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Clean Earth Acquisitions Corp. (CLIN) Shareholders Approve Alternus Deal

Clean Earth Acquisitions Corp. (CLIN) Shareholders Approve Alternus Deal

Clean Earth Acquisitions Corp. (NASDAQ:CLIN) announced this morning that its shareholders have approved its business combination with climate technology company Alternus (OSE:ALT) at a special meeting held on December 4.

At the meeting, holders of 14,418,460 shares, were present, representing approximately 86.32% of the voting power of the 16,704,230 issued and outstanding common stock entitled to vote. The business combination was approved by holders of 12,936,151 shares while holders of 1,482,309 shares voted against the deal.

In connection with the meeting, stockholders elected to redeem an aggregate of 2,647,190 Class A Common Stock at a redemption price of approximately $10.68 per share, for an aggregate redemption amount of approximately $28,271,989.20.

The parties now expect to close the deal shortly, subject to the terms of the business combination agreement,  and Clean Earth will be renamed “Alternus Clean Energy Inc.”

An application for listing on the Nasdaq Global Market of the combined company’s common stock and warrants under the new ticker symbols “ALCE” and ”ALCEW,” respectively, is expected to be effective upon completion of the combination.

Clean Earth inked its $992 million deal with Alternus in October 2022. Dublin, Ireland-based Alternus installs, owns and operates midsized utility scale solar plants and plans to have about 3.5 GW of generation assets in this portfolio by 2025.