– Volta is a leading owner – operator of public electric vehicle charging infrastructure that is prominently located in places where drivers live, work, shop and play.
– Volta has entered into a definitive business combination agreement with Tortoise Acquisition Corp. II (NYSE: SNPR).
– The combined company is expected to be listed on the NYSE under the New Ticker “VLTA” once the transaction closes.
– Pro Forma enterprise value of the transaction is estimated to be $1.4 billion.
– Anticipated net proceeds of approximately $600 million (assuming minimal redemptions) will be used to accelerate Volta’s buildout of its charging network already in the pipeline. This includes an upsized $300 million fully committed private placement of common stock in the combined company (the “PIPE”). The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, Fidelity Management & Research Company, LLC and Neuberger Berman Funds.
– Volta’s significant contract portfolio of real estate and retail partners (including Ahold Delhaize, Brookfield, Regency and others), as well as the company’s iconic installations at the United Center and Dignity Health Arena as examples, highlight Volta’s market leading position in convenience, high-accessibility public charging.
– Existing Volta security holders will roll 100% of their equity in the transaction and are expected to own approximately 64% of the company upon transaction close.
– Pro forma implied equity value of the combined company of over $2 billion, at the $10.00 per share PIPE price and assuming minimal redemptions by Tortoise Acquisition Corp. II public shareholders. The transaction is expected to close late in the second quarter of 2021, subject to approval of shareholders of Tortoise Acquisition Corp. II and other customary closing conditions.
Insiders Take: Meeting the needs of the growing electric vehicle market, Volta’s strategically located charging stations feature 55-inch digital displays, doubling as a sophisticated media platform providing brands a way to reach millions of shoppers seconds before they enter a store to make a purchase. The Company has been looking for growth capital, which included $125 million we reported on last month. They now have tapped in to a special purpose acquisition company (SPAC) providing them with an immediate $600 million in capital and a listing on the New York Stock Exchange. Many of you may know that SPAC’s, which have been around for a while, have become very active lately, and are companies with no commercial operations that are formed strictly to raise capital through an initial public offering for the purpose of acquiring an existing company, such as Volta. Users of SPAC’s include Link Media’s parent, Boston Omaha, who recently closed an IPO, raising $155 million to create NASDAQ company BOC Yellowstone Acquisition Company. VOLTA has been building a nationwide electric vehicle charging network, which requires a significant capital outlay and needs to be does quickly as there are competitors for this DOOH segment.
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