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2021-08-27

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EV Charging Firm Volta Is Going Public But Raising Less Money Than Expected<blockquote>电动汽车充电公司Volta即将上市，但筹集的资金低于预期</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":819821011,"tweetId":"819821011","gmtCreate":1630056148433,"gmtModify":1704955276805,"author":{"id":3569643178216945,"idStr":"3569643178216945","authorId":3569643178216945,"authorIdStr":"3569643178216945","name":"堵神","avatar":"https://static.tigerbbs.com/cacee5ba5c333e51bfcd4bed94dada85","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":19,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Wow 😳</body></html>","htmlText":"<html><head></head><body>Wow 😳</body></html>","text":"Wow 😳","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/819821011","repostId":1107360724,"repostType":4,"repost":{"id":"1107360724","kind":"news","pubTimestamp":1630055482,"share":"https://www.laohu8.com/m/news/1107360724?lang=zh_CN&edition=full","pubTime":"2021-08-27 17:11","market":"us","language":"en","title":"EV Charging Firm Volta Is Going Public But Raising Less Money Than Expected<blockquote>电动汽车充电公司Volta即将上市，但筹集的资金低于预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107360724","media":"Barrons","summary":"Electric-vehicle charging firm Volta Industries is set to debut on the New York Stock Exchange Frida","content":"Electric-vehicle charging firm Volta Industries is set to debut on the New York Stock Exchange Friday, after closing a merger with a special purpose acquisition company, or SPAC, on Thursday. It’s raising less money than originally planned and entering a crowded-but-fast-growing market.<blockquote>电动汽车充电公司Volta Industries在周四完成与一家特殊目的收购公司（SPAC）的合并后，将于周五在纽约证券交易所上市。它筹集的资金少于原计划，并进入了一个拥挤但快速增长的市场。</blockquote> Tortoise Acquisition Corporation II (ticker: SNPR) agreed to merge with privately held Volta back in February, a deal approved by shareholders on Wednesday. The SPAC shares’ ticker symbol changes to “VLTA” on Friday.<blockquote>Tortoise Acquisition Corporation II（股票代码：SNPR）早在2月份就同意与私营Volta合并，该交易于周三获得股东批准。SPAC股票的股票代码于周五更改为“VLTA”。</blockquote> SPACs raise money from investors and go public in initial public offerings, then go out and find an operating company to combine with. Once the companies merge, the start-up gets access to the SPAC’s cash and stock-market listing, and the SPAC effectively ceases to exist.<blockquote>SPAC从投资者那里筹集资金并在首次公开募股中上市，然后出去寻找一家运营公司进行合并。一旦两家公司合并，初创公司就可以获得SPAC的现金和股票市场上市，SPAC实际上就不复存在了。</blockquote> There is an extra wrinkle, however: SPAC shareholders have a redemption option, meaning that around the time of a merger they can elect to swap their shares for an equal proportion of the SPAC’s cash. That tends to be around $10. Amid a broader selloff in the SPAC market, Tortoise II shares have been trading just below that level in recent weeks.<blockquote>然而，还有一个额外的问题：SPAC股东有赎回选择权，这意味着在合并时，他们可以选择将自己的股份换成SPAC等比例的现金。这往往在10美元左右。在SPAC市场更广泛的抛售中，Tortoise II的股价最近几周一直略低于该水平。</blockquote> Some 70% of Tortoise II shareholders&nbsp;elected to redeem&nbsp;on Wednesday, asking for $242.2 million back out of the SPAC’s $345 million trust. Shareholders representing 59% of Tortoise II’s shares outstanding voted on the deal; 96% of them were in favor. Yes, SPAC shareholders can vote in favor of a deal but then still withdraw their cash.