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The SPAC Deal: Electric bus leader Proterra is being taken public by
ArcLight Clean Transition Corp (NASDAQ: ACTC).
The deal values Proterra with an enterprise value of $1.6 billion. Current ArcLight shareholders will own 11.6% of Proterra after the merger. Shares of Proterra will trade as PTRA on the Nasdaq after the merger.
The merger includes a $415 million PIPE anchored by Daimler Trucks. Also included in the PIPE are Fidelity, Franklin Templeton, BlackRock and Chamath Palihapitiya. PIPE shareholders will own 17.3% of Proterra after the merger.
About Proterra: Proterra has over a decade of experience in production as an end-to-end platform for electric buses. The company has three complementary businesses with Proterra Powered offering batteries and electrification, Proterra Transit as the leading electric transit bus OEM in North America and Proterra Energy, an end-to-end turnkey charging management system.
Mid-Morning Market Update: Markets Edge Higher; Albertsons Earnings Beat Expectations benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Proterra Inc on Tuesday agreed to go public through a merger with ArcLight Clean Transition Corp, in a deal valued at $1.6 billion, including debt, joining several electric vehicle makers that have listed in the last few months.
36 Stocks Moving in Thursday s Pre-Market Session Benzinga 12/24/2020
Gainers
Senseonics Holdings, Inc. (NYSE: SENS) shares rose 79.7% to $1.16 in pre-market trading after the company lifted its sales guidance for the fourth quarter. The company said it now expects Q4 net sales of $3.5 million, versus prior forecast of $2.5 million.
Avinger, Inc. (NASDAQ: AVGR) rose 70.5% to $0.59 in pre-market trading after the company reported annual meeting results. The company’s stock climbed over 13% on Wednesday.
BIOLASE, Inc.. (NASDAQ: BIOL) rose 60.4% to $0.53 in pre-market trading. BIOLASE, last week, announced a collaboration with BMW Performance Center West.
Guardion Health Sciences, Inc. (NASDAQ: GHSI) rose 45.4% to $0.54 in pre-market trading after gaining more than 42% on Wednesday. Guardion Health Sciences, last week, announced the development of its new vision support/energy drink, Epiq-V.
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Below is a recap of the SPACs Attack show from Tuesday, Dec. 15. The live show features coverage on SPACs from Benzinga s Chris Katje and Mitch Hoch and airs weekdays at 11 a.m. ET on the Benzinga YouTube.
2 SPAC Deals: Urban air mobility company Blade announced it was merging with
Experience Investment Corp (NASDAQ: EXPC).
The company’s four key targets are short distance flights of 60 to 100 miles; Blade airport flights between all New York airports; Blade Medimobility, which is the largest transporter of human organs in the Northeast U.S.; and international joint ventures with local partners in key overseas markets.