ArcLight Clean Transition Corp., a blank check company formed by ArcLight Capital Partners targeting a renewable energy business, lowered the proposed deal size for its upcoming IPO on Monday.
The Boston, MA-based company now plans to raise $250 million by offering 25 million units at a price of $10. The company had previously filed to offer 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, ArcLight Clean Transition Corp. will raise -17% less in proceeds than previously anticipated.
The company is led by Chairman Daniel Revers, who serves as a Managing Partner of ArcLight Capital Partners, which he founded in 2001.
ArcLight Clean Transition Corp. was founded in 2020 and plans to list on the Nasdaq under the symbol ACTCU. Citi and Barclays are the joint bookrunners on the deal.
