ArcLight Clean Transportation Corp. (ACTC) Shareholders Approve Proterra Deal

ArcLight Clean Transportation Corp. (NASDAQ:ACTC) announced in a press release that its shareholders approved its combination with electric vehicle (EV) manufacturer Proterra at a special meeting earlier today.

The press release did not mention redemptions or exact voting numbers for the business combination, but it notes that ArcLight plans to file the 8-K later today.  The transaction is now expected to close on June 14, and the combined entity’s shares and warrants will start trading on the Nasdaq under the symbol “PTRA” and “PTRAW” on June 15, respectively.

The parties initially announced the $1.6 billion deal on January 12. Proterra designs and manufactures zero-emission electric buses as well as battery and drivetrain components for commercial electric vehicles like construction equipment and heavy trucks. Arclight opened today at $19.05, signaling that the market views this as one of its preferred EV deals of the cycle.

ADVISORS

• BofA Securities is acting as lead financial advisor to Proterra.
• Latham & Watkins LLP and Fenwick & West LLP are acting as legal counsel to Proterra.
• Barclays is acting as M&A advisor to ArcLight Clean Transition Corp.
• Citigroup is acting as M&A and Capital Markets advisor to ArcLight Clean Transition Corp.
• Kirkland & Ellis LLP is serving as legal counsel to ArcLight Clean Transition Corp.
• Morgan Stanley & Co. LLC and Barclays are acting as lead placement agents for ArcLight Clean Transition Corp.
• BofA Securities is acting as joint placement agent for ArcLight Clean Transition Corp.