28 Sep Tortoise Acquisition Shareholders Just Approved Its Merger With Hyliion
Hyliion will join the public markets this week. On Monday, shareholders of Tortoise Acquisition Corp. , a special-purpose acquisition company, or SPAC, approved a merger with the Texas-based battery-powered heavy-duty truck company. That wasn’t a surprise. The deal was well received by investors, who have bid up Tortoise stock several times over since its announcement.
In a statement on Monday, Tortoise (ticker: SHLL) said shareholders representing a majority of shares voted in favor of combining with Hyliion. Management expects the merger to close on Thursday, after which Tortoise stock will convert to Hyliion stock and begin trading under the ticker HYLN. Tortoise warrants will likewise convert to Hyliion warrants with the ticker HYLN.WT.
The combined company will continue to trade on the New York Stock Exchange. Vince Cubbage, CEO of Tortoise Acquisition, will join Hyliion’s board of directors, while Thomas Healy will remain CEO of Hyliion.
Hyliion is one of several electric and alternative-fuel transportation companies that chose the SPAC route to go public this year. The highest-profile of them is Nikola (NKLA), which combined with VectoIQ Acquisition in June.