Are you ready for some speed? Shares of Tortoise Acquisition II (NYSE:SNPR) certainly are, with SNPR stock gaining more than 30% on Monday morning. Dive in below for more on the blank-check company and the upcoming Volta SPAC merger.
So what do you need to know now? Start with the basics. Tortoise Acquisition II is a special purpose acquisition company. On Monday, investors learned that SNPR will take Volta public through a reverse merger. Importantly, Volta is a huge player in the electric vehicle charging space. That makes this deal very interesting.
With that in mind, here is what you need to know about SNPR stock and the Volta SPAC merger now:
- SNPR stock first came public in September 2020.
- At the time, the blank-check company raised $300 million by offering 30 million units at $10.
- From the beginning, Tortoise Acquisition II wanted to focus on companies that promote decarbonization or are otherwise engaged in energy sustainability.
- The company says that this is because of a growing need for environmental, social and governance (ESG) investing.
- With this in mind, the first Tortoise Acquisition SPAC brought Hyliion (NYSE:HLYN) public.
- It also makes sense now that SNPR stock is behind the Volta SPAC merger.
- Volta bills itself as one of the leading owners of public EV charging infrastructure, especially at places that people eat, work and shop.
- One of the attractions of the Volta SPAC merger is the growing interest in all things ESG.
- When the merger closes, it will trade under VLTA on the New York Stock Exchange.
- The combined company will also have a value of $1.4 billion.
- Investors should note that the deal will result in net proceeds of $600 million.
- Those proceeds include $300 million in PIPE deals from investors including Fidelity and BlackRock (NYSE:BLK).
SNPR Stock and the Volta SPAC Merger
So what else do you need to know about SNPR stock and the Volta SPAC merger?
Right now, it is clear that investors are excited for the latest electric vehicle offering. The announcement also comes at a time of great consumer and government interest. We have seen President Joe Biden take up a historic climate agenda, including through his plans to electrify the federal fleet. Now, as consumers continue to follow suit, they will need accessible charging infrastructure to power their daily commutes and cross-country road trips.
Volta sees itself as a solution to that problem. According to the company, it partners with retail brands to make its charging infrastructure accessible. Right now, these partners include Ahold Delhaize, Brookfield and Regency. Additionally, Volta says it works to make its infrastructure flashy and attention-grabbing, including through high-profile installations. Lastly, Volta currently has chargers in 23 states and 200 municipalities.
So what should you do here? SNPR stock and the Volta SPAC merger are certainly interesting, but it is important to do your own research. With several other charging companies on the market or about to come public, Volta will certainly face competition. However, with its existing footprint and retail strategy, this deal is certainly worth keeping on your radar.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.