NKLA - Why Tortoise Acquisition Stock Just Raced Ahead 48%
Shares of Tortoise Acquisition Corp (NYSE: SHLL) are racing faster than a rabbit this morning, up 48.1% as of 11:25 a.m. EDT after the shell company (get it? Tortoise? Shell?) announced a deal to acquire and bring public privately held "electrified powertrain solutions for Class 8 commercial vehicles" company Hyliion.
Investors are racing too, to grab a piece of the presumed "next Nikola (NASDAQ: NKLA)," a start-up automotive stock that itself has more than doubled in price since coming public by way of a similar shell company merger.
Tortoise wants to race Nikola. Investors seem to think it's already won. Image source: Getty Images.