Why SPAC Tortoise Acquisition II Stock Is Surging Today
Shares of Tortoise Acquisition II (NYSE: SNPR), a special-purpose acquisition company (SPAC), were trading sharply higher on Monday after the SPAC announced a deal to merge with electric-vehicle charging network Volta Industries.
As of 11:15 a.m. EST, Tortoise's shares were up about 30.7% from Friday's closing price.
Volta is an electric-vehicle (EV) recharging network. The company's business model focuses on locating charging stations near retailers. Volta's chargers incorporate large digital displays that can provide advertising and messaging for nearby stores and restaurants; the advertising revenue helps to support the stations.
Source Fool.com
