24M backlog? Do you know how much one bus costs? About $750,000. So 30 buses? Not exactly Henry cranking out Model-T's up there. Did the CEO define "backlog"? You did see what happened to Lordstown Motors last week right? He had 'backlogs' from multiple companies at an average of 500 vehicles per company. Oops... no deposits. Just letters of interest. So are there non-refundable deposits on those 24 buses? Here's better play, granny approves. Proterra. https://www.proterra.com/company/investors/ Is that ArcLight a Cathy Woods company? (Nasdaq: ACTCU, ACTC and ACTW) (“ArcLight”) Strong Financial Foundation Proterra has generated strong results to date, including $193 million of expected 2020 revenue, $750 million in existing orders and backlog and 26% gross margin expansion over the last three years. Upon completion of the transaction, Proterra expects to have up to $825 million in cash to fund growth initiatives, including R&D and the expansion of its next-generation battery program. This new program is designed to improve the cost and performance of Proterra’s battery technology to enable the electrification of all commercial vehicle segments, helping reduce pollution, improve air quality, and safeguard the environment around the world. Transaction Overview The transaction has been unanimously approved by the Boards of Directors of both Proterra and ArcLight Clean Transition Corp. It is expected to close in the first half of 2021, subject to the satisfaction of customary closing conditions, including the approval of ArcLight Clean Transition Corp.’s shareholders. The transaction is expected to deliver approximately $648 million in cash at closing, including approximately $278 million of cash held in ArcLight Clean Transition Corp.’s trust account from its initial public offering in September 2020.[1] The transaction is further supported by a $415 million PIPE at $10.00 per share from key investors, including strategic partners Daimler Trucks and Constellation, existing investors Franklin Templeton, Broadscale, 40 North and G2VP, as well as new investors such as Chamath Palihapitiya, Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Neuberger Berman Funds and affiliates of ArcLight. Proterra’s existing shareholders have agreed to convert 100 percent of their ownership stakes into the new company, and are expected to own more than 60 percent of the pro forma company at close. Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by ArcLight Clean Transition Corp. today with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.
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