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NKLA - Why Nikola Stock Popped but Tortoise Acquisition Stock Dropped on Tuesday
Nikola Corporation
The IPO-by-reverse merger planned between Hyliion and Tortoise Acquisition(NYSE: SHLL) later this year is going to be "directly comparable" to the reverse merger between VectoIQ and Nikola Corporation (NASDAQ: NKLA) that took place earlier this year, say PR firms representing Hyliion and Tortoise.
In so saying, investor expectations that Tortoise, like VectoIQ and Nikola before it, could soon enjoy a 100% or better stock price gain. But today, investors are starting to wonder if that's true.