SNPR - SPAC Tortoise Acquisition II surges on deal to take Volta Industries public

February, 08 2021 07:13 AM Tortoise Acquisition Corp. II Class A

SPAC Tortoise Acquisition Corp. II (SNPR) is jumping 29% after announcing a combination with electric vehicle charging network Volta Industries.The pro forma enterprise value of the transaction is estimated to be $1.4b. The pro forma implied market capitalization of the combined company is over $2b at $10/share PIPE subscription price assuming minimal public shareholders of Tortoise Acquisition Corp. II exercise their redemption rights.The new company will be listed on the NYSE under the ticker "VLTA" once the deal closes, which is expected to occur late in 2Q.Anticipated net proceeds of approximately $600m will be used to accelerate Volta's buildout of its charging network already in the pipeline.Existing Volta securityholders will roll 100% of their equity in the transaction and are expected to own approximately 64% of the company upon transaction close.Recall Sept. 11, Tortoise Acquisition II prices upsized $300M IPO.

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SPAC Tortoise Acquisition II surges on deal to take Volta Industries public

Company Name:	Tortoise Acquisition Corp. II Class A
Stock Symbol:	SNPR
Market:	NYSE

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