Clean Energy Special Situations Corp. (SWSS) Adjourns Extension Vote
by Nicholas Alan Clayton on 2023-08-24 at 8:30am

Clean Energy Special Situations Corp. (NASDAQ:SWSS) announced in an 8-K this morning that it will postpone its extension vote from today to 11 am ET August 28.

It also provided an update on its trust value in the filing, noting that after accounting for taxes it has about $10.18 per share in trust, rather than the $10.36 cited in its last proxy. But, it has decided to still offer $10.36 per share to any shareholder opting to redeem in connection with this vote.

Without clarity as to what the redemption rate might be at the next opportunity, one would think many will take Clean Energy up on that, given the $0.18 per share swing it represents.

Clean Energy already saw about 88.5% of shares redeemed in a February, back when it was operating under the name Springwater Special Situations Corp. It changed its name earlier this month and is now seeking to gain the ability to extend up to a maximum of May 28, 2024. The SPAC’s sponsor would lend it $0.075 per share for the first three months of this extension and $0.025 per share for each additional month.

It has not yet announced a definitive agreement, but initially IPO’d in August 2021 with goal of leveraging its European institutional investor network to find either an over-leveraged target or private equity investment that was already out-of-the-money. Then again, its name change could indicate a shift to a sector-specific focus.

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