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SPAC · Merger completed

Tortoise Acquisition Corp.

Business combination with Hyliion Inc.

Tortoise Acquisition Corp. is a blank-check company (SPAC) that raised $225M in its initial public offering on Mar 1, 2019, listing on New York Stock Exchange. It completed its business combination with Hyliion Inc. on Oct 1, 2020; the combined company is Hyliion Holdings Corp. (HYLN). Barclays led the IPO, with Goldman Sachs and UBS. Vinson & Elkins advised the SPAC and Skadden, Arps advised the underwriters on the IPO.

Hyliion Inc. designs, develops and sells electrified powertrain solutions for heavy-duty Class 8 trucks, which can be used with vehicles from commercial vehicle manufacturers. It merged with Tortoise Acquisition Corp. II, a special purpose acquisition company.

Status
Merger completed
IPO date
Mar 1, 2019
IPO size
$225M
IPO exchange
New York Stock Exchange
Target
Hyliion Inc.
Announced
Jun 19, 2020
Stated deal value
$1.5B
Closed
Oct 1, 2020
Combined company
Hyliion Holdings Corp. (HYLN)
IPO underwriters
Barclays, Goldman Sachs and UBS
SPAC counsel (IPO)
Vinson & Elkins
Underwriters' counsel (IPO)
Skadden, Arps

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