Project Energy Reimagined Acquisition Corp. (PERAC) reported net income of $3.6 million for fiscal year 2023, compared to $13.3 million in 2022. The company held $116 million in its trust account as of December 31, 2023, following shareholder redemptions of approximately $161.3 million in August 2023. Interest and dividend income on trust investments contributed $9.8 million to 2023 results.On October 2, 2023, PERAC entered into a definitive business combination agreement with Heramba Electric plc, with the transaction expected to close in the near term. The company's shareholders approved the business combination at an extraordinary general meeting held on March 28, 2024. As part of the transaction preparation, PERAC secured agreements from investors not to redeem 760,000 public shares in exchange for future share issuances.The company's operating expenses increased to $4.9 million in 2023 from $1.8 million in 2022, primarily due to costs associated with the proposed business combination. To support ongoing operations, PERAC secured additional funding through promissory notes from related parties totaling $500,000 in 2023 and $375,000 in January 2024. The company continues to work towards completing the business combination before its May 2, 2024 deadline.

Project Energy Reimagined Acquisition Corp. (PERAC) reported net income of $3.6 million for fiscal year 2023, compared to $13.3 million in 2022. The company held $116 million in its trust account as of December 31, 2023, following shareholder redemptions of approximately $161.3 million in August 2023. Interest and dividend income on trust investments contributed $9.8 million to 2023 results.On October 2, 2023, PERAC entered into a definitive business combination agreement with Heramba Electric plc, with the transaction expected to close in the near term. The company's shareholders approved the business combination at an extraordinary general meeting held on March 28, 2024. As part of the transaction preparation, PERAC secured agreements from investors not to redeem 760,000 public shares in exchange for future share issuances.The company's operating expenses increased to $4.9 million in 2023 from $1.8 million in 2022, primarily due to costs associated with the proposed business combination. To support ongoing operations, PERAC secured additional funding through promissory notes from related parties totaling $500,000 in 2023 and $375,000 in January 2024. The company continues to work towards completing the business combination before its May 2, 2024 deadline.