<blockquote>周三，约70%的Tortoise II股东选择赎回，要求从SPAC 3.45亿美元的信托中收回2.422亿美元。代表Tortoise II已发行股份59%的股东对该交易进行了投票；其中96%的人赞成。是的，SPAC股东可以投票支持交易，但仍可提取现金。</blockquote> Luckily for Volta, its deal with Tortoise II also included a $300 million private investment in public equity, or PIPE, from institutional investors like&nbsp;BlackRock&nbsp;and Fidelity. After redemptions, Volta will raise around $400 million before expenses in the deal, not $645 million.<blockquote>对Volta来说幸运的是，它与Tortoise II的交易还包括贝莱德和富达等机构投资者对公共股权(PIPE)的3亿美元私人投资。赎回后，Volta将在交易费用前筹集约4亿美元，而不是6.45亿美元。</blockquote> CEO Scott Mercer tellsBarron’sthat the smaller capital raise doesn’t impact the company’s growth plans or timeline. It aims to get to 26,000 charging stations by the end of 2025, from around 2,000 today. Financial forecasts for 2025 are for $252 million in Ebitda—earnings before interest, taxes, depreciation, and amortization—on $826 million in revenue. The company sees sales about doubling each year from 2020’s $25 million.<blockquote>首席执行官斯科特·默瑟告诉巴伦周刊较小的融资不会影响公司的增长计划或时间表。它的目标是到2025年底将充电站从目前的2,000个左右增加到26,000个。2025年的财务预测为Ebitda（息税折旧摊销前利润）为2.52亿美元，收入为8.26亿美元。该公司预计销售额将比2020年的2500万美元每年翻一番。</blockquote> Volta-Tortoise II isn’t the only SPAC merger to get hit with a wave of redemptions this week. Good Works Acquisition (GWAC) shareholders approved a merger with Bitcoin company Cipher Mining Technologies on Wednesday, but redeemed $128.4 million out of its $170 million trust. That deal also included a&nbsp;$425 million PIPE.<blockquote>Volta-Tortoise II并不是本周唯一一家遭受赎回浪潮打击的SPAC合并。Good Works Acquisition(GWAC)股东周三批准了与比特币公司Cipher Mining Technologies的合并，但从其1.7亿美元的信托中赎回了1.284亿美元。该交易还包括价值4.25亿美元的管道。</blockquote> When the SPAC market enters periods of weakness like the current one, arbitrage-focused funds tend to swoop in and buy shares trading at discounts to their trust values. They’re not interested in investing in the future post-SPAC company, just earning the difference between the stock’s price and its trust value. It is as close to a risk-free trade as you can find, and can be especially attractive in a world of rock-bottom interest rates and bond yields. That is why Volta and Cipher Mining saw so many redemptions this week.<blockquote>当SPAC市场进入像当前这样的疲软时期时，以套利为重点的基金往往会涌入并以低于其信托价值的价格购买股票。他们对投资未来的后SPAC公司不感兴趣，只是赚取股票价格与其信托价值之间的差额。这是你能找到的最接近无风险的交易，在利率和债券收益率最低的世界里尤其有吸引力。这就是为什么Volta和Cipher Mining本周出现了如此多的赎回。</blockquote> Volta’s business model is a little different than the half-dozen other EV charging stocks on the market. Some of its peers are focused on selling equipment and software for others to operate charging stations. Others want to run their own network, and charge EV drivers for time or electricity used.<blockquote>Volta的商业模式与市场上其他六只电动汽车充电股略有不同。它的一些同行专注于为其他人销售运营充电站的设备和软件。其他人希望运营自己的网络，并向电动汽车司机收取时间或电费。</blockquote> Volta’s strategy is, essentially, based on consumer behavior. It wants to locate its stations to maximize station utilization and drive traffic to retailers, some of whom will pay Volta for putting its charging stations in front of their stores. It’s willing to locate in higher-value real estate because that is where people want to be. The company can generate revenue from its retail partners, by selling advertising space on its chargers’ large screens, and by charging for the electricity being used by EV drivers.