Perception Capital Corp. II (PCCT) Completes Spectaire Deal
by Nicholas Alan Clayton on 2023-10-19 at 1:47pm

Perception Capital Corp. II (NASDAQ:PCCT) announced this afternoon that it has closed its combination with Spectaire and the emissions equipment-maker’s shares and warrants will begin trading on the Nasdaq October 20 under the symbols “SPEC” and “SPECW”.

There will not be a large number of shares for the taking initially, as some traders already appear to have noticed.

Perception II revealed in an October 11 8-K that its last vote left it with 31,417 shares post-redemptions and the SPAC briefly spiked to $15.40 the following trading day, presumably influenced by trades testing a low-float situation. As such, the completed company could see some movement tomorrow, but for now it has tumbled to about $6 after midday.

The SPAC did manage to secure additional committed equity over the medium term earlier this month, however, as PIPE investor Dr. Jörg Mosolf agreed to purchase 50,000 shares at $10 per share and an additional $3 million over the first two years following close.

Perception II inked the $203 million combination with Spectaire earlier this year in January. Watertown, Massachusetts-based Spectaire provides a precision micro mass spectrometer designed to help companies demonstrate carbon emission reductions.

Its unique business model aims to draw recurring revenue from its spectrometer devices as clients pay it a share of the carbon credits they receive as they demonstrate emissions reductions through their use.

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