Hyliion evolved out of a passion for horsepower. As a mechanical engineer and motorsports racer, founder and CEO Thomas Healy set out to bring the advantages of hybrid technology to tractor trailers. Today, Hyliion is an industry leader in Class 8 electrification with a growing team of talented engineers and visionaries and a robust network of strategic industry partnerships. With an ever-growing demand for shipping products, we will provide technology solutions that transform transportation’s environmental impact.
Hyliion will be merging with Tortoise Acquisition Corp. (NYSE: SHLL) and the newly combined company will remain on the New York Stock Exchange under the new ticker symbol (“HYLN”).* Pro forma implied market capitalization of the combined company over $1.5 billion. Transaction includes an upsized $325 million fully committed PIPE.
*Proceeds will be used to fully fund the commercialization and mass production of the company’s electrified powertrain solutions.
I would add the $1.5bn market cap corresponds to a share price of shll of ~$10 so you would now be buying at ~$4bn valuation at a price per share of $27. You may also want to look at GRAF industrial a SPAC which is reverse merging with Velodyne a Lidar company.
I guess the current $18 is still the higher end of the valuation of the company. I think most buy will start around $16 and south of that. Hyliion is a small firm with not much to show but descent accounting and business planning skills so far. Be frank - I bough some at $32 even though I promised myself I won’t touch it with a barge pole due to the spac nature of the deal. The scaling of the production is a massive worry for the better investors and the slow profit will keep the quick money makers away from them just now. It’s a solid company but way way overpriced due to the hype of spacs and just buying spree due to liquidity