Project Energy Reimagined Acquisition Corp.: debt financing — PERAC extends combination deadline to Aug 2, 2024; secures backstop for up to 1M shares

Project Energy Reimagined Acquisition Corp.

Shareholders approved extension of business combination deadline from May 2 to August 2, 2024.
4,226,571 shares redeemed at ~$10.85/share; trust balance now ~$72.2M; 13,247,202 shares outstanding.
Non-redemption agreements with backstop investors for up to 1M shares; backstop receives redemption price and 500k shares locked up.
Issued unsecured promissory note of up to $225k to sponsor Smilodon Capital for monthly trust contributions.
Business combination with Heramba (expected tickers PITA/PITAW) remains on track; Holdco registration accepted by SEC.

item 1.01 item 2.03 item 5.03 item 5.07 item 8.01 item 9.01

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 $225,000 with Smilodon Capital, LLC maturing the earlier of: (i) the date on which PERAC consummates its initial business combination and (ii) the date that the winding up of PERAC is effective.

Instrument: loan
Principal: up to $225,000
Counterparty: Smilodon Capital, LLC
Maturity: the earlier of: (i) the date on which PERAC consummates its initial business combination and (ii) the date that the winding up of PERAC is effective
Event: incurrence

Exact text from the filing

On May 2, 2024, PERAC issued an unsecured promissory note (the "Note") in the principal amount of up to $225,000 to its sponsor, Smilodon Capital, LLC (the "Sponsor"), to be drawn down in connection with the previously announced contributions of $75,000 per month

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Project Energy Reimagined Acquisition Corp.: Extended the date by which the company must consummate an initial business combination from May 2, 2024 to August 2, 2024 (effective 2024-04-29).

Change: charter amendment
Effective: 2024-04-29

Exact text from the filing

PERAC’s shareholders approved a proposal to amend PERAC’s amended and restated memorandum and articles of association, as amended (the “Articles”), by way of special resolution, in the form set forth as Annex A to the Proxy Statement (the “Articles Amendments”), to extend the date by which PERAC must consummate an initial business combination from May 2, 2024 (the “Previous Termination Date”) to August 2, 2024

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Project Energy Reimagined Acquisition Corp. shareholders approved Approve amendment to extend date to consummate initial business combination at the 2024-04-29 meeting.

Proposal: merger approval
Outcome: passed
Meeting: 2024-04-29

Exact text from the filing

Approval of the Extension Amendment Proposal required a special resolution under Cayman Islands law, being the affirmative vote of at least a two-thirds (2/3) majority of the Ordinary Shares entitled to vote thereon and voted in person (including by virtual attendance) or by proxy at the Extension Meeting. Set forth below are the final voting results for the Extension Amendment Proposal: For Against Abstain Broker Non-Votes 14,099,037 1,002 0 0

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311 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001213900-24-039691

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