Share: Hyliion Holdings Corp (NYSE: HYLN) public announced its second SPAC merger Monday.
The SPAC Deal: Volta Industries is going public with a SPAC deal with
Tortoise Acquisition Corp II (NYSE: SNPR) that values the company at $1.4 billion.
The merger will give Volta $600 million in net proceeds to fund the buildout of its charging network.
Shares will trade as VLTA on the NYSE if the merger is approved. Current Tortoise Acquisition Corp II shareholders will own 17% of the new company.
About Volta: Volta is a charging infrastructure company with a portfolio of real estate and retail partners. The company’s commerce-centric electric vehicle charging networks are a differentiator among other charging companies.