Stock Alert: ArcLight Clean Transition Surges 65% On Merger Deal With EV Tech Company

(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.