Project Energy Reimagined Acquisition Corp. Receives Expected Notice from Nasdaq Regarding Delayed Quarterly Report

Rhea-AI Summary

Project Energy Reimagined Acquisition Corp. (Nasdaq: PEGR) received a notice from Nasdaq due to a delay in filing its Quarterly Report on Form 10-Q for the period ending March 31, 2024. This delay means the company is not in compliance with Nasdaq Listing Rule 5250(c)(1). However, this notice does not currently affect the listing or trading of the company's securities. The company has 60 days to submit a plan to regain compliance, and if accepted, it may receive an extension until November 18, 2024. The company cited the need for additional time for its independent accounting firm to complete its review and expects to file the Form 10-Q before the compliance plan deadline.

Positive

• The Notice does not currently affect the listing or trading of PEGR's securities.
• Nasdaq may grant an extension up to November 18, 2024, if the compliance plan is accepted.
• The company is actively working to complete the Form 10-Q as soon as possible.

Negative

• PEGR is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the delayed filing.
• Failure to regain compliance could lead to potential delisting from the Nasdaq Global Market.
• The delay in filing the Quarterly Report might indicate underlying financial or operational issues.

Menlo Park, California, June 05, 2024 (GLOBE NEWSWIRE) -- 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 March 31, 2024 (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 November 18, 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 May 16, 2024, 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.

Contact:

Project Energy Reimagined Acquisition Corp.
info@pegyr.com

FAQ

Why did Project Energy Reimagined Acquisition Corp. (PEGR) receive a notice from Nasdaq?

PEGR received a notice from Nasdaq due to a delay in filing its Quarterly Report on Form 10-Q for the period ending March 31, 2024.

What is Nasdaq Listing Rule 5250(c)(1)?

Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the SEC.

Does the notice from Nasdaq affect the listing of PEGR's securities?

No, the notice does not currently affect the listing or trading of PEGR's securities.

How much time does PEGR have to regain compliance with Nasdaq's rules?

PEGR has 60 days to submit a compliance plan, and if approved, it may receive an extension until November 18, 2024.

What are the potential consequences if PEGR fails to regain compliance?

Failure to regain compliance could lead to potential delisting from the Nasdaq Global Market.

When does PEGR expect to file the delayed Form 10-Q?

PEGR expects to file the Form 10-Q before the compliance plan submission deadline.