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Technology Stocks : Blank Check IPOs (SPACS)
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To: sixty2nds who wrote (2811)9/11/2020 8:43:43 AM
From: sixty2nds1 Recommendation

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Glenn Petersen

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seekingalpha.com

Tortoise Acquisition II prices upsized $300M IPO
Sep. 11, 2020 6:27 AM ET|About: Tortoise Acquisition Co... (SNPR)|By: Niloofer Shaikh, SA News Editor

The second blank check company formed by Tortoise Capital, Tortoise Acquisition II ( SNPR), has priced its upsized initial public offering of 30M (from 25M) units at $10/unit.

The units will kick off trading today on the New York Stock Exchange.

Each unit consists of one Class A ordinary shares and one-fourth of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary shares at $11.50

Underwriters' overallotment is an additional 4.5M units.

SPAC Tortoise Acquisition (NYSE: SHLL), which announced a merger agreement with electrified powertrain solutions for class 8 commercial vehicles manufacturer Hyliion in June 2020, is up almost 400% since its inception.

Closing date is September 15, 2020.

The company plans to target businesses in the broad energy transition or sustainability arena, targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.

The SPAC space is getting increasingly crowded, but this is an attractive SPAC because of management's previous recent SPAC success and its expertise in the energy industry, wrote Michael W Byrne on Seeking Alpha.
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