An agreement to take Proterra public via a SPAC has been rumored for weeks and we got a confirmation today. On this news stock price of ArcLight Clean Transition Corp (ACTC) is up more than 50% in the first trading minutes on Tuesday.
Proterra Inc , a leading innovator in commercial vehicle electrification tech, today announced that it will become publicly listed through a transaction with ArcLight Clean Transition Corp. (Nasdaq: ACTCU, ACTC and ACTW) , a publicly traded special purpose acquisition company (SPAC). Upon closing, Proterra’s common stock is expected to trade on the Nasdaq under the ticker symbol PTRA. The transaction represents an enterprise value of $1.6 billion for Proterra.
It was previously rumored that Proterra will go public via reverse merger with Qell Acquisition (NASDAQ:QELL) but this news shattered all the hopes for QELL stockholders.
Proterra operates manufacturing facilities in California and South Carolina, as well as a state-of-the-art R&D lab in Silicon Valley.