Why Investors Are Talking About Hyliion and Tortoise Acquisition
John Rosevear, 28 June 2020
Shares of Tortoise Acquisition (NYSE:SHLL) are on quite a run. The stock ended Friday’s session up 41.2% on the day — and up 140% since the morning of June 19, when it announced plans to merge with a company called Hyliion. The quick run-up has investors asking some big questions. Did I miss something? Is this a scam? Who the heck are these guys?
What is Tortoise Acquisition?
Tortoise is a special-purpose acquisition company, or SPAC, a type of company created specifically to acquire one or more other companies. Sometimes called a “shell company,” SPACs generally have no ongoing businesses of their own. In this case, Tortoise was created by a team of veteran energy-industry executives and investors with the goal of finding and investing in one or more good businesses related to their shared area of interest, renewable natural gas. That’s where Hyliion comes in.
