Proterra to hit the stock market
The US American electric bus manufacturer Proterra has announced that its shares of common stock and warrants will begin trading on the Nasdaq Global Select Market today under the new ticker symbols ‘PTRA’ and ‘PTRAW,’ respectively.
This follows the completion of the Company’s previously announced business combination with ArcLight Clean Transition Corp., a special purpose acquisition company, that resulted in Proterra becoming a publicly listed company. So far, the company has raised more than $640 million in cash from the business combination with ArcLight to fund growth initiatives, which focus on vehicle and battery development.
“Today’s milestone is a testament to the hard work of our team and the support of our valued customers, partners and investors,” said Proterra CEO Jack Allen, “We are excited to build on the strong foundation we have created over the past decade and begin this new chapter as a publicly-traded EV technology leader. We remain focused on advancing our EV technology to power the world’s best performing commercial vehicles, and believe today is a major step forward in our ability to accelerate these initiatives.”
Currently, Proterra operates manufacturing facilities in California and South Carolina and a research and development lab in Silicon Valley. The company has also delivered more than 600 vehicles so far, leaving them good footing to expand upon.
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