Clean Earth Acquistions in a letter to shareholders said it will award 0.5 shares following its deSPAC with Alternus — if the deal is approved — for every share not redeemed through the upcoming extension vote. The sweetner would be good for up to $50 million in stock of the newly emerged company.
Clean Earth wants to move its deadline back up to six months to complete the deal.
As additional incentive, the SPAC said if the extension is approved the sponsor will deposit the lesser of $195,000 or 4 cents a share into trust for every month required under the extension.
Clean Earth last month cut the deal value of its proposed merger with Alternus Energy in half, down to $275 million from the initial $550 million announced in October. The SPAC also reduced earnout shares to 20 million from the original 35 million shares and tweaked the milestones for the earnouts.
Clean Earth raised $200 million in a February 2022 IPO.
Based in Ireland, Alternus is an international vertically integrated independent power producer. Read more.
