Project Energy Reimagined Acquisition in an 8-K said it entered into one or more non-redemption agreements with third parties in exchange for their commitment not to redeem 760,000 Class A shares ahead of an Aug. 1 extension vote. In exchange, the particpating investors will receive 138,000 Class A shares at the time of the company’s business combination.
In addition, the SPAC has agreed that it will not use any trust funds to pay any potential excise taxes that may become due pursuant to the Inflation Reduction Act of 2022 upon a redemption of shares, including in connection with the extension, a merger or the liquidation of the company.
ESG-focused Project Energy Reimagined seeks a deadline extension until May 2, 2024.
The SPAC two months ago said it had signed a non-binding letter of intent for a business combination with an unnamed company. A definitive agreement has yet to be executed.
The SPAC raised $250 million in an October 2021 IPO to focus its search on high-potential ESG targets within the advanced renewable energy “Grid 2.0” value-chain. Read more.
