ArcLight Clean Transition Corp. Announces Pricing of $250 Million Initial Public Offering
Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant.
BOSTON, Sept. 22, 2020 (GLOBE NEWSWIRE) -- ArcLight Clean Transition Corp. (the “Company”), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced the pricing of its initial public offering of 25,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market and trade under the ticker symbol “ACTCU” beginning September 23, 2020. Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Capital Market under the symbols “ACTC” and “ACTCW,” respectively.
ArcLight Clean Transition Corp., led by Chairman Daniel R. Revers and President and Chief Executive Officer John F. Erhard, intends to pursue opportunities created by the accelerating transition toward sustainable use of energy and natural resources, but will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.
Citigroup Global Markets Inc. and Barclays Capital Inc. are serving as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: 1-800-831-9146; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: 1-800-603-5847.
A registration statement relating to the securities became effective on September 22, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering is expected to close on September 25, 2020, subject to customary closing conditions.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
Marco Gatti, CFO
617-531-6300
[email protected]