Clean Earth Acquisitions in an 8-K said it has added incentives for shareholders to not redeem stock ahead of the vote on a proposed merger with Alternus.
Based in Ireland, Alternus is an international vertically integrated independent power producer.
Terms include:
- Each holder of units who held shares as of the close of business on July 20 who does not redeem shares and elects to participate in the Non-redemption Incentive by providing timely written notice of will receive 0.5 shares of class A common stock of the combined company.
- An eligible stockholder who redeems some, but not all, of their shares and who otherwise meets the foregoing criteria, remains eligible to receive Non-redemption Shares with respect to each share that is not redeemed.
- A maximum of 5,000,000 shares in the aggregate may be accepted into the Non-redemption Incentive, meaning that a maximum of 2,500,000 Non-redemption Shares in the aggregate may be issued pursuant to the Non-redemption Incentive.
Clean Earth has already made several adjustments to terms of the proposed merger. In April it lowered the deal value to $275 million — down 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. Read more.
