Proterra To Go Public Through $1.6 Billion SPAC Deal: Report

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  • The transaction is expected to close in the first half of 2021
  • Post merger, Proterra will be listed on the Nasdaq and will trade under the new symbol “PTRA

As per a report by Reuters, Proterra Inc has agreed to go public through a merger with ArcLight Clean Transition Corp, in a deal valued at $1.6 billion. It added that this deal will provide the U.S. electric bus manufacturer with $648 million in cash and $415 million from investors including Daimler Trucks, Franklin Templeton, venture investor Chamath Palihapitiya, Fidelity Management and funds managed by BlackRock Inc. The transaction is expected to close in the first half of 2021.

ArcLight Clean Transition had raised $250 million through an IPO last year

Reuters reported last year that Proterra was considering going public through a merger with a blank-check company or special purpose acquisition company (SPAC), citing people familiar with the matter. It added that other electric vehicle makers, such as Fisker Inc and Nikola Corp, have also taken the SPAC merger route to go public instead of a traditional initial public offering (IPO).

ArcLight Clean Transition had raised $250 million through an IPO last year. Post merger, Proterra will be listed on the Nasdaq and will trade under the new symbol “PTRA”.

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