Project Energy Reimagined Acquisition Corp. Closes US$250M IPO

Winston & Strawn LLP represented Project Energy Reimagined Acquisition Corp. (the Company), a special purpose acquisition company, in its US$250M IPO. 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 US$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. 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. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the IPO price to cover over-allotments, if any.