WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Tortoise Acquisition Corp.
(“SHLL” or the “Company”) (NYSE: SHLL) in connection with the Company’s proposed merger with privately-held powertrain solutions company Hyliion Inc. (“Hyliion”).
Under the terms of the merger agreement, SHLL will acquire Hyliion through a reverse merger that will result in Hyliion becoming a publicly-listed company.
Upon closing of the transaction, the combined company will be named Hyliion Holdings Corp. and will remain listed on the NYSE, trading under the new ticker symbol “HYLN.” The new entity will have an implied pro forma market capitalization of approximately $1.5 billion.
WeissLaw is investigating whether SHLL’s board acted in the best interest of SHLL’s public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Hyliion, whether the deal’s equity split is fair to SHLL shareholders, and whether all information regarding the valuation of the transaction is fully and fairly disclosed to SHLL public shareholders.