Clean Earth Acquisition announced today that the merger closing conditions with Alternus Energy Group have not yet been satisfied and the deal has not closed. Clean Earth shareholders approved the acquisition last week.
The parties said they are working together to satisfy the closing conditions, including obtaining the approval of Nasdaq to list the post-combination company’s common stock following the closing.
The SPAC has until May 28, 2024 to close a deal.
Ireland-based Alternus is a transatlantic clean energy independent power producer. Headquartered in Ireland, the company develops, installs, owns and operates utility scale solar parks in Europe and the U.S.
The deal was announced in October 2022.
Clean Earth in April 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.
Clean Earth said 1 million shares will be held in reserve for post-closing working capital adjustments.
The combined company is expected to be renamed Alternus Clean Energy. Alternus shares will continue to trade on the Euronext Growth market in Oslo, while Clean Earth’s common stock is expected to continue listing on the Nasdaq.
Clean Earth raised $200 million in a February 2022 IPO. Read more.
