SPAC Prime Number Acquisition I prices $60 million IPO, targeting tech-enabled finance

Prime Number Acquisition I, a blank check company formed by Dongfeng Wang targeting tech-enabled financial companies, raised $60 million by offering 6 million shares at $10. Each unit consists of one share of common stock, one-half of a warrant exercisable at $11.50, and one-eighth of a right to receive a share upon the completion of an acquisition.

Prime Number Acquisition I is led by CEO and Chairman Dongfeng Wang, who serves as venture partner at China's LongLing Capital and the Chief Strategy Officer of Taoping (Nasdaq: TAOP). He is joined by CFO and Director David Friedman, the current CFO of optical sensor company Oyla.

The SPAC plans to target technology-enabled financial sectors including but not limited to blockchain, data centers, non-fungible tokens, e-commerce, and other technology-related infrastructure sectors. It will not target companies in China.

Prime Number Acquisition I plans to list on the Nasdaq under the symbol PNACU. Prime Number Capital and WestPark Capital acted as joint bookrunners on the deal; lead underwriter Prime Number Capital is unaffiliated with the SPAC.