{"id":108170,"date":"2021-01-12T14:28:37","date_gmt":"2021-01-12T14:28:37","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108170"},"modified":"2021-01-12T14:28:37","modified_gmt":"2021-01-12T14:28:37","slug":"electric-bus-maker-proterra-to-go-public-through-1-6-billion-spac-deal","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/electric-bus-maker-proterra-to-go-public-through-1-6-billion-spac-deal\/","title":{"rendered":"Electric-bus maker Proterra to go public through $1.6 billion SPAC deal"},"content":{"rendered":"
(Reuters) – Proterra Inc on Tuesday agreed to go public through a merger with ArcLight Clean Transition Corp, in a deal valued at $1.6 billion, including debt, joining several electric vehicle makers that have listed in the last few months.<\/p>\n
The 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.<\/p>\n
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.<\/p>\n
SPACs are shell companies which raise money through an IPO of its shares to take another company public within two years.<\/p>\n
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).<\/p>\n
Burlingame, California-based Proterra was founded by mechanical engineer Dale Hill in Golden, Colorado, in 2004 and has provided hundreds of public transport buses to U.S. cities since inception.<\/p>\n
ArcLight Clean Transition had raised $250 million through an IPO last year.<\/p>\n
Post merger, Proterra will be listed on the Nasdaq and will trade under the new symbol \u201cPTRA\u201d.<\/p>\n