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PARK, Calif., Aug. 24,
2023 /PRNewswire/ -- Project Energy Reimagined
Acquisition Corp. (Nasdaq: PEGR) (the "Company") today announced
that it received a notice (the "Notice") from the Listing
Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq")
indicating that the Company is not in compliance with Nasdaq
Listing Rule 5250(c)(1) (the "Rule") due to a delay in filing its
Quarterly Report on Form 10-Q for the quarterly period ended June
30, 2023 (the "Form 10-Q") with the Securities and Exchange
Commission (the "SEC"). The Rule requires listed companies to
timely file all required periodic financial reports with the SEC.
The Notice is only a notification of deficiency, not of imminent
delisting, and has no current effect on the listing or trading of
the Company's securities on the Nasdaq Global Market.
The Notice states that the Company has 60 calendar days to
submit a plan to regain compliance with the Rule. If Nasdaq accepts
the Company's plan, then Nasdaq may grant an exception of up to 180
calendar days from the due date of the Form 10-Q, or until
February 12, 2024, to regain
compliance. If Nasdaq does not accept the Company's plan, the
Company will have the opportunity to appeal the decision to a
Nasdaq Hearings Panel.
As the Company reported in its Form 12b-25 filed with the SEC on
August 15, 2023, additional time is
needed for the Company to complete the Form 10-Q and permit the
Company's independent registered public accounting firm to complete
its review. The Company is working diligently to complete the Form
10-Q as soon as possible and currently expects to file the Form
10-Q with the SEC prior to the compliance plan submission
deadline.
About the Company
Project Energy Reimagined Acquisition Corp. is a blank check
company formed for the purpose of effecting 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 in any industry,
sector or geographic region, the Company has focused its search on
targets that enable what the Company calls the "Electric Grid
2.0".
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Certain of these
forward-looking statements can be identified by the use of words
such as "believes," "expects," "intends," "plans," "estimates,"
"assumes," "may," "should," "will," "seeks," or other similar
expressions. Such statements may include, but are not limited to,
statements regarding the Company's ability to become current in its
SEC reporting obligations and regain compliance with the Rule.
These statements are based on current expectations on the date of
this press release and involve a number of risks and uncertainties
that may cause actual results to differ significantly, including
those risks set forth in the Company's most recent Annual Report on
Form 10-K, subsequent Quarterly Reports on Form 10-Q and other
documents filed with the SEC. Copies of such filings are available
on the SEC's website at www.sec.gov. The Company does not assume
any obligation to update or revise any such forward-looking
statements, whether as the result of new developments or otherwise.
Readers are cautioned not to put undue reliance on forward-looking
statements.
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SOURCE Project Energy Reimagined Acquisition Corp.