 8-K.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Agreements of Certain Officers
Appointment of Chief Operating Officer
On July 13, 2022, the Board of Directors of Prime Number Acquisition I Corp., a
Delaware corporation (the "Company" or "we," "us") created the officer position
Chief Operating Officer pursuant to Section 6.3 the Company's bylaws. The Chief
Operating Officer reports directly to the Chief Executive Officer and has such
authority as delegated by the Chief Executive Officer. The same day, the Board
of Directors appointed Mr. Jeff Cheong to serve as our Chief Operating Officer,
effectively immediately.
Mr. Weixiong (Jeff) Cheong has over 15 years of experience in private and public
capital markets. Since January 2022, Mr. Cheong has served as the Chief
Operating Officer for Blue World Acquisition Corporation (Nasdaq: BWA, "Blue
World"), a special purpose acquisition company. Previously, between November
2015 and March 2022, Mr. Cheong has served as a director at Fortune Asia Long
Short Fund, an investment fund. Since November 2011, Mr. Cheong has served as a
director at Longfor Pte Ltd., a real estate developer in Singapore. Since August
2009, Mr. Cheong has served as the chief executive officer at Sinjia Land Ltd.
(SGX: 5HH), a property development and hospitality management company. From
April 2014 to May 2020, Mr. Cheong served as the chairman at CapAllianz Holdings
Ltd (former name CWX Global Ltd) (SGX: 594), a company focusing on investment
and oil exploration business. Mr. Cheong received a Master's degree of business
administration at Singapore Management University in June 2017. He also has
passed the exam of Capital Markets and Financial Advisory Services ("CMFAS") in
Module 1 (December 2003), Module 4A (Rules and Regulations for Advising on
Corporate Finance, June 2005), Module 5 (Rules And Regulations for Financial
Advisory Services, January 2004), Module 6 (January 2004), and Module 8
(Collective Investment Schemes, February 2004). Mr. Cheong completed the program
of Executive Skills for Board Members in Challenging Times in 2011 and obtained
SMU-SID Executive Certificates in Directorship in 2012 at Singapore Management
University.
Mr. Cheong will not receive any compensation for his position. Mr. Cheong has
fiduciary duties to Blue World which may complete with us for business
combination opportunities. Mr. Cheong, in his capability as an officer for Blue
World, may choose to present potential business combinations to Blue World
before he presents such opportunities to us. Our amended and restated
certificate of incorporation provides that we renounce our interest in any
corporate opportunity offered to any director or officer unless such opportunity
is expressly offered to such person solely in his or her capacity as a director
or officer of our company and such opportunity is one we are legally and
contractually permitted to undertake and would otherwise be reasonable for us to
pursue.
Mr. Cheong does not hold any other positions with us and is not related to any
of our directors or officers. Further, Mr. Cheong is not a related person,
promoter, or control person as defined in Regulation 404(a), except that he is
an affiliate of DBG Global Limited, a member of Prime Number Acquisition LLC, a
sponsor of the Company.
In connection with Mr. Cheong's appointment, a press release issued by the
Company on July 14 announcing the appointment is attached as Exhibit 99.1 to
this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibit
No. Description
10.1 Indemnity Agreement
99.1 Press Release dated July 13, 2022
104 Cover Page Interactive Data File, formatted in Inline Extensible
Business Reporting Language (iXBRL)
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