Shares of Tortoise Acquisition Corp. II (SNPR), a special purpose acquisition company, are gaining more than 34 percent or $4.46 in Monday's morning trade at $17.36, after surging to a new 52-week high of $18.33.
Volta Industries Inc., an operator of public electric vehicle charging infrastructure, and Tortoise Acquisition said Monday they intend to merge. Upon the closing of the transaction, the combined entity will be named Volta Inc. and remain listed on the New York Stock Exchange or NYSE under the new ticker symbol "VLTA."
The companies expect the pro forma equity value of the combined company to exceed $2 billion at the $10.00 per share PIPE price and assuming minimal redemptions by Tortoise Acquisition public shareholders. The transaction is expected to close late in the second quarter of 2021.
Tortoise Acquisition has traded in a range of $9.46 to $18.33 in the past 52 weeks.
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