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Sep 11, 2020

A new electric-truck stock is hitting the market

Posted by in category: transportation

Special purpose acquisition company Tortoise Acquisition Corp. and electric truck company Hyliion will vote on their merger on Sept. 28, meaning there will likely soon be another EV player on the market, according to a recent filing with the Securities and Exchange Commission.

The companies announced their intention to merge in June, shortly after Nikola went public through a reverse merger with VectoIQ, also a special purpose acquisition company or SPAC.

Once the deal closes, the combined company will be known as Hyliion Holdings Corp., and it will trade on the New York Stock Exchange under the ticker HYLN. Through the merger Hyliion will receive $560 million, which will be used to accelerate product commercialization.

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