TSLA - Why Tortoise Acquisition Stock Was Down on Friday
Shares of Tortoise Acquisition (NYSE: SHLL) were trading lower on Friday amid a sectorwide sell-off of stocks of electric-vehicle companies following an analyst's post-earnings downgrade of Tesla (NASDAQ: TSLA).
As of 2:15 p.m. EDT, Tortoise's shares were down about 9.8% from Thursday's closing price.
Auto investors will recall that Tortoise is the special-purpose acquisition company that announced an agreement last month to merge with Hyliion, a maker of electric and hybrid powertrains for heavy trucks. The two companies expect to complete the merger by the end of the current quarter after which the merged company will be known as Hyliion. Tortoise's former publicly traded shares will continue to trade under a new ticker, HYLN.