Proterra (ACTC) Is a Leader in the Electric Mobility Sphere but Investors Should Not Write-off Arrival (CIIC) and Lightning eMotors (GIK) Jan 18, 2021 10:11 EST
Proterra, the top manufacturer of electric transit buses in North America, is now on the verge of becoming a public entity by merging with the Special Purpose Acquisition Company (SPAC), ArcLight Clean Transition Corp. (NASDAQ:ACTC).
As per the press statement released by Proterra on the 12th of January 2021, the merger with ArcLight Clean Transition is expected to close in the first half of 2021. The combined company is expected to have a pro forma equity value of $2.4 billion. Moreover, Proterra will have access to $648 million in cash, derived from exiting cash balance in trust and $415 million in PIPE investment from institutional investors.
NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) Moore Kuehn, PLLC, a law firm focusing in securities litigation located on Wall Street in downtown New York City, is investigating potential claims concerning whether the following proposed mergers are fair to shareholders. Moore Kuehn may seek increased consideration, additional disclosures, or other relief on behalf of the shareholders of these companies: ArcLight Clean Transition Corp. (NASDAQ: ACTC) ArcLight has agreed to merge with Proterra. Under the proposed transaction, ArcLight shareholders will own just 11.6% of the combined company. Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) Boston Private Financial has agreed to be acquired by SVB Financial Group. Under the proposed transaction, shareholders of Boston Private will receive $2.10 in cash and 0.0228 shares of SVB common stock per share. Social Capital Hedosophia Holdings Corp. V (NYSE: IPOE) Social Capital has agreed to merge with Social Finance.