Altus Power, Inc. Announces Warrant Exchange Agreement

Rhea-AI Summary

Altus Power (NYSE: AMPS) announced on May 31, 2022, that it has signed warrant exchange agreements with holders of its public warrants. The Company will issue 981,113 shares of Class A common stock in exchange for the cancellation of 4,087,962 public warrants, reducing the outstanding number by 40.6% from 10,062,490 to 5,974,528. This move is aimed at managing dilution for shareholders, according to Co-CEO Gregg Felton. The public warrants will expire on December 9, 2026.

Positive

• Reduction of outstanding Public Warrants by 40.6% enhances shareholder value.
• Issuance of new shares allows for managing potential dilution.

Negative

• None.

STAMFORD, Conn.--(BUSINESS WIRE)-- Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), a leading clean electrification company, today announced that on May 31, 2022 it signed separate, privately negotiated warrant exchange agreements with multiple holders of its public warrants to purchase shares of its Class A common stock (the “Public Warrants”), which are traded on the New York Stock Exchange under the symbol “AMPS WS.”

Pursuant to the exchange agreements, the Company will issue an aggregate of 981,113 shares of its Class A common stock in exchange for the surrender and cancellation of an aggregate of 4,087,962 Public Warrants, which were previously issued by the Company as part of its initial public offering in December 2020. The exchanges will reduce the total number of outstanding Public Warrants by 40.6%, to 5,974,528 from 10,062,490.

“These exchanges are a tremendous opportunity for Altus Power to manage dilution for our shareholders,” said Gregg Felton, Co-Chief Executive Officer of Altus Power. “We will monitor for further opportunities to improve our capital structure and deliver value to our shareholders.”

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein. The Public Warrants will expire on December 9, 2026 or on such earlier date as set forth in the terms of the Public Warrants in the warrant agreement governing the Public Warrants.

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 www.altuspower.com to learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601005439/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

Source: Altus Power, Inc.

FAQ

What did Altus Power announce on May 31, 2022?

Altus Power announced warrant exchange agreements that will reduce the number of outstanding public warrants by 40.6%.

How many shares will Altus Power issue in exchange for public warrants?

Altus Power will issue 981,113 shares of its Class A common stock.

What is the current number of outstanding public warrants for Altus Power?

After the exchange, the total number of outstanding public warrants will be 5,974,528.

When will the public warrants for Altus Power expire?

The public warrants will expire on December 9, 2026.

Who is the Co-CEO of Altus Power?

The Co-CEO of Altus Power is Gregg Felton.