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Why ArcLight Clean Transition Stock Jumped 12% Today

The SPAC announced last week it will be taking electric vehicle maker Proterra public. ....

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ArcLight-Backed SPAC Connects With E-Bus Maker Proterra


Jan. 12, 2021 7:45 pm ET
A blank-check company backed by energy investment firm ArcLight Capital Partners agreed to acquire and take public electric vehicle company Proterra Inc. in a deal that gives it an enterprise value of about $1.6 billion.
ArcLight Clean Transition Corp. , the special-purpose acquisition company, will use $278 million raised through an initial public offering in September as well as $415 million being raised in a private investment in public securities transaction to help finance the deal, regulatory filings show. The deal is expected to close in the first half of the year.
Shares of the blank-check company, which priced its IPO at $10 a share and closed Monday at $12.19 each, more than doubled on Tuesday on news of the deal, closing at $25.20. ....

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MERGER ALERT - ACTC, VIH, and GXGX: Levi & Korsinsky, LLP Reminds Investors of Investigations Concerning the Mergers of these Companies

UPDATE 1-Electric-bus maker Proterra to go public through $1.6 bln SPAC deal


By Reuters Staff
2 Min Read
(Reuters) - Proterra Inc on Tuesday agreed to go public through a merger with ArcLight Clean Transition Corp, in a deal valued at $1.6 billion, including debt, joining several electric vehicle makers that have listed in the last few months.
The deal will provide the U.S. electric bus manufacturer with $648 million in cash and $415 million from investors including Daimler Trucks, Franklin Templeton, venture investor Chamath Palihapitiya, Fidelity Management and funds managed by BlackRock Inc.
Shares of ArcLight nearly doubled to $23.4 in early trading and were last at $21.45.
Reuters reported last year that Proterra was considering going public through a merger with a blank-check company or special purpose acquisition company (SPAC), citing people familiar with the matter. ....

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Palihapitiya's "biggest investment in climate change": Proterra SPAC


Proterra
Chamath Palihapitiya said Tuesday that his biggest investment in climate change is in commercial EV manufacturer Proterra, which is set to merge with blank-check firm ArcLight Clean Transition Corp. 
Palihapitiya noted Proterra s first-mover advantage, revenue growth, and a runway of orders and backlogs as part of his reasoning for the investment.
This transaction enables Proterra to take the next step towards our mission of advancing EV technology to deliver the world s best performing commercial vehicles, said Jack Allen, Chairman and CEO of Proterra.
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Blank-check ArcLight Clean Transition Corp. is set to merge with commercial electric vehicle company Proterra in what Chamath Palihapitiya calls his biggest investment in climate change. ....

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