Clean Earth Acquisitions Rise 9.8% on Business Combination Approval

Dow Jones

06 Dec 2023

By Denny Jacob

Clean Earth Acquisitions shares rose 9.8% to $6.97 following its approved business combination.

The stock is down about 31% on the year.

The special purpose acquisition company's shareholders on Monday approved its previously disclosed business combination between Clean Earth and Alternus Energy Group, among other proposals related to the combination.

The company will be renamed Alternus Clean Energy upon the close of the transaction. An application for listing on the Nasdaq Global Market of the combined company's common stock and warrants under the new ticker symbols ALCE and ALCEW, respectively, is expected to be effective upon the close of the business combination.

Clean Earth entered into a definitive business combination agreement with Alternus, a clean energy independent power producer, and Clean Earth Acquisitions Sponsor LLC on Oct. 12, 2022.

Wednesday's stock gains come days after shares dropped to a 52-week low on news it extended its deadline to consummate a business combination by six months.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 06, 2023 10:32 ET (15:32 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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