ACTC Voting On Proterra Merger June 11
ArcLight Clean Transition Corp. - AACTC
20c 6/18 ($75,9% till breakeven) or 12.5c 10/19 ($640,-0.5% till breakeven)
Current Price $18.96 Price Target $ 23.50
With the purchase of Proterra being voted on June 11th I expect ACTC to move higher as ACTC confirms a breakout into a new trading range. Given ACTC is a decently shorted stock (18% of float, 4.8 days to cover), we could see some type of squeeze upon approval of the purchase of Proterra. After delivering Proterra’s first electric transit bus a decade ago, Proterra has transformed into a diversified provider of electric vehicle technology solutions to help commercial vehicle manufacturers electrify their fleets. They currently have $750 million in current orders/ backlog. Upon completion of the transaction with ACTC, Proterra expects to have up to $825 million in cash to fund growth initiatives.
20c 6/18 ($75,9% till breakeven) or 12.5c 10/19 ($640,-0.5% till breakeven)
Current Price $18.96 Price Target $ 23.50
With the purchase of Proterra being voted on June 11th I expect ACTC to move higher as ACTC confirms a breakout into a new trading range. Given ACTC is a decently shorted stock (18% of float, 4.8 days to cover), we could see some type of squeeze upon approval of the purchase of Proterra. After delivering Proterra’s first electric transit bus a decade ago, Proterra has transformed into a diversified provider of electric vehicle technology solutions to help commercial vehicle manufacturers electrify their fleets. They currently have $750 million in current orders/ backlog. Upon completion of the transaction with ACTC, Proterra expects to have up to $825 million in cash to fund growth initiatives.
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