ArcLight Clean Transition Corp., a special purpose acquisition company (SPAC) formed for the purpose of entering into a combination with one or more businesses, has launched an initial public offering of 25 million units at a price of $10.00 per unit.
The units will be listed on the Nasdaq Capital Market and trade under the ticker symbol ACTCU beginning Sept. 23.
ArcLight Clean Transition Corp. intends to pursue opportunities created by the accelerating transition toward sustainable use of energy and natural resources, but will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.
Citigroup Global Markets and Barclays Capital are serving as joint book-running managers for the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 3.75 million units at the IPO price to cover overallotments, if any.
The offering is expected to close on Sept. 25, sub
