The Giver summary

2 Close. 3. We can’t achieve the ambitious goals we set for ourselves alone. hide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newsfilter.io/a/88d6... 1. But ignore the technology — and Healy’s $1.5 billion anticipated net worth — for a second, and focus on the SPAC. More than ever, brands are adopting CSR initiatives and demanding their partners do the same. Hyliion's revenue is the ranked 26th among it's top 10 competitors. The top 10 competitors average 25,093. So is the SPAC sponsor taking his truck parts company public. Sponsors also incur costs outside the SPAC structure. Fleet owners and managers, meanwhile, are tasked with reducing emissions and costs while maintaining fleet performance, a challenge that historically has been unsolvable. In their rush it looks like Healy left a lot of money on the table. Tortoise’s proxy statement prominently explains the sponsor has interests in the merger that are different from regular shareholders, that the sponsor’s founder shares are worth $233 million and that it holds millions of private placement warrants. 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Tortoise shares have more than quadrupled in value since the merger announcement. Flying J CEO buys over 5% of shares. In a traditional initial public offering, bank underwriting fees usually don't exceed 7% of the gross proceeds. Hyliion’s main goal is to supply hybrid and electric propulsion systems that can be slotted into various manufacturers’ existing heavy-truck models and thereby lower their emissions and the total cost of ownership. This is the SPAC equivalent of the first-day IPO “pop” that critics dislike because it shortchanges founders. SUB-INDUSTRY. Log in sign up. Consumers worldwide are demanding corporate social responsibility—of which sustainable commercial fleet management is a dominant factor—through their wallets. The top 10 competitors average 9.9B. INDUSTRY. It merged back in July, … A figure that includes the separate pool of institutional money known as a PIPE that Tortoise arranged. Accelerate innovation and reduce costs in commercial transportation and logistics. In Hyliion’s case, I doubt anyone’s upset as everyone involved is getting rich — for now. To contact the author of this story:Chris Bryant at cbryant32@bloomberg.net, To contact the editor responsible for this story:James Boxell at jboxell@bloomberg.net. The information on shareholdings is all there but investors wishing to know the total potential financial return to the sponsor, including the warrants, must do a little math themselves. 16 comments. We’ve embraced that challenge from the outset not by total industry transformation that attempts to “reinvent the wheel,” but by reimagining what’s possible with technology that we know is reliable and will work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he sponsor paid $25,000 for its founder shares and another $6.7 million for the warrants. Hyliion is establishing a network of strategic partners that include OEMs, install partners and refueling stations to support faster time to market and add value while laying the foundation for net-carbon-negative emissions. Our vision can only be realized when we deliver to fleet owners and consumer brands the practical solutions that help them exceed their operational goals, increase profit margins and enhance fleet performance. The retail investor frenzy that propelled Tesla Inc. to a $380 billion valuation this year — and valued Nikola at $29 billion — has boosted Tortoise and Hyliion too. Before we decide traditional IPOs are outdated, it’s vital investors understand the financial interests that SPAC sponsors have. [])). Press question mark to learn the rest of the keyboard shortcuts. At current prices the Tortoise sponsor will own Hyliion shares worth $532million following the merger. There’s a question too about whether these fees are disclosed in a way retail investors can easily understand. The company was approved to go public on Monday, Sept. 28, by Tortoise shareholders. The country is missing its real comparative advantage by not emphasizing low-skilled labor exports. Industrial Products. By June Tortoise had completed due diligence and the two parties agreed Hyliion would be valued at $1.5 billion, including its cash. It serves semi-trailers and trucking industries in the United States. 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That’s because a sponsor also receives warrants giving the right to purchase more stock if the price rises above a certain level. In fairness, Hyliion almost certainly wouldn’t be on the cusp of becoming a public company if Cubbage hadn’t alighted on it as a target in March. But if the hype around SPACs and their zero-revenue targets fades, investors won’t always be so accepting of those fees. He previously worked for the Financial Times. FOUNDED. Considering the limited financial risk involved, the riches Tortoise’s creators are poised to reap are every bit as astonishing as Healy’s. The sponsor’s actual return may be affected by financial arrangements with directors and an investor Atlas Point Energy described in this proxy statement. SPAC sponsors are typically handed a fifth of the SPAC shares for free, which can allow for a profit even if the target they find is a dud. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Transaction includes an upsized $325 million fully committed PIPE. Hyliion will be merging with Tortoise Acquisition Corp. (NYSE: SHLL) and the newly combined company will remain on the New York Stock Exchange under the new ticker symbol (“HYLN”). Hyliion’s founder Thomas Healy is about to get very rich. The dream of making such stonking returns is what’s driving the mania for launching SPACs. Based on regulatory filings, I calculate the sponsor has sunk less than $7 million of its money into the SPAC and yet it will receive roughly $450 million in equity value from Hyliion. Fleets, brands and truck drivers need practical solutions now. Accelerate innovation and reduce costs in commercial transportation and logistics. 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That philosophy of innovation has led Hyliion to where it is today, with products on the market and in final development that allow us to deliver immediate value to customers and to be a positive force of change for the commercial transportation industry and, ultimately, the planet. The Great Barrington Declaration strikes the wrong tone and stresses the wrong points. Our vision for a global net-carbon-negative commercial transportation industry is ambitious, real and achievable through our technology. Hyliion serves semi-trailers and trucking industries in the United States. I’ve subtracted from that the cost of exercising the warrants. It designs and develops hybrid suspension systems and electrified powertrains for Heavy Duty Class 8 trucks from commercial vehicle manufacturers. But it doesn’t alleviate the pop problem, as my colleague Matt Levine has often noted.

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