Bus and battery maker Proterra exits SPAC with $640M payout

Electric bus and battery maker Proterra Inc. begins its life as a publicly traded company Wednesday, ringing the bell on the Nasdaq as it collects a $640 million payout from its special purpose acquisition company (SPAC) sponsor.

But Proterra CEO Jack Allen said more than money was involved with Proterra’s choice to take the shortest route to the market where it will trade under the Nasdaq ticker symbol PTRA.

Regardless of the method, Proterra was ready to go public, Allen said.

“We just felt like...


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