Market Overview

Tortoise Acquisition Corp II SPAC Begins Trading

Tortoise Acquisition Corp II SPAC Begins Trading

The team behind the successful Tortoise Acquisition Corp (NYSE: SHLL) brought its second SPAC to the public markets Friday. 

The IPO: Tortoise Acquisition Corp II (NYSE: SNPR) began trading Friday. 

The company is offering 30 million shares, up from the 25 million in its initial August filing.

Shares will price at $10 each and also include a one-fourth warrant to buy a share at $11.50. The offering shares are trading as "SNPR.U."

Shares will trade as "SNPR" and warrants as "SNPR WS" after the IPO is complete, according to Tortoise Acquisition. 

Barclays and Goldman Sachs are the joint underwriters on the offering. A 45-day option exists for the underwriters to purchase 4.5 million shares at the IPO price.

Tortoise Acquisition Corp II will raise $300 million from the offering or $345 million with the underwriter option. The IPO offering is expected to close Sept. 15. 

Tortoise Acquisition Corp II: 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.”

The team behind the SPAC believes the Paris Agreement and a focus on zero emissions standards is a growth driver for the market.

Success With Tortoise Acquisition Corp I: Tortoise Acquisition Corp sold 23,300,918 shares in its IPO. The company later announced its intent to merge with Hyliion, a zero-emission, Class 8 truck company. Shareholders are scheduled to vote on the merger Sept. 28. 

SNPR.U Price Action: Tortoise Acquisition Corp II shares were trading 4.4% higher to $10.44 at last check Friday. 

Disclosure: The author of this article owns shares of SHLL at the time of writing.


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