IPOs

Tortoise Investments' second SPAC Tortoise Acquisition II files for a $250 million IPO

Tortoise Acquisition II, the second blank check company formed by Tortoise Investments targeting the energy industry, filed on Monday with the SEC to raise up to $250 million in an initial public offering.

The Leawood, KS-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. At the proposed price, Tortoise Acquisition II would command a market value of $313 million.

The company is led by CEO and Chairman Vincent Cubbage, Managing Director of Private Energy at Tortoise Capital Advisors and co-founder and former CEO of Lightfoot Capital Partners; and CFO and Director Stephen Pang, a Managing Director and Portfolio Manager at Tortoise Investments and VP of Tortoise Pipeline & Energy Fund. The company plans to target businesses in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.

Cubbage and Pang serve in the same roles for Tortoise Investments' previous SPAC Tortoise Acquisition (SHLL), which announced a merger agreement with electric powertrain manufacturer Hyliion in June 2020 and is up 300% from IPO.

The Leawood, KS-based company was founded in 2020 and plans to list on the NYSE under the symbol SNPR.U. Tortoise Acquisition II filed confidentially on July 31, 2020. Barclays and Goldman Sachs are the joint bookrunners on the deal.

The article Tortoise Investments' second SPAC Tortoise Acquisition II files for a $250 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.

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