Tortoise Acquisition Corp (NYSE:SHLL), a SPAC that's trading more than 400% higher on the year, is set to merge later this month with Hyliion.
What Happened: Tortoise Acquisition filed for a shareholder meeting to be held at 9:30 am on Sept. 28.
Shareholders will vote on whether to approve the merger with Hyliion, a company that designs hybrid suspensions and powertrain solutions for Class 8 trucks.
Why It’s Important: The two companies announced a merger in June. Hyliion will directly compete with rivals Nikola Corporation (NASDAQ:NKLA) and Tesla Inc (NASDAQ:TSLA) in the Class 8 heavy duty truck market.
Hyliion is using existing renewable natural gas to help power its trucks versus the electric batteries and hydrogen employed by its rivals. Benzinga interviewed Hyliion CEO Thomas Healy earlier this year.
Rival Nikola went public via a SPAC and saw strong price movement after the merger was approved June 3. Nikola shares hit a high of $93.99 this year and now trade at $46.72, with a market capitalization of $19 billion.
SHLL Price Action: Shares of Tortoise Acquisition were trading down 2.42% to $51.91 at the time of publication Wednesday.
Disclosure: Author is long shares of SHLL.
Photo courtesy of Hyliion.