(RTTNews) - Shares of ArcLight Clean Transition Corp. (ACTC) are surging over 65% on Tuesday morning after electric-vehicle technology company Proterra Inc. announced it will go public through a merger with the special purpose acquisition company.
ACTC is currently trading at $20.25, up $8.06 or 66.12%, on the Nasdaq.
Proterra's common stock is expected to trade on the Nasdaq under the ticker symbol PTRA. The merger deal represents an enterprise value of $1.6 billion for Proterra.
It's expected to close in the first half of 2021 subject to approval by ArcLight Clean's shareholders.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
