[])). Transaction includes an upsized $325 million fully committed PIPE. Log in sign up. Fleet owners and managers, meanwhile, are tasked with reducing emissions and costs while maintaining fleet performance, a challenge that historically has been unsolvable. Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. A Carnegie Mellon mechanical engineering graduate, Healy doesn’t spend a lot of time on Twitter and seems more modest than Nikola’s boastful chairman Trevor Milton, who resigned last week after a scathing short-seller report raised awkward questions about his company. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]))/+((!+[]+(!![])+!![]+[])+(!+[]-(!![]))+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!! Have a confidential tip for our reporters? Hyliion Inc.’s 28-year-old chief executive officer, Thomas Healy, will become a paper billionaire — a fact that’s sure to capture plenty of attention — as long as the shareholders of cash shell Tortoise Acquisition Corp. vote on Monday in favor of a merger with his company. But ignore the technology — and Healy’s $1.5 billion anticipated net worth — for a second, and focus on the SPAC. 1. But if the hype around SPACs and their zero-revenue targets fades, investors won’t always be so accepting of those fees. Flying J CEO buys over 5% of shares. The market—and the planet—can’t wait that long. User account menu. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!! Our vision can only be realized when we deliver to fleet owners and consumer brands the practical solutions that help them exceed their operational goals, increase profit margins and enhance fleet performance. By June Tortoise had completed due diligence and the two parties agreed Hyliion would be valued at $1.5 billion, including its cash. Sponsors also incur costs outside the SPAC structure. The proxy statementalso discloses the percentage share ownership if the warrants are exercised. 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Your browser will redirect to your requested content shortly. This process is automatic. Our vision for a global net-carbon-negative commercial transportation industry is ambitious, real and achievable through our technology. INDUSTRY. A Back-to-Basics Primer for Conservatives, Iceberg Lettuce Is No Longer Head of the Class, The Supreme Court Debate Runs Along the Lincoln Highway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yliion’s main goal is to supply hybrid and electric propulsion systems that can be slotted into various manufacturers’ existing heavy-truck models and thereby lower their emissions and the total cost of ownership. Considering the limited financial risk involved, the riches Tortoise’s creators are poised to reap are every bit as astonishing as Healy’s. A figure that includes the separate pool of institutional money known as a PIPE that Tortoise arranged. Accelerate innovation and reduce costs in commercial transportation and logistics. Posted by 9 hours ago. SPAC sponsors are typically handed a fifth of the SPAC shares for free, which can allow for a profit even if the target they find is a dud. Fresh from his success with Hyliion, Cubbage has raised $345 million to find another target via a second SPAC. One can debate whether a truck component supplier that won’t generate meaningful revenue until 2022 should be valued at about $7 billion, as it will be after the deal. It serves semi-trailers and trucking industries in the United States. SUB-INDUSTRY. After the troubles at Nikola Corp. you’d think stock market investors would have had their fill of startups that promise to revolutionize the trucking world. Hyliion will be merging with Tortoise Acquisition Corp. (NYSE: SHLL) and the newly combined company will remain on the New York Stock Exchange under the new ticker symbol (“HYLN”). Tortoise shares have soared since it announced a merger with Hyliion. 2 Accelerate innovation and reduce costs in commercial transportation and logistics. This is the SPAC equivalent of the first-day IPO “pop” that critics dislike because it shortchanges founders. Fleets, brands and truck drivers need practical solutions now. To put that in context, this is about 80% of the $560 million cash proceeds Hyliion gets by merging with Tortoise. Pro forma implied market capitalization of the combined company over $1.5 billion.
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