Alan Adler is a Detroit-based award-winning journalist who worked for The Associated Press, the Detroit Free Press and most recently as Detroit Bureau Chief for Trucks.com. A private investment in public equity (PIPE) deal raised $325 million, and Tortoise invested $235 million. Our strategy has been to combine with a company to take advantage of the global opportunities created by the energy transition including clean energy generation and storage, alternative fuels and transportation, technological advances and changes in energy policies. Once they began selling, the share began tumbling. None of the capital raised in the PIPE offering was passed out to the investors, making this combination different from the reverse merger that created electric/fuel-cell truckmaker Nikola Corp. (NASDAQ: NKLA). Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Tortoise Acquisition Corp.’s periodic filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

The merger, approved by Tortoise stockholders this week, will result in the combined company being renamed Hyliion Holdings Corp., and its stock being listed on the New York Stock Exchange under the symbol “HYLN”, the company said. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. CEO Thomas Healy advised will enable them to push the production of the Hypertruck ERX to full capacity. Except as otherwise required by applicable law, Tortoise Acquisition Corp. and Hyliion disclaim any duty to update any forward looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. And they are subject to fewer restrictions. Hyliion says it powertrain solutions are designed to significantly reduce greenhouse gas emissions. To listen to the prepared remarks via telephone dial 877-407-9210 (U.S.) and an operator will assist you. CEO Thomas Healy advised will enable them to push the production of the Hypertruck ERX to full capacity. “We are proud to have combined with Hyliion and look forward to working collaboratively with Thomas and the new board to make this transaction a long-term success,” said Vince Cubbage, chairman and CEO of Tortoise. “The completion of our merger greatly accelerates Hyliion’s growth plans and unlocks the potential value of our business,” said Thomas Healy, CEO and founder of Hyliion. Tortoise Acquisition Corp. and its directors and officers may be deemed participants in the solicitation of proxies of Tortoise Acquisition Corp.’s shareholders in connection with the proposed business combination. Benzinga does not provide investment advice. Following a one-day delay, Hyliion Holdings Corp. (NYSE: HYLN) completed its reverse merger combination with Tortoise Acquisition and began trading Friday morning. But its next product, the Hypertruck ERX, will create electricity from a natural gas generator. He also spent two decades in domestic and international media relations and executive communications with General Motors. Click the "CC" button in the bottom right to activate while programming is live. The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. The … “It doesn’t require something new to happen that falls in its direction. When running on renewable natural gas made from organic waste, the ERX will emit negative carbon emissions. Your email address will not be published. Security holders of Tortoise Acquisition Corp. are urged to read the proxy statement and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. The delay occurred over a dispute with one large investor that objected to the organization of the company’s board of directors. Our Story. The boards of directors of both Tortoise Acquisition Corp. and Hyliion unanimously approved the transaction. is serving as legal advisor to Tortoise Acquisition Corp. Hyliion and Tortoise Acquisition Corp. will host a joint investor conference call to discuss the proposed transaction today, Friday, June 19, 2020 at 8:30 am ET. The SPAC, which came public at $10 in April, once traded as high as $58.66 following the announcement of its combination with Hyliion. Required fields are marked *. Tortoise Acquisition Corp.’s SEC filings are available publicly on the SEC’s website at www.sec.gov. © Copyright 2020, All Rights Reserved, FreightWaves, Inc. “Hyliion’s compelling value proposition includes offering the lowest-cost, longest-range and highest-payload option among existing and announced Class 8 commercial electric vehicles while also delivering important net-negative carbon emission profiles.”, Stay up to date on technology, regulations and trucking life, Vision, Enbridge team up to promote CNG trucks, Hyundai showcases hydrogen fuel cell concept truck, President’s Choice: Loblaw prepares for a future with electric vehicles. Information concerning the interests of Tortoise Acquisition’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement relating to the business combination when it becomes available. Price Action: Shares of Hyliion traded down 11% to $40.08. All statements, other than statements of present or historical fact included in this presentation, regarding Tortoise Acquisition Corp.’s proposed acquisition of Hyliion, Tortoise Acquisition Corp.’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements.
When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. AUSTIN, Texas – Hyliion has completed its merger with the special-purpose acquisition company Tortoise Acquisition Corp, the hybrid truck powertrain maker announced late Thursday. Hyliion will receive $560 million from this merger.
Healy said it “all comes down to cost, emissions and infrastructure.” Hyliion’s technology can produce net negative emissions, which could help a company offset some of its manufacturing emissions. A daily collection of all things fintech, interesting developments and market updates.

Your email address will not be published. Completion of the proposed transaction is subject to customary closing conditions and is expected to be completed around the end of the third quarter of 2020. Our mission is to enable our fleet customers to quickly realize lower carbon emissions and significantly lower cost of ownership benefits provided by our technology.”. That should help steady the share price. Podcasts: FreightWaves FreightCasts Network, graduate from struggling startup to a fully funded maker, The backstory on the Tortoise-Hyliion merger, Birth of a SPAC: Ex-GM executive hunting next-gen mobility target, The Daily Dash: TRATON to acquire Navistar; early earnings disappoint, Hyliion finds partner to build natural gas fueling stations, Lordstown Motors SPAC vote set amid unique business risks, The Daily Dash: Last-mile event coverage and under-21 driver pilot program.

Important Information for Investors and Shareholders. Hyliion Inc.'s merger with a special purpose acquisition company officially closed the afternoon of Oct. 1, clearing the way for the shares of the …


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