ArcLight Clean Transition announced that its shareholders voted to approve the business combination with electric bus maker Proterra.
The merger is expected to close today. Proterra’s common stock and warrants are expected to begin trading June 15 on the Nasdaq under PTRA and PTRAW.
The vote was overwhelmingly in favor of the deal, which values Proterra at $1.6 billion.
In connection with the business combination, 15,172 Class A ordinary shares were redeemed for an aggregate amount of $151,772.59, the SPAC said in an 8-K filing.
Proterra is set to gain $648 million in cash from the merger, including $278 million held in trust at ArcLight and a $415 million PIPE. Read more.
