Will the official Settlement Price for the Current Auction of CARB Joint Auction #47 strictly exceed $27.94?

If the official Settlement Price for the Current Auction of CARB Joint Auction Number 47 is strictly above $27.94, the market resolves to Yes.

The Current Auction Settlement Price refers solely to the Current Auction component of Joint Auction Number 47 — the Advance Auction Settlement Price, any Allowance Price Containment Reserve sale price, and any secondary-market price are excluded. If the Current Auction is undersubscribed and settles at the Auction Reserve Price, that Reserve Price is used as the Settlement Price for resolution purposes. If CARB issues a correction to the Joint Auction Summary Results Report before the Expiration time, the corrected figure controls. Corrections issued after the Expiration time do not affect resolution. If Joint Auction Number 47 is cancelled, postponed, or the Joint Auction Summary Results Report is not published in the time period ending May 30, 2026 3PM ET , the market resolves to No. If CARB reports the price solely in Canadian dollars, it is converted to USD using the Auction Exchange Rate published by CARB for Joint Auction Number 47.

Outcome verified from California Air Resources Board (CARB).