Altus Power (NYSE:AMPS) announced this morning that it will redeem all public and private placement warrants at $0.10 per warrant and all must be exchanged by October 14 at 5 pm ET.
Holders may exercise their warrants at an exercise price of $11.00 or exchange them for 0.2763 shares per warrant. Altus Power last closed at $12.64, giving 0.2763 shares a value of about $3.49.
However, Altus Power shares have since dropped about -2.4% in the pre-market on the news, while its warrants (NYSE:AMPS.WT) have surged 14.3% to $3.86.
Whichever way the market winds blow moving forward, the move represents success on behalf of CBRE and Altus. The company is entitled to redeem these shares at this price only because the company’s shares have traded at or above $10 for 20 of 30 trading days, which is no small feat in this climate.
The exchange is expected to create an aggregate of 1,111,243 new shares, and all unconverted warrants will be made void following the October 14 deadline and holders will only receive the $0.10 redemption price.
The parties initially announced their business combination in July 2021. Greenwich, Connecticut-based Altus Power has built or acquired distributed generation solar facilities totaling about 265 megawatts (MW) and provides generation facilities for commercial, residential and government sites.
Most recently, it announced it generated $13.9 million in EBITDA from $24.8 million in the second quarter of 2022 and it expects $57 million to $63 million in EBITDA for the full year.
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