SPAC CleanTech Acquisition Aims To Raise US$150 Million In IPO

Special purpose acquisition company CleanTech Acquisition Corp. (NASDAQ: CLAQU) went public on Nasdaq Capital Market today. The firm is looking to raise US$150.0 million through its initial public offering.

The offering consists of 15.0 million units priced at US$10.00 per unit. Each unit is composed of one common share, one right, and one-half of a purchase warrant. Each right is entitled to 1/20 of one whole share once the company conducts its initial business combination while each whole warrant is redeemable for one common share at US$11.50 per share.

The company units trade on the Nasdaq big board under the symbol “CLAQU”. Once the securities separate, the company shares, rights, and warrants will trade under the ticker symbols “CLAQ”, “CLAQR”, and “CLAQW”, respectively.

The proposed offering is being managed by Chardan as the sole underwriter, which the company granted a 45-day over-allotment option to purchase additional 2.25 million company units.

The newly-organized blank check company also relayed that it will be looking to transact with a firm focused on shifting the global focus from carbon-dependent to green-related businesses.

Information for this briefing was found via Sedar and CleanTech. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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