Fenwick represented Proterra Inc., a leading innovator in commercial vehicle electrification technology, in its transaction to become publicly listed through ArcLight Clean Transition Corp. (NASDAQ: ACTCU, ACTC and ACTW), a publicly traded special purpose acquisition company (SPAC).
Upon closing, Proterra’s common stock is expected to trade on the Nasdaq under the ticker symbol PTRA. The transaction represents an enterprise value of $1.6 billion for Proterra.
The transaction has been unanimously approved by the Boards of Directors of both Proterra and ArcLight Clean Transition Corp. It is expected to close in the first half of 2021, subject to the satisfaction of customary closing conditions, including the approval of ArcLight Clean Transition Corp.’s shareholders.
More information can be obtained from Proterra’s announcement.
The Fenwick transaction team was led by corporate partner Dawn Belt and included associates Yael Li-Ran Perl, Michael Ohta, Najee Thornton and R. Harrison Dilday; and law clerk Luke Finn; as well as executive compensation & employee benefits partners Shawn Lampron and Marshall Mort and associate Jonathan Stephenson.