Altus Power, Inc. Announces Redemption of Public and Private Placement Warrants
September 15 2022 - 6:45AM
Business Wire
Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”),
the premier independent developer, owner and operator of
commercial-scale solar facilities, today announced that it will
redeem all of its remaining public and private placement warrants
(the “Warrants”) to purchase shares of Altus Power’s Class A common
stock (the “Class A Common Stock”) that are governed by the Warrant
Agreement, dated as of December 10, 2020 (the “Warrant Agreement”),
by and among Altus Power, Inc., a Delaware corporation, and
Continental Stock Transfer & Trust Company (“CST&T”), a
Delaware corporation, as warrant agent and transfer agent and that
remain outstanding following 5:00 p.m. New York City time on
October 17, 2022 (the “Redemption Date”) for a redemption price of
$0.10 per Warrant (the “Redemption Price”). Between May 31, 2022
and August 17, 2022, Altus Power exchanged approximately 4,630,163
public warrants for an aggregate of 1,111,243 of shares of its
Class A Common Stock. Altus Power has not exchanged any of the
private placement warrants as of this announcement.
Under Section 6.2 of the Warrant Agreement, Altus Power is
entitled to redeem all of the outstanding Warrants at a redemption
price of $0.10 per Warrant if the last reported sales price of the
Class A Common Stock is at least $10.00 per share on any twenty
trading days within the thirty trading day period ending on the
third trading day prior to the date on which a notice of redemption
is given. This share price performance requirement was satisfied as
of September 12, 2022. CST&T, in its capacity as warrant agent,
will be delivering a notice of redemption (the “Redemption Notice”)
today to each of the registered holders of such outstanding
Warrants on behalf of Altus Power.
All Warrants may be exercised by the holders thereof until 5:00
p.m. New York City time on the Redemption Date. Payment upon
exercise of the Warrants may be made either (i) in cash, at an
exercise price of $11.00 per Warrant (the “Cash Exercise Price”) or
(ii) on a “cashless basis” in which the exercising holder will
receive 0.2763 shares of Class A Common Stock for each Warrant. If
any holder of Warrants would, after taking into account all of such
holder’s Warrants exercised at one time, be entitled to receive a
fractional interest in a share of Class A Common Stock, the number
of shares the holder will be entitled to receive will be rounded
down to the nearest whole number of shares.
Any Warrants that remain unexercised following 5:00 p.m. New
York City time on the Redemption Date will be void and no longer
exercisable, and the holders of those Warrants will be entitled to
receive only the Redemption Price. The last day of trading of the
Warrants, including on the New York Stock Exchange, will be October
14, 2022.
The shares of Class A Common Stock issuable upon exercise of the
Warrants have been registered by Altus Power under the Securities
Act of 1933, as amended, and are covered by a registration
statement filed on Form S-1 with, and declared effective by, the
Securities and Exchange Commission (Registration No.
333-262072).
Questions concerning redemption and exercise of the Warrants can
be directed to Continental Stock Transfer & Trust Company,
One State Street, 30th Floor, New York, NY 10004, Attention:
Compliance Department, Email compliance@continentalstock.com.
For a copy of the Redemption Notice, please visit our investor
relations website at https://investors.altuspower.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any Altus Power securities and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offering, solicitation or sale would be
unlawful.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier
commercial-scale clean electrification company, serving commercial,
industrial, public sector and community solar customers with an
end-to-end solution. Altus Power originates, develops, owns and
operates locally sited solar generation, energy storage, and EV
charging infrastructure across 18 states from Vermont to Hawaii.
Visit www.altuspower.com to learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20220915005141/en/
Altus Power:
For Media: Cory Ziskind ICR, Inc. AltusPowerPR@icrinc.com
For Investors: Chris Shelton, Head of IR Caldwell Bailey, ICR,
Inc. InvestorRelations@altuspower.com
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