ArcLight Clean Transition Corp., a blank check company formed by ArcLight Capital Partners targeting a renewable energy business, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company originally planned to offer 30 million units before lowering the proposed deal size on Monday.
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. plans to list on the Nasdaq under the symbol ACTCU. Citi and Barclays acted as lead managers on the deal.
