Why ArcLight Clean Transition Stock Jumped 12% Today

ArcLight Clean Transition (NASDAQ: ACTC) is joining the ranks of special purpose acquisition companies (SPACs) merging with electric-vehicle makers and bringing them public.

Shares of ArcLight have more than doubled in the last week, and advanced those gains with a 12% jump as of 11 a.m. on Tuesday.

ArcLight will be bringing Proterra public through a business combination expected to close in the first half of 2021. The deal would give Proterra an enterprise value of $1.6 billion. Unlike many other aspiring EV makers that have gone public through SPAC mergers, Proterra generated estimated 2020 revenue of $193 million.

Source Fool.com