ACTC Stock: 15 Things to Know About ArcLight and the Proterra SPAC Merger

ArcLight (NASDAQ:ACTC) stock is soaring higher on Tuesday following news that the special purpose acquisition company (SPAC) plans to take Proterra public via a merger.

The letters "M&A" on a wooden table, surrounded by a calculator and other business items. mergers and acquisitions

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Starting out, here’s everything that investors need to know about ArcLight.

  • ArcLight is a public company founded in 2020 with a focus on finding a merger candidate to take public.
  • The company’s targets for a SPAC merger include companies with a focus on clean energy.
  • Its sponsors are Arclight Capital Partners and Consolidated Asset Management Services.
  • Jake Erhard leads the company as its president, CEO, and director.
  • Erhard has been a partner of Arclight Capital Partners for 20 years since around the time it was founded in 2001.

Now let’s take a look at what Proterra brings to the table in the SPAC merger.

  • Proterra is an electric vehicle (EV) company with a focus on buses.
  • This has it creating both buses for schools as well as for public transit.
  • It’s one of the largest EV bus companies in  North America serving 130 communities in the U.S. and Canada.
  • The company is led by chairman and CEO Jack Allen, who previously held several executive roles at Navistar International (NYSE:NAV).
  • Speculation late last year claimed that Proterra might choose Qell Acquisition (NASDAQ:QELL) as its SPAC merger partner, but that isn’t the case.

Finally, here are the details about the SPAC merger between ArcLight and Proterra.

  • The deal is set to value Proterra at $1.6 billion after the SPAC merger closes.
  • It will also see ACTC stock changing to the PTRA stock ticker.
  • Proterra is set to gain $648 million in cash from the merger.
  • That includes $278 million held in trust at ArcLight and another $415 million from a private investment in public equity (PIPE).
  • The two companies are expecting the deal to close in the first half of 2021.

ACTC stock was up 68.8% as of Tuesday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/01/actc-stock-15-things-to-know-about-arclight-and-the-proterra-spac-merger/.

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