Volta Industries, Inc. completed the acquisition of Tortoise Acquisition Corp. II from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction. | MarketScreener (2022)

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Volta Industries, Inc. completed the acquisition of Tortoise Acquisition Corp. II from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction. | MarketScreener (1) (SNPR)

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End-of-day quote Nyse - 2021-09-09
10.04 USD -3.55%
2021TORTOISE ACQUISITION II : Announces Shareholder Approval of Business Combination with Volta Industries, Inc (Form 8-K)

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2021Volta Industries, Inc. completed the acquisition of Tortoise Acquisition Corp. II from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction.

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2021TORTOISE ACQUISITION II : Shareholders OK Merger With Volta Industries

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Volta Industries, Inc. entered into a letter of intent to acquire Tortoise Acquisition Corp. II (NYSE:SNPR) from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction on January 7, 2021. Volta Industries, Inc. entered into a business combination agreement to acquire Tortoise Acquisition Corp. II from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others for $1.7 billion in a reverse merger transaction on February 7, 2021. Prior to the effective time of the merger, Tortoise Acquisition Corp. will domesticate as a Delaware corporation. In connection with the Domestication, each of issued and outstanding Class A ordinary share, Class B ordinary share,par value $0.0001 per share will convert automatically, on a one-for-one basis, into a share of Domesticated Acquiror Class A Common Stock. Upon completion, the existing shareholders of Volta will receive 130 million shares of Tortoise Acquisition on pro forma basis. At the Closing, it is anticipated that 101,240,276shares of New Volta ClassA Common Stock and 11,431,899shares of New Volta ClassB Common Stock will be issued to the Historical Rollover Shareholders in the Business Combination in exchange for all outstanding shares of Volta Common Stock. It is also anticipated that up to 20,712,774shares of New Volta ClassA Common Stock and 134,993shares of New Volta ClassB Common Stock will be reserve for issuance in respect of New Volta Options issued in exchange for outstanding pre-mergerVolta Options and in respect of New Volta Warrants issued in exchange for outstanding pre-mergerVolta Warrants. On February 7, 2021, Tortoise Acquisition entered into separate subscription agreements with a number of investors pursuant to which the subscribers agreed to purchase an aggregate of 30 million shares of Domesticated Acquiror Class A Common Stock for a purchase price of $10 per share and an aggregate purchase price of $300 million in a private placement. Existing Volta securityholders will roll 100% of their equity in the transaction. The pro forma ownership includes Volta having 64%, founder shares 4.2%, PIPE investor 14.8% and Tortoise investors having 17%. After its domestication as a corporation incorporated in the State of Delaware, Tortoise Acquisition will immediately be renamed Volta Inc. upon the Effective Time. Following the business combination, the New Volta ClassA Common Stock and New Volta Warrants will continue trading on the NYSE under the new symbols “VLTA” and “VLTA WS,” respectively.Scott Mercer will continue as Chief Executive Officer of the combined company and Christopher Wendel will continue as President. They will be joined by Volta’s executive team with Chief Strategy Officer, Drew Lipsher, General Counsel, Jim DeGraw, Chief Financial Officer, Debra Crow, Chief Technology Officer, Praveen Mandal, Chief Marketing Officer, Nadya Kohl, Chief Revenue Officer, Brandt Hastings and Chief People Officer, Julie Rogers. The combined company’s Board (subject to shareholder approval) will include existing members from Volta and Tortoise Acquisition Corp. II, including Vincent Cubbage, Scott Mercer, Christopher Wendel, and investors Eli Aheto from Virgo Investment Group and John Tough from Energize Ventures. The combined company Board will be rounded out with an independent slate including Katherine Savitt, Martin Lauber, and Bonita Stewart.The transaction is subject to the written consent of requisite stockholders of Volta in favour of approval of business combination, regulatory approvals, the requisite affirmative vote of the Tortoise Acquisition Shareholders, all required filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the Registration Statement having been declared effective under the Securities Act, the shares of Domesticated Acquiror Class A Common Stock having been listed on the New York Stock Exchange, other than Vincent T. Cubbage, all membersof Tortoise Directors shall have executed written resignation, Tortoise having at least $5,000,001 of net tangible assets following the exercise of redemption rights in accordance with the Tortoise Acquisition Articles of Association, as of the Closing, after consummation of the Private Placement Financing and after distribution of the funds in the Trust Account pursuant to the Business Combination Agreement, Tortoise having cash on hand equal to or in excess of $225,000,000, Tortoise shall have delivered a copy of the Registration Rights Agreement duly executed by Acquiror and the Tortoise shareholders party thereto. Completion of the proposed transaction is subject to customary closing conditions. Tortoise Acquisition Corp may not consummate the Business Combination unless the Condition Precedent Proposals are approved at the extraordinary general meeting. Tortoise Acquisition Corp. II announced that the extraordinary general meeting of shareholders to approve the pending business combination between TortoiseCorp II and Volta Industries, Inc. is scheduled to be held on August 25, 2021. The Board of Directors of the Volta Industries has unanimously approved the merger. The merger has also been approved by the Board of Tortoise Acquisition and the Board has recommended the approval and adoption of the agreement and the transactions contemplated by the agreement, including the mergers, the domestication and the Private Placements, by the shareholders of Tortoise Acquisition Corp. As of May 17, 2021, the waiting period under the Hart-Scott-Rodino Act expired on March 24, 2021. As on August 25, 2021, the transaction was approved by the shareholders of Tortoise. The transaction is expected to be completed around the end of the second quarter of 2021. As of May 19, 2021, the transaction is expected to be completed in the third quarter of 2021. Anticipated net proceeds of approximately $600 million will be used to accelerate Volta’s buildout of its charging network already in the pipeline.Brenda Lenahan, Ramey Layne, Caroline Phillips, Jason McIntosh, David D’Alessandro, Sean Becker, Devika Kornbacher, Maggie Peloso, Sarah Mitchell, Brett Santoli and Hill Wellford of Vinson & Elkins L.L.P. acted as legal advisors to Tortoise Acquisition Corp. Amanda Galton, Hari Raman, Albert Vanderlaan, Steven Malvey, Jason D. Flaherty, Christine McCarthy, Michelle Visser and Mark Mushkin of Orrick, Herrington & Sutcliffe LLP acted as legal advisors to Volta Industries. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Volta. Barclays Capital Inc. acted as exclusive M&A advisor to Tortoise Acquisition Corp. II. Barclays Capital Inc. and Goldman Sachs & Co. LLC acted as joint-placement agents on the PIPE offering. Mark Zimkind of Continental Stock Transfer& Trust Company acted as transfer agent and Morrow Sodali LLC acted as information agent to Tortoise Acquisition Corp. Morrow Sodali will receive a fee of $35,000 for its services.Volta Industries, Inc. completed the acquisition of Tortoise Acquisition Corp. II (NYSE:SNPR) from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction on August 26, 2021. As a result of the business combination, TortoiseCorp II was renamed as “Volta Inc.”. Class A common stock and public warrants in Volta will commence trading on the New York Stock Exchange on August 27, 2021. KPMG LLP acted as the auditor to Volta Industries.

