Tortoise Acquisition, a blank check company led by Vincent Cubbage and focused on the energy industry, raised $225 million by offering 22.5 million units at $10, as expected.
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. At $10 per unit, the SPAC commands a market value of $281 million.
Tortoise Acquisition plans to list on the NYSE under the symbol SHLL.U. Barclays, Goldman Sachs and UBS Investment Bank acted as lead managers on the deal.
The article Energy SPAC Tortoise Acquisition prices $225 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
