(RTTNews) - Shares of Tortoise Acquisition Corp. (SHLL) are rising almost 24 percent or $3.36 in Monday's morning trade at $17.40. The stock has traded in a range of $9.50 to $18.20 in the past 52 weeks.
Tortoise Acquisition is a special purpose acquisition company with a strategic focus on the energy sector and decarbonizing commercial transportation in North America.
Hyliion Inc., a provider of electrified powertrain solutions for Class 8 commercial vehicles, said Friday that it plans to merge with Tortoise Acquisition. The transaction is expected to be completed around the end of the third quarter of 2020. Upon the closing of the transaction, the combined company will be named Hyliion Holdings Corp. and will trade on the NYSE under the new ticker symbol "HYLN".
The pro forma implied market capitalization of the combined company is over $1.5 billion, at the $10.00 per share PIPE subscription price and assuming no public shareholders of Tortoise Acquisition exercise their redemption rights.
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