<blockquote>Volta的策略本质上是基于消费者行为。它希望对其充电站进行选址，以最大限度地提高充电站利用率并为零售商带来流量，其中一些零售商将向Volta支付费用，让其将充电站放在他们的商店前面。它愿意位于价值更高的房地产，因为那是人们想要的地方。该公司可以通过在充电器大屏幕上出售广告空间以及对电动汽车司机使用的电力收费，从其零售合作伙伴那里获得收入。</blockquote> One things that has changed since Volta announced its plans to go public is the passage of President Biden’s $1 trillion infrastructure bill. That has money, which the federal government can allocate to states, for building EV charging networks.<blockquote>自Volta宣布上市计划以来，发生变化的一件事是拜登总统1万亿美元基础设施法案的通过。联邦政府可以向各州分配资金，用于建设电动汽车充电网络。</blockquote> “The actual [spending] number matters less than the fact that there is a bully pulpit pushing this,” says Volta’s co-founder and president Chris Wendel. “It’s an all parts of government push to electrify as part of a broader climate agenda which we are fully aligned with.” Volta management adds that tax credits for building EV infrastructure are another important incentive that the government could continue. Those are so-called 30 C incentives.<blockquote>Volta联合创始人兼总裁克里斯·温德尔(Chris Wendel)表示：“实际[支出]数字不如有一个天字第一号讲坛推动这一事实重要。”“这是政府各部门推动电气化的努力，作为我们完全赞同的更广泛气候议程的一部分。”Volta管理层补充说，建设电动汽车基础设施的税收抵免是政府可以继续实施的另一项重要激励措施。这些就是所谓的30 C激励措施。</blockquote> Volta announce its plans to merge with Tortoise II in&nbsp;early February. Shares are down 43% since then. Many SPAC stocks have sold off significantly from their February highs. The&nbsp;Defiance Next Gen SPAC Derived ETF(SPAK) is down about 33% since Volta announced its deal. That ETF is also down about 35% from its mid-February 52-week high.<blockquote>Volta在二月初宣布了与Tortoise II合并的计划。自那以来，股价下跌了43%。许多SPAC股票已从2月份的高点大幅抛售。自Volta宣布交易以来，Defiance Next Gen SPAC衍生ETF(SPAK)已下跌约33%。该ETF也较2月中旬的52周高点下跌约35%。</blockquote> Rising interest rates&nbsp;because of inflation fears that built earlier in 2021 are one reason for SPAC stock underperformance. Higher rates hurt richly valued start-up companies more than others, and make more speculative assets less attractive. A rotation out of small capitalization stocks hasn’t helped either. The&nbsp;Russell 2000 Index&nbsp;is down about 2% since mid-February. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Averageare up about 15% and 12%, respectively, over the same span.<blockquote>2021年初引发的通胀担忧导致利率上升是SPAC股票表现不佳的原因之一。较高的利率对估值高的初创公司的伤害比其他公司更大，并降低投机性资产的吸引力。小盘股的轮动也无济于事。罗素2000指数自2月中旬以来下跌了约2%。同期，标准普尔500指数和道琼斯工业平均指数分别上涨约15%和12%。</blockquote> Volta is the third EV charging-related start-up to close a SPAC merger and become publicly traded, along with&nbsp;EVgo(EVGO) and&nbsp;ChargePoint(CHPT). Two additional companies have deals pending: EV Box is merging with&nbsp;TPG Pace Beneficial Finance(TPGY) and WallBox is merging with&nbsp;Kensington Acquisition Corp II(KCAC).Beam Global(BEEM) and&nbsp;Blink Charging(BLNK) became publicly traded through traditional initial public offerings.<blockquote>Volta是第三家完成SPAC合并并上市的电动汽车充电相关初创公司，另外三家是EVgo(EVGO)和ChargePoint(CHPT)。另外两家公司的交易悬而未决：EV Box正在与TPG Pace Beneficial Finance(TPGY)合并，WallBox正在与Kensington Acquisition Corp II(KCAC)合并。Beam Global(BEEM)和Blink Charging(BLNK)通过传统的首次公开募股公开交易。