CleanTech Acquisition Corp. Announces Exercise of $22.5 Million Over-Allotment Option by Underwriters

NEW YORK, July 28, 2021 (GLOBE NEWSWIRE) -- CleanTech Acquisition Corp. (the "Company") announced today that the underwriters of its initial public offering exercised their over-allotment option to the extent of 2,250,000 units and purchased such units on July 28, 2021. The 17,250,000 units sold in the offering, including the 2,250,000 units subject to the over-allotment option, were sold at an offering price of $10.00 per unit, generating gross proceeds of $172,500,000 to the Company.

Each unit sold by the Company consists of one share of common stock, par value $0.0001, one right and one-half of one redeemable warrant. Each right entitles the holder thereof to receive one-twentieth (1/20) of one share of common stock upon the consummation of an initial business combination. Each warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per whole share. Once the securities comprising the units begin separate trading, the shares of common stock, rights and warrants are expected to trade on Nasdaq under the symbols "CLAQ," "CLAQR" and "CLAQW," respectively.

Chardan acted as solebook-running manager for the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on July 14, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, 21st Floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

About CleanTech Acquisition Corp.

CleanTech Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. While CleanTech Acquisition Corp. may pursue an initial business combination in any region or sector, CleanTech Acquisition Corp. will seek to identify, through its management team’s experience and expertise, a business that aims to contribute towards the mission of shifting the world away from carbon dependency and facilitating a greener future.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the Company’s search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

Eli Spiro
Chief Executive Officer, CleanTech Acquisition Corp.
(917) 699-5990