Energy SPAC Tortoise Acquisition sets terms for $225 million IPO

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Tortoise Acquisition, a blank check company targeting the energy industry, announced terms for its IPO on Wednesday.

The New York, NY-based company plans to raise $225 million by offering 22.5 million units at a price of $10. At that price, Tortoise Acquisition would command a market value of $281 million. Each unit consists of one share of common stock and one-half of one warrant to purchase a share of common stock at $11.50 per share.

Tortoise Acquisition was founded in 2018 and plans to list on the NYSE under the symbol SHLL.U. Barclays, Goldman Sachs and UBS Investment Bank are the joint bookrunners on the deal.

The article Energy SPAC Tortoise Acquisition sets terms for $225 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs

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