After its first successful specialty purpose acquisition company, Tortoise Acquisition Corp. is launching a second SPAC.
Each share will be for one share of the company along with one-quarter of a warrant to purchase a share at an $11.50 price point. Warrants will be redeemable 30 days after the completion of the business combination.
Tortoise Acquisition Corp. II will seek to find a company in the energy market, similar to its first Tortoise Acquisition Corp. I (NYSE:SHLL), which announced in June that it was merging with Hyliion, an electrified powertrain solutions provider for Class 8 trucks.
The first offering from the company sold 23,300,918 shares at $10 each.
Tortoise Acquisition Corp. II will search for a “business in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize.”
Similar to the SHLL offering, the prospectus contained statistics based on zero emissions standards and the Paris Agreement.
Since the merger announcement with Hyliion, SHLL shares have been on fire. Shares are up 199% as investors wait for the merger to close.
Disclosure: The author of this article owns shares of SHLL at the time of writing.