Tortoise Acquisition (SHLL) Up 17.05%; Still Rising After Merger Announcement with Hyliion

Tortoise Acquisition Corp Class A (SHLL) is up 17.05% today after announcing it will be merging with Hyliion. The new combined company will remain listed on the New York Stock Exchange under the new ticker symbol HYLN. The market capitalization of the new company will be over $1.5 billion. The merger aims to drive Hyliion’s corporate expansion while continuing the development of its power train solutions through the support of Tortoise’s network of industry partners.

Early reactions seems to be positive as the stock is trading upwards today as investors are optimistic about the new partnership. The stock was trading around $10 less than two weeks ago and now is hovering around $30 with it being up 100% since the merger announcement. Current support is at $15.78 with no resistance as it is trading at its 52-week high.