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Blank check companies, aka special purpose acquisition companies (SPAC), have been quite popular among North American private enterprises seeking public listing since the IPO rush last year. Major businesses such as Nikola Corporation, Fisker Inc, Canoo Ltd, etc. have gone the SPAC way to get their shares listed on stock markets last year. Currently, SPACs Deep Lake Capital & ArcLight Clean Transition are making a buzz with their latest developments.
Let’s dive in to find out all that you need to know about these two shell companies and their future business combinations.
ArcLight Clean Transition Corp Set to Merge With EV Maker Proterra Inc
Stocks of SPAC ArcLight Clean Transition Corp (NASDAQ: ACTC, ACTC:US) surged by over 106 per cent on Tuesday, January 12, after news of its upcoming merger with electric vehicle company Proterra Inc broke.
ArcLight shares, currently trading at US$ 25.2 on the Nasdaq exchange, catapulted by almost 155 per cent in the two months since their debut in November last year.
Proterra Inc announced on Tuesday that the merger deal will value the company at US$ 1.6 billion. Once the deal closes, Proterra stocks are expected to trade on the Nasdaq platform under the ticker of ‘PTRA’.
The California-based electric bus maker expects the deal to close by the first half of 2021.
©Kalkine Group 2021
Deep Lake Capital Acquisition Corp Stocks Set to Begin Trading on Nasdaq
SPAC Deep Lake Capital Acquisition Corp announced on Tuesday that its units will begin trading on the Nasdaq stock market on Wednesday, January 13, under the ticker of ‘DLCAU’.
The California-addressed blank check company said that it will put up a total of 18 million units at its initial public offering (IPO) at a price of US$ 10 per piece. Each of these units comprise of a common stock and half of a redeemable warrant.
After the units begin trading separately, Deep Lake Capital’s ordinary shares will be listed as ‘DLCA’ while the warrant go up as ‘DLCAW’ on Nasdaq.
The SPAC said in its official release that it will be looking for a business combination with a company in the tech and financial services industry.
