Project Energy Reimagined Acquisition Corp.: debt financing — Project Energy Reimagined Acquisition Corp. issues $500K promissory note to sponsor

Project Energy Reimagined Acquisition Corp.

Principal amount up to $500K; $300K drawn at closing, further drawdowns allowed in increments of $10K.
Unsecured, zero-interest note; principal due upon business combination or winding up of the SPAC.
Proceeds to fund operating expenses and costs related to initial business combination.
Sponsor Smilodon Capital, LLC waives any claims against the trust account.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Project Energy Reimagined Acquisition Corp. incurred loan of up to $500,000 with Smilodon Capital, LLC at does not bear interest maturing the earlier of: (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding up of the Company is effective.

Instrument: loan
Principal: up to $500,000
Counterparty: Smilodon Capital, LLC
Rate: does not bear interest
Maturity: the earlier of: (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding up of the Company is effective
Event: incurrence

Exact text from the filing

On October 25, 2023, Project Energy Reimagined Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of up to $500,000 to its sponsor, Smilodon Capital, LLC, of which $300,000 had been funded as of such date, which may be further drawn down from time to time prior to the Maturity Date (as defined below) upon request by the Company. The Note does not bear interest and the principal balance will be payable on the earlier of: (i) the date on which the Company consummates its initial business combination and (ii) the date that the winding up of the Company is effective (such date, the “Maturity Date”).

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Source: SEC EDGAR

accession 0001213900-23-081811

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