Clean Earth Acquisitions (NASDAQ:CLIN) stock is rising higher on Wednesday after the company posted an update to its merger plans with Alternus Energy.
The big news here is the company held a special meeting of shareholders to have them vote on the proposed merger. A total of 86.32% of shareholders were present at the meeting, with a large majority of them voting in favor of Clean Earth Acquisitions combining with Alternus Energy.
With this shareholder meeting complete, Clean Earth Acquisitions now has the approval it needs to move forward with its combination with Alternus Energy. The two companies expect to complete this merger in the near future now that they have shareholder approval.
When the special purpose acquisition company (SPAC) combines with Alternus Energy, the new company will keep the latter’s name. On that same note, shares of CLIN stock will switch to the ALCE stock ticker. Warrants under the new company will trade with the ALCEW ticker.
CLIN Stock Movement Today
With the confirmed merger news comes heavy trading of CLIN stock on Wednesday. As of this writing, more than 545,000 shares have been traded. That’s a massive surge in trading volume compared to its daily average of about 68,000 shares.
CLIN stock is up 29.5% as of Wednesday morning.
There are even more stock market stories worth reading about below!
We have all of the hottest stock market news for Wednesday! Among that is why shares of MicroAlgo (NASDAQ:MLGO) stock are up today, the biggest pre-market stock movers this morning and more. All of that is ready to go at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
