Clean Earth Acquisitions in an 8-K said it has lowered the deal value of its proposed merger with Alternus Energy to $275 million — down from the initial $550 million announced in October. The SPAC also reduced earnout shares to 20 million from the original 35 million shares and tweaked the milestones for the earnouts.

Clean Earth said 1 million shares will be held in reserve for post-closing working capital adjustments.

If the deal is approved, the combined company will be renamed Alternus clean energy. Alternus shares will continue to trade on the Euronext Growth market in Oslo, while Clean Earth's common stock is expected to continue listing on the nasdaq.

Clean Earth raised $200 million in a February ipo.

Based in Ireland, Alternus is an international vertically integrated independent power producer. Read more.

Source: Clean Earth Acquisitions Cuts Alternus Deal Valuation in Half