CleanTech Acquisition priced its IPO of 15 million units at $10 each. Units begin trading today on the Nasdaq under CLAQU. Each consists of one share, one right and one-half of one redeemable warrant. Each right entitles the holder to receive one-twentieth of one share upon the completion of an initial business combination. Each whole warrant is exercisable at $11.50 for a share. Once the securities comprising the units begin separate trading, the shares, rights and warrants are expected to trade under CLAQ, CLAQR and CLAQW.
Chardan is sole book-running manager of the offering. The underwriters have a 45-day option to purchase up to an additional 2.25 million units to cover over-allotments, if any.
CleanTech in June hacked the offering by 40 percent from the initial 25 million units registered in May.
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. Read more.