Our PE investment, Heramba, is to List on the Nasdaq Through a Business Combination with PEGRU

We are excited to share the news that our PE investments, Heramba GmbH and Project Energy Reimagined Acquisition (NASDAQ: PEGA) "PERAC," announced a definitive merger agreement on September 23, 2023, for a proposed business combination, which values the combined company to a pro forma implied enterprise value of approximately $450 million. The business combination is expected to provide about US$113 million of gross proceeds (before redemptions and payment of certain expenses).

The transaction has been approved by Heramba Electric's shareholder and PERAC's Board of Directors, and the Business Combination is expected to close in the first quarter of 2024, subject to the closure of the Kiepe Acquisition and other customary closing conditions, including the approval of PERAC's shareholders. If the US authorities approve, the combined company's securities will be listed on the Nasdaq upon closing the business combination.

According to Dr. Hans-Jorg Grundmann, Managing Director of Heramba Electric, "Securing the acquisition of Kiepe Electric puts Heramba Electric on track to emerge as a frontrunner in the electrification of commercial transport. Kiepe Electric works in close partnership with customers, including transit authorities of major cities, to accelerate the transition to environmentally friendly e-mobility while reducing costs associated with maintaining and expanding such cities' transportation infrastructure. This puts Heramba Electric in a strong position to drive the global expansion of zero-emissions urban transportation."

Dr Hans-Jorg Grundmann, Managing Director of Heramba GmbH

Heramba Electric announced in August 2023 that it had entered into a definitive agreement with subsidiaries of Knorr-Bremse Aktiengesellschaft to acquire Kiepe Electric, a company focused on the decarbonization of commercial and public transportation, which is expected to close in the fourth quarter of 2023.

Kiepe Electric GmbH (formerly Vossloh Kiepe) is a German manufacturer of electric transport vehicles, air-conditioning, heating systems, and conveyor device components. Meanwhile, Kiepe Electric is a global leader in electrifying road and rail urban transportation applications, including designing, manufacturing, and implementing power electronics products, electric drives, vehicle control hardware, and intelligent software for fleet management and energy management. Kiepe Electric has over 500 employees operating in six countries worldwide and, in 2022, had revenues of over $120 million.

PEGRU (Project Energy Reimagined Acquisition Corp.) is a blank check company formed to consummate a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. PERAC is backed by an affiliate of Smilodon Capital, LLC, and brings together experts from the advanced transportation, electrification, and cleantech industries and those with solid track records of executive leadership and successful M&A deals across the technology, transportation, and energy sectors. PEGRU currently has approximately $113 million in trust.

Heramba GmbH, founded in January 2023 and headquartered in Berlin, Germany, and Atlanta, United States, is a special-purpose company focused on investing in companies with technologies and capabilities that can accelerate the decarbonization of commercial transportation. Heramba is led by Dr. Hans-Jorg Grundmann (Managing Director), who has dedicated his career to innovating and improving commercial transportation, including in his role as CEO of Simens Mobility and his other leadership roles with industry leaders Simens and AEG. For more information, visit http://herambaholdings.com/.

Source: Yahoo Finance -https://finance.yahoo.com/news/heramba-electric-list-nasdaq-business-120000566.html?guccounter=1

DealFlow's SPAC News- https://news.spacconference.com/2023/10/03/heramba-electric-merging-with-project-energy-reimagined-acquisition-in-450m-deal/

SEC: http://www.sec.gov