Clean Earth Acquisitions (NASDAQ:CLIN) stock is rising higher on Wednesday after the company posted an update to its merger plans with Alternus Energy.
The big news here is the company holding a special meeting of shareholders to have them vote on the proposed merger. 86.32% of shareholders were present at the meeting with a large majority of them voting in favor of Clean Earth Acquisitions combining with Alternus Energy.
With this shareholder meeting complete, Clean Earth Acquisitions now has the approval it needs to move forward with its combination with Alternus Energy. The two companies expect to complete this merger in the near future now that it has shareholder approval.
When the special purpose acquisition company (SPAC) combines with Alternus Energy, the new company will keep the latter’s name. On that same note, shares of CLIN stock will switch to the ALCE stock ticker. Warrants under the new company will trade with the ALCEW ticker.
CLIN Stock Movement Today
With the confirmed merger news comes heavy trading of CLIN stock on Wednesday. As of this writing, more than 545,000 shares have been traded. That’s a massive surge in trading volume compared to its daily average of about 68,000 shares.
CLIN stock is up 29.5% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
