Project Energy Reimagined in an amended S-1 filing said it now plans to offer 25 million units at $10 each, down from the 30 million initially registered with the SEC in March.
A unit now consists of one Class A ordinary share and one-half of a warrant; whole warrants exercisable at $11.50. The original offering included one-third of a warrant with each unit.
The SPAC intends to target companies engaged in electric grid operations, including electrification of transportation and smart batteries.
The SPAC is led by CEO and Director Srinath Narayanan, managing partner of Edgewater Investments, a private multi-family office he founded in 2013.
The SPAC said it has applied for a Nasdaq listing under PEGRU. Read more.
