PITTSBURGH — Hyliion Inc.'s merger with a special purpose acquisition company officially closed the afternoon of Oct. 1, clearing the way for the shares of the Austin-headquartered trucking technology company to begin trading on the New York Stock Exchange on Oct. 2.
Founder and CEO Thomas Healy is expected to be at the NYSE on Oct. 5 to ring the opening bell. Healy started Hyliion in 2015, when he was still a student at Carnegie Mellon University in Pittsburgh. The business relocated to Austin in 2018.
Shareholders of Tortoise Acquisition Corp. approved of the merger with Hyliion (NYSE: HLYN) — which makes power trains for tractor-trailers that cut down on fuel consumption — on Sept. 28. Tortoise is a special purpose acquisition company, or SPAC, affiliated with Leawood, Kansas-based Tortoise Capital Advisors LLC. SPACs are blank-check companies that don’t engage in any commercial activity. Instead, they raise capital to finance the acquisition of other businesses. SPACs are enjoying a heyday on Wall Street, especially among electric vehicle companies.
Read more from our news partners at the Pittsburgh Business Times.
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