CleanTech Acquisition in an amended S-1 filing today said it will now offer 15 million units in its forthcoming offering, down 40% from the 25 million units initially registered last month.
Each consists of one share of common stock and one-half of a warrant; whole warrants exercisable at $11.50. Unlike the original S-1, the amended filing notes that each unit will now also include one right, which entitles the holder to receive one-twentieth of one share of common stock upon the closing of an initial business combination.
Chardan Capital Markets is sole bookrunning manager of the offering. The underwriters have a 45-day option to purchase up to an additional 2.25 million units (down from the original 3.75 million units) to cover any over-allotments.
CleanTech said it will focus on companies working to shift the world away from carbon dependency.
The new SPAC is led by CEO and Director Eli Spiro, who is CEO of Axxcess Capital Partners, a boutique investment banking firm he co-founded in 2010.
The SPAC intends to apply for a Nasdaq listing under CLAQU. Read more.
