NEW YORK: Tortoise Acquisition Corp. II intends to commence its initial public offering of 25 million units at $10 per unit, a news release said.
The Company intends to grant the underwriters a 45-day option to purchase up to 3,750,000 additional units to cover over-allotments, if any. Each unit issued in the initial public offering will consist of one of the Company’s Class A ordinary shares and one-fourth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one of the Company’s Class A ordinary shares at an exercise price of $11.50 per share.
The units are expected to be listed on the New York Stock Exchange (NYSE) and trade under the ticker symbol “SNPR.U.” Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “SNPR” and “SNPR WS,” respectively.
Tortoise Acquisition Corp. II was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination. The Company intends to focus its search for a target business in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.
Barclays and Goldman Sachs & Co. LLC are acting as joint book-running managers for the proposed offering. The public offering will only be made by means of a prospectus.