As I previously stated in my article, SHLL stock price will not stay at $14. This was 2 months ago. Ten thousand dollars invested back then is now $26,000 because Tortoise Acquisition Corp Class A (NYSE: SHLL) share price skyrocketed today to $37.00 (trading at 14:15 EDT).
With this price SHLL is the best SPAC performer so far this year. If I remember correctly, VTIQ (later NKLA) stock price went to some $20-ish before the merger only to skyrocket to over $90 once the deal was done.
But what is behind this sudden SHLL stock surge? Just one SEC-1 filing today and we are already witnessing the history, as once again SPAC investors are flooding the market with fresh money.
In a SEC filing submitted today, Tortoise Acquisition Corp. II said that the are filing for IPO and registering 28.5 million shares.
But what Robin Hood investors do not know is the fact that this is entirely different company that will trade under the ticker symbol SNPR and will be listed at NYSE.
We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.Tortoise Acquisition Corp II
Founders of this newly formed company also said that”We believe that we will benefit from the valuable experience gained by our management team during the launch and operation of Tortoise Acquisition I, including the process of evaluating numerous target companies and industry sectors, selecting Hyliion as its business combination partner and negotiating the terms of the business combination agreement and all of the related financing transactions.”
This means that this SEC filing have nothing to do with Hyliion merger that is about to happen in a week or two.
But who cares, as long as money is being earned?