Electrical-bus maker Proterra to go public via $1.6 bln SPAC deal, Auto Information, East Auto Information
Proterra Inc on Tuesday agreed to go public via a merger with ArcLight Clear Transition Corp, in a deal valued at $1.6 billion, together with debt, becoming a member of a number of electrical automobile makers which have listed in the previous couple of months.
The deal will present the U.S. electrical bus producer with $648 million in money and $415 million from traders together with Daimler Vans, Franklin Templeton, enterprise investor Chamath Palihapitiya, Constancy Administration and funds managed by BlackRock Inc.
Reuters reported final yr that Proterra was contemplating going public via a merger with a blank-check firm or particular objective acquisition firm (SPAC), citing folks acquainted with the matter.
SPACs are shell firms which elevate cash via an IPO of its shares to take one other firm public inside two years.
Different electrical automobile makers, resembling Fisker Inc and Nikola Corp, have additionally taken the SPAC merger path to go public as an alternative of a conventional preliminary public providing (IPO).
Burlingame, California-based Proterra was based by mechanical engineer Dale Hill in Golden, Colorado, in 2004 and has offered lots of of public transport buses to U.S. cities since inception.
ArcLight Clear Transition had raised $250 million via an IPO final yr.
Put up merger, Proterra might be listed on the Nasdaq and can commerce below the brand new image “PTRA”.