Tortoise Acquisition, a blank check company led by Vincent Cubbage and focused on the energy industry, raised $225 million by offering 22.5 million units at $10, as expected.
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. At $10 per unit, the SPAC commands a market value of $281 million.
Tortoise Acquisition plans to list on the NYSE under the symbol SHLL.U. Barclays, Goldman Sachs and UBS Investment Bank acted as lead managers on the deal.
