SPAQ - Why DiamondPeak and Spartan Energy Stocks Jumped Monday While Tortoise Acquisition Crashed
Special purpose acquisition companies (SPACs) aiming to capitalize on the popularity of renewable energy by buying start-up electric vehicle (EV) companies got routed last week. It was collateral damage of a short attack against one of their peers, Nikola.
Today, however, at least a couple of these soon-to-be-public EV companies are executing U-turns. At the close today, shares of Spartan Energy Acquisition (NYSE: SPAQ), the SPAC that aims to bring EV maker Fisker public, were up 14.5%. DiamondPeak Holdings (NASDAQ: DPHC), the SPAC that will attempt to IPO electric pickup maker Lordstown Motors through a reverse merger, did almost as well, up 13.5%.
But Tortoise Acquisition (NYSE: SHLL), which wants to bring electric semi-truck maker Hyliion public, closed 9.9% lower.