Altus Power, Inc. Announces Automatic Conversion of 201,250 of Its Alignment Shares Into 2,011 Shares of Class a Common Stock

Rhea-AI Summary

Altus Power, Inc. (NYSE: AMPS) announced the automatic conversion of 201,250 Alignment Shares into 2,011 shares of Class A Common Stock, effective April 11, 2022. This conversion was in accordance with the company's Third Amended and Restated Certificate of Incorporation, requiring no action from shareholders. Post-conversion, there are 153,650,841 Class A Common Stock shares and 1,207,500 Alignment Shares outstanding. The company does not anticipate any material impact on its operations due to this conversion.

Positive

• Automatic conversion of Alignment Shares may streamline capital structure.
• No material impact expected on future operations enhances stability.

Negative

• No significant developments or financial metrics presented in the PR.

STAMFORD, Conn.--(BUSINESS WIRE)-- Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), a leading clean electrification company, today announced that 201,250 of its Alignment Shares automatically converted into 2,011 shares of Class A Common Stock. The shares will begin trading on the New York Stock Exchange (“NYSE”) on April 11, 2022.

The conversion occurred automatically and without any action on the part of the shareholders pursuant to Altus Power’s Third Amended and Restated Certificate of Incorporation. Altus Power does not expect the conversion to have any material effect on its future operations.

Following the automatic conversion, there were 153,650,841 shares of the Company’s Class A Common Stock outstanding and 1,207,500 of the Company’s Alignment Shares outstanding. The CUSIP number of the NYSE-listed Class A Common Stock is 02217A 102.

About Altus Power, Inc.

Altus Power, based in Stamford, Connecticut, is the nation’s premier clean electrification company. Altus Power serves its commercial, industrial, public sector and community solar customers by developing, owning and operating locally sited solar generation, energy storage, and EV charging infrastructure across 18 states from Vermont to Hawaii. Visit altuspower.com to learn more.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of Altus Power to maintain its listing on the New York Stock Exchange; (2) the ability to recognize the anticipated benefits of the recently completed business combination and related transactions (the “Transactions”), which may be affected by, among other things, competition, the ability of Altus Power to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (3) costs related to the Transactions; (4) changes in applicable laws or regulations; (5) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; (6) the impact of COVID-19 on Altus Power’s business; and (7) the failure to realize anticipated pro forma results and underlying assumptions related to the Transactions.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 24^th, 2022, as well as the other information we file with the Securities and Exchange Commission., as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220406005208/en/

For Media:

Cory Ziskind

ICR, Inc.

AltusPowerPR@icrinc.com



For Investors:

Chris Shelton, Head of IR

Caldwell Bailey, ICR, Inc.

InvestorRelations@altuspower.com

Source: Altus Power, Inc.

FAQ

What was announced in the Altus Power PR regarding shares?

Altus Power announced that 201,250 Alignment Shares automatically converted into 2,011 shares of Class A Common Stock.

When will the converted shares start trading on the NYSE?

The converted shares will begin trading on April 11, 2022.

How many Class A Common Stock shares are outstanding after the conversion?

After the conversion, there are 153,650,841 Class A Common Stock shares outstanding.

What is the current status of Alignment Shares after the conversion?

After the conversion, 1,207,500 Alignment Shares remain outstanding.

Does Altus Power expect the share conversion to impact operations?

Altus Power does not expect the conversion to have any material effect on its future operations.