• Sun. Sep 25th, 2022

Volta Charging and Tortoise Acquisition II to Merge snpr news

Byhaali125

May 26, 2022

A recent article in Snpr News highlights Volta Charging’s plan to take Tortoise Acquisition II public. The company will take the public through a reverse merger. The merger will result in net proceeds of about $600 million. That is a pretty good deal, unless you are a Volta stockholder.

Volta Charging to take Tortoise Acquisition II public

Volta Charging and SPAC, or special purpose acquisition company, have agreed to merge. This deal will value both companies at $1.4 billion, with the combined company’s pro forma implied market capitalization of over $2 billion. The combined entity will trade on the NYSE under the ticker VLTA, with the net proceeds of $600 million earmarked for the acceleration of the company’s charging network.

The merger with Volta Charging is expected to close in the second quarter of 2021. The two companies will file relevant documents with the SEC. A final decision on the transaction is expected by the end of 2020. In the meantime, Tortoise Acquisition Corp. II will continue to operate as a privately-held company, and Volta Charging will take over the EV charging network.

Those shareholders who have invested in Tortoise Acquisition Corp. Volta will use the funds to accelerate its growth and improve its products and services. Volta will also invest in engineering, product development, and network charging infrastructure. It also expects the transaction to result in a significant increase in sales and profitability. Further, Volta expects the sale of its remaining publicly traded company to generate revenue of about $600 million a year.

Tortoise Acquisition II will take Volta public through a reverse merger

In a deal that will reportedly close soon, Volta Industries will be taken public through a reverse merger with Tortoise Acquisition Corp. II. The deal will include $345 million in cash held by SNPR in a trust and $300 million of PIPE priced at $10 per share.

II, a publicly traded special purpose acquisition company with a focus on decarbonizing transportation and energy sustainability. Both companies share the same CEO, Scott Mercer. They are both based in San Francisco.

A second acquisition will be by Tortoise Acquisition Corp. II. This transaction is similar to Volta’s. Volta, a company that operates a network of charging stations for electric vehicles, plans to go public through a reverse merger. This deal represents a major step forward for Volta and its investors.

Net proceeds of the merger will be $600 million

Volta Industries Inc. plans to merge with Tortoise Acquisition Corp. in an attempt to gain a larger market share in the charging-network industry.

The combined company will remain listed on the Nasdaq Stock Market. It will have a new ticker symbol. The transaction is expected to close in the third quarter of 2021. The company has said it will file all necessary materials with the SEC. The Net Proceeds of the Merger

Volta will receive $600 million from the merger. It will be able to use these proceeds to expand its charging network in major cities. The charging stations will provide valuable advertising space for advertisers and free charging for drivers. The merger will bring Volta’s stock price to over $1 billion. The company has raised approximately $800 million in equity since its founding in 2007.

Tortoise Acquisition II shares jumped nearly 48% in pre-bell trade on Monday. The company announced the merger with Volta Industries. The combined company will receive $600 million in net proceeds from the merger, which Volta says will help accelerate the building of a nationwide charging network.

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