Tortoise Acquisition, a blank check company targeting the energy industry, filed with the SEC on Wednesday to raise $225 million in an initial public offering.
The New York, NY-based company plans to offer 22.5 million units at a price of $10. At that price, Tortoise Acquisition would command a market value of $281 million. Each unit consists of one share of common stock and one-half of one warrant to purchase a share of common stock at $11.50 per share.
Tortoise Acquisition was founded in 2018 and plans to list on the NYSE under the symbol SHLL.U. Barclays, Goldman Sachs and UBS Investment Bank are the joint bookrunners on the deal.
