Tortoise Acquisition II, the second blank check company formed by Tortoise Capital targeting a sustainable energy business, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. The SPAC originally filed to raise $250 million.
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CIBC National Trust has the option of purchasing up to an additional $100 million worth of units from the SPAC in connection with an acquisition.
The company is led by CEO and Chairman Vincent Cubbage, Managing Director of Private Energy at Tortoise Capital Advisors and co-founder and former CEO of Lightfoot Capital Partners; and CFO and Director Stephen Pang, a Managing Director and Portfolio Manager at Tortoise Investments and VP of Tortoise Pipeline & Energy Fund. The company plans to target businesses in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.
Cubbage and Pang serve in the same roles for Tortoise Investments' previous SPAC Tortoise Acquisition (SHLL), which announced a merger agreement with electric powertrain manufacturer Hyliion in June 2020 and is up almost 400% from IPO.
The Leawood, KS-based company plans to list on the NYSE under the symbol SNPR.U. Barclays and Goldman Sachs acted as lead managers on the deal.
