REDWOOD CITY, Calif.,
Nov. 17, 2021 /PRNewswire/
-- Project Energy Reimagined Acquisition Corp. (Nasdaq: PEGRU)
(the "Company") today announced that the underwriters of its
previously announced initial public offering of units have
partially exercised their over-allotment option on November 12, 2021, resulting in the issuance of
an additional 1,377,660 units at a public offering price of
$10.00 per unit. After giving effect
to the exercise of the option, an aggregate of 26,377,660 units
have been issued in the initial public offering at an aggregate
offering price of $263,776,600. The
units began trading on The Nasdaq Global Market ("Nasdaq") under
the ticker symbol "PEGRU" on October 29,
2021. Each unit consists of one Class A ordinary share and
one-half of one redeemable warrant, with each whole warrant
exercisable to purchase one Class A ordinary share at a price of
$11.50 per share. After the
securities comprising the units begin separate trading, the Class A
ordinary shares and warrants are expected to be listed on Nasdaq
under the symbols "PEGR" and "PEGRW," respectively.
Project Energy Reimagined Acquisition Corp. is a blank check
company whose business purpose is to effect a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses. While the
Company may pursue an initial business combination with a company
in any industry, sector or geographic region, the Company intends
to focus its search on high-potential ESG targets within the
advanced renewable energy "Grid 2.0" value-chain, including targets
focused on grid reliability and stability solutions,
electrification of transportation and electric vehicle
infrastructure, smart and/or AI-enabled grid optimization, energy
storage, second-life use of batteries and end of life battery
recycling.
J.P. Morgan Securities LLC and BofA Securities acted as joint
book-running managers for the offering.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
(the "SEC") on October 28, 2021. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
The offering was made only by means of a prospectus. Copies of
the prospectus relating to the offering may be obtained from J.P.
Morgan Securities LLC at c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New
York 11717, telephone: 1-866-803-9204, or by email at
prospectus-eq_fi@jpmchase.com; or BofA Securities at Attention:
Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte, NC 28255-0001,
or by emailing dg.prospectus_requests@bofa.com.
Forward Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the initial
public offering and search for an initial business combination. No
assurance can be given that the proceeds of the offering will be
used as indicated. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's registration statement for the initial public
offering filed with the SEC. Copies are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.