</blockquote> The first SPAC from the team behind Tortoise II took Hyliion Holdings (HYLN) public last year. Its third—TortoiseEcofin Acquisition III (TRTL)—went public last month and also has a sustainability focus. Former U.S. president Bill Clinton is on that SPAC’s board of directors.<blockquote>去年，Tortoise II团队的第一家SPAC让Hyliion Holdings(HYLN)上市。其第三个项目——TortoiseEcofin Acquisition III(TRTL)——于上个月上市，也关注可持续发展。美国前总统比尔·克林顿是该SPAC的董事会成员。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Charging Firm Volta Is Going Public But Raising Less Money Than Expected<blockquote>电动汽车充电公司Volta即将上市，但筹集的资金低于预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV Charging Firm Volta Is Going Public But Raising Less Money Than Expected<blockquote>电动汽车充电公司Volta即将上市，但筹集的资金低于预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-27 17:11\n\n</h4>\n</header>\n<article>\nElectric-vehicle charging firm Volta Industries is set to debut on the New York Stock Exchange Friday, after closing a merger with a special purpose acquisition company, or SPAC, on Thursday. It’s raising less money than originally planned and entering a crowded-but-fast-growing market.<blockquote>电动汽车充电公司Volta Industries在周四完成与一家特殊目的收购公司（SPAC）的合并后，将于周五在纽约证券交易所上市。它筹集的资金少于原计划，并进入了一个拥挤但快速增长的市场。</blockquote> Tortoise Acquisition Corporation II (ticker: SNPR) agreed to merge with privately held Volta back in February, a deal approved by shareholders on Wednesday. The SPAC shares’ ticker symbol changes to “VLTA” on Friday.<blockquote>Tortoise Acquisition Corporation II（股票代码：SNPR）早在2月份就同意与私营Volta合并，该交易于周三获得股东批准。SPAC股票的股票代码于周五更改为“VLTA”。</blockquote> SPACs raise money from investors and go public in initial public offerings, then go out and find an operating company to combine with. Once the companies merge, the start-up gets access to the SPAC’s cash and stock-market listing, and the SPAC effectively ceases to exist.<blockquote>SPAC从投资者那里筹集资金并在首次公开募股中上市，然后出去寻找一家运营公司进行合并。一旦两家公司合并，初创公司就可以获得SPAC的现金和股票市场上市，SPAC实际上就不复存在了。</blockquote> There is an extra wrinkle, however: SPAC shareholders have a redemption option, meaning that around the time of a merger they can elect to swap their shares for an equal proportion of the SPAC’s cash. That tends to be around $10. Amid a broader selloff in the SPAC market, Tortoise II shares have been trading just below that level in recent weeks.<blockquote>然而，还有一个额外的问题：SPAC股东有赎回选择权，这意味着在合并时，他们可以选择将自己的股份换成SPAC等比例的现金。这往往在10美元左右。在SPAC市场更广泛的抛售中，Tortoise II的股价最近几周一直略低于该水平。</blockquote> Some 70% of Tortoise II shareholders&nbsp;elected to redeem&nbsp;on Wednesday, asking for $242.2 million back out of the SPAC’s $345 million trust. Shareholders representing 59% of Tortoise II’s shares outstanding voted on the deal; 96% of them were in favor. Yes, SPAC shareholders can vote in favor of a deal but then still withdraw their cash.<blockquote>周三，约70%的Tortoise II股东选择赎回，要求从SPAC 3.45亿美元的信托中收回2.422亿美元。代表Tortoise II已发行股份59%的股东对该交易进行了投票；其中96%的人赞成。是的，SPAC股东可以投票支持交易，但仍可提取现金。</blockquote> Luckily for Volta, its deal with Tortoise II also included a $300 million private investment in public equity, or PIPE, from institutional investors like&nbsp;BlackRock&nbsp;and Fidelity. After redemptions, Volta will raise around $400 million before expenses in the deal, not $645 million.<blockquote>对Volta来说幸运的是，它与Tortoise II的交易还包括贝莱德和富达等机构投资者对公共股权(PIPE)的3亿美元私人投资。赎回后，Volta将在交易费用前筹集约4亿美元，而不是6.45亿美元。</blockquote> CEO