CleanTech Acquisition decreases proposed deal size by 40% ahead of $150 million IPO

CleanTech Acquisition, a blank check company targeting the CleanTech and ClimateTech sectors, lowered the proposed deal size and added rights to the units for its upcoming IPO on Friday.

The New York, NY-based company now plans to raise $150 million by offering 15 million units at $10 per unit. Each unit contains one share of common stock, one right to receive one-twentieth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. The company had previously filed to offer 25 million units at the same price, with each unit containing one-half of a warrant. At the midpoint of the revised range, CleanTech Acquisition will raise 40% less in proceeds than previously anticipated.

The company is led by CEO and Director Eli Spiro, the co-founder and CEO of boutique investment banking firm Axxcess Capital Partners, and Chairman Jon Najarian, the co-founder of individual investing education platform Market Rebellion. The company plans to target the CleanTech or ClimateTech sectors, focusing on businesses with disruptive mission driven technology and sustainable competitive advantages, among other characteristics.

CleanTech Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol CLAQU. Chardan Capital Markets is the sole bookrunner on the deal