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NKLA - Why Tortoise Acquisition Stock Was Higher Today
Nikola Corporation
Shares of special purpose acquisition company Tortoise Acquisition (NYSE: SHLL) were trading higher on Wednesday as intense investor interest in the company's pending deal to merge with electric heavy-truck start-up Hyliion continued to drive gains.
As of 2:45 p.m. EDT, Tortoise's shares were up about 8.7% from Tuesday's closing price.
Tortoise is a special purpose acquisition company (SPAC), meaning a company that has no business plans of its own but that seeks to acquire other businesses. (Put another way, it's a shell company, which explains its cheeky name and ticker symbol.)