Stock of special purpose acquisition company (SPAC) Tortoise Acquisition II Corp (NYSE: SNPR) is trading 40% above Friday’s closing price, during pre-market session on Monday.
The SPAC is merging with San Francisco-based electric vehicle charging network Volta, named after Alessandro Volta, the inventor of the electric battery.
The combined company is expected to be listed on the NYSE under the New Ticker “VLTA” once the transaction closes.
The pro forma enterprise value of the combined company is expected to be approximately $1.4 billion at the $10.00 per share PIPE price.
“With the shift to electric mobility, consumers will expect to fuel where they go. Volta will anchor the infrastructure change, transforming fueling locations away from standalone gas stations to high traffic locations in the community where consumers live, work, and play.”-noted Scott Mercer, Founder and CEO of Volta
Investors have been bidding up SNPR shares even before today. The stock has gained nearly 30% since mid-November on rumors and speculations. New investors should be careful until the business plan is proven out.