ArcLight Clean Transition Corp., a blank check company formed by ArcLight Capital Partners targeting a renewable energy business, lowered the proposed deal size for its upcoming IPO on Monday.
The Boston, MA-based company now plans to raise $250 million by offering 25 million units at a price of $10. The company had previously filed to offer 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, ArcLight Clean Transition Corp. will raise -17% less in proceeds than previously anticipated.
The company is led by Chairman Daniel Revers, who serves as a Managing Partner of ArcLight Capital Partners, which he founded in 2001.
ArcLight Clean Transition Corp. was founded in 2020 and plans to list on the Nasdaq under the symbol ACTCU. Citi and Barclays are the joint bookrunners on the deal.
The article Renewable energy SPAC ArcLight Clean Transition lowers proposed deal size by 17% ahead of $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.