Clean Earth Acquisitions in a proxy filing outlined its proposed busines combination with Alternus, an international vertically integrated independent power producer based in Ireland.
Terms call for the SPAC to issue $275 million in stock to the combined enterprise, plus 20 million earnout shares. There is a minimum $25 million condition to close.
Clean Earth made several adjustments to terms of the proposed merger since the deal was announced a year ago. In April it lowered the deal value to $275 million — down from the initial $550 million. The SPAC also reduced earnout shares to 20 million from the original 35 million shares and tweaked the milestones for the earnouts.
The SPAC raised $200 million in a February 2022 IPO. Read more.
