Project Energy Reimagined Acquisition filed a proxy proposing a completion extension to Aug. 2. The current deadline is May 2.
The SPAC has a merger agreement with Heramba Electric. The deal was announced in October at a pro forma implied enterprise value of approximately $450 million. Since then, Heramba acquired Kiepe Electric, a company focused on decarbonization of commercial and public transportation.
If approved, upon closing the combined company’s securities are expected to be listed on the Nasdaq.
With the Kiepe Acquisition, Berlin-based Heramba intends to create a pure-play global leader in sustainable urban transportation and further accelerate the expansion of urban transportation addressable market globally.
Heramba also maintains headquarters in Atlanta.
Consideration will be in the form of rollover shares and the combination is expected to provide approximately $114 million of gross proceeds (before redemptions and expenses) from the SPAC’s cash in trust. Read more.