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ChangeLast1st jan.
Volta Industries, Inc. completed the acquisition of Tortoise Acquisition Corp. II from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction. | MarketScreener (8)VOLTA INC.Volta Industries, Inc. completed the acquisition of Tortoise Acquisition Corp. II from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction. | MarketScreener (9)1.16% 2.62 Volta Industries, Inc. completed the acquisition of Tortoise Acquisition Corp. II from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction. | MarketScreener (10)-64.31%

Volta Industries, Inc. completed the acquisition of Tortoise Acquisition Corp. II from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction. | MarketScreener (11)

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Volta Industries, Inc. completed the acquisition of Tortoise Acquisition Corp. II from Tortoise Sponsor II LLC, TortoiseEcofin Borrower LLC and others in a reverse merger transaction. | MarketScreener (12)

FAQs

Who is Tortoise Acquisition Corp? ›

OVERLAND PARK, KS, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Tortoise Acquisition Corp. II (NYSE: SNPR) (“TortoiseCorp II”), a publicly-traded special purpose acquisition company, today announced that its shareholders voted to approve the previously announced business combination with Volta Industries, Inc.

Who did Volta merge with? ›

Volta has entered into a definitive business combination agreement with Tortoise Acquisition Corp. II (NYSE: SNPR). The combined company is expected to be listed on the NYSE under the New Ticker “VLTA” once the transaction closes. Pro Forma enterprise value of the transaction is estimated to be $1.4 billion.

What does Tortoise acquisition do? ›

Tortoise Acquisition Corp. II (NYSE: SNPR) is a special purpose acquisition company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

What is SNPR stock? ›

Key Turning Points
52-Week High18.33
Fibonacci 50%13.45
Fibonacci 38.2%12.30
Last Price9.30
52-Week Low8.57
1 more row

Why is Volta stock dropping? ›

Volta is burning through cash rapidly, and its cash balance is not sufficient to support existing operations as well as expansion. In short, it is facing a cash crunch that might only get worse. There's another concern investors have to worry about now: the chances of Volta stock being delisted.

Why are Volta shares dropping? ›

What happened. Volta(NYSE: VLTA) stock crashed Monday and was trading down a jaw-dropping 21% as of 10:50 a.m. ET. With inflation hitting 40-year highs, fears of a more aggressive interest rate hike from the Federal Reserve and recession are looming larger than ever, triggering a sell-off in stocks.

Is Volta going public? ›

In February 2021, Volta announced a special-purpose acquisition company merger with Tortoise Acquisition Company II. After completing the merger, Volta went public on the New York Stock Exchange on August 27, 2021.

Is tortoise acquisition a good stock to buy? ›

If you are looking for stocks with good return, Tortoise Acquisition Corp. can be a profitable investment option. Tortoise Acquisition Corp. quote is equal to 58.990 USD at 2022-07-26.

Is Hyliion going under? ›

Hyliion has been beaten to the market, and the company that beat them has decided the product will not sell and has ended production.

Did SNPR merge with Volta? ›

Tortoise Acquisition Corporation II (ticker: SNPR) agreed to merge with privately held Volta back in February, a deal approved by shareholders on Wednesday. The SPAC shares' ticker symbol changes to “VLTA” on Friday.

What did Alessandro Volta invent and discover? ›

Alessandro Volta, in full Conte Alessandro Giuseppe Antonio Anastasio Volta, (born February 18, 1745, Como, Lombardy [Italy]—died March 5, 1827, Como), Italian physicist whose invention of the electric battery provided the first source of continuous current.

How did Volta discovered battery? ›

In 1800 he invented the voltaic pile, which was one of the first electric batteries. It was essentially a stack of alternating metal discs separated by brine-soaked material that helped make them more conductive.

Who invented the first electric cell? ›

Count Alessandro Volta

How did Alessandro Volta change the world? ›

Alessandro Volta was a physicist, chemist and a pioneer of electrical science. He is most famous for his invention of the electric battery. In brief he: Invented the first electric battery – which people then called the “voltaic pile” – in 1800.

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