Project Energy Reimagined Acquisition Corp.: debt financing — Project Energy Reimagined Acquisition Corp. issues up to $375K promissory note to CEO

Project Energy Reimagined Acquisition Corp.

Unsecured promissory note of up to $375,000 issued to CEO Srinath Narayanan, with $350,000 drawn as of filing date.
Note is non-interest bearing, payable upon the earlier of business combination or winding up of the SPAC.
Proceeds intended for operating expenses and costs related to the initial business combination.
Repayment is limited to funds outside the trust account if no business combination occurs.

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 $375,000 with Srinath Narayanan maturing 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 $375,000
Counterparty: Srinath Narayanan
Maturity: 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 January 26, 2024, Project Energy Reimagined Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of up to $375,000 to Srinath Narayanan, the Company’s Chief Executive Officer

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Source: SEC EDGAR

accession 0001213900-24-008995

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