Sidley represents noco-noco Pte. Ltd. (noco-noco), an early-stage decarbonization solutions provider focused on technologies to accelerate the global transformation to a carbon-neutral economy, in its business combination with Prime Number Acquisition I Corp. (Nasdaq: PNAC), a publicly traded special purpose acquisition company. With X-SEPA™, a battery separator technology designed for long-lasting and high heat-resistant performance, and its carbon-neutral leasing platform, noco-noco expects to address the need for clean, affordable, and sustainable energy solutions.
noco-noco is valued at US$1.35 billion and closes the business combination with a redemption rate only slightly over 50% and immediately available transaction financing of up to US$150 million. Upon closing of the business combination, the resulting combined company will be renamed “noco-noco Inc.,” and its shares and warrants are expected to be listed on Nasdaq under the new ticker symbol “NCNC” and “NCNCW,” respectively.
The Sidley team was led by partners Meng Ding, Raymond Oh, and David Kalani Lee and includes senior managing associate Liming Xu, managing associate Misha Yang, associates Gilbert Han and Yiming Chen, and senior legal assistants Iris Lao and Alice Liu. Partners Sonia Gupta Barros, David Ni, Michael P. Heinz, and Joshua G. DuClos also provided support.