Volta Industries, Tortoise Acquisition Corp. II To Merge

(RTTNews) - Volta Industries Inc., an operator of public electric vehicle charging infrastructure, and Tortoise Acquisition Corp. II (SNPR), a publicly traded special purpose acquisition company with a strategic focus on energy sustainability and decarbonizing transportation, said that they plan to merge. Upon the closing of the transaction, the combined entity will be named Volta Inc. and remain on the New York Stock Exchange under the new ticker symbol "VLTA."

Volta expects to use net proceeds of about $600 million to accelerate its buildout of its charging network already in the pipeline. It includes an upsized $300 million fully committed private placement of common stock in the combined company. The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, Fidelity Management & Research Company, LLC and Neuberger Berman Funds.

The pro forma enterprise value of the combined company is expected to be approximately $1.4 billion at the $10.00 per share PIPE price.

Existing Volta securityholders will roll 100% of their equity in the transaction and are expected to own approximately 64% of the company upon transaction close.

The transaction is expected to close late in the second quarter of 2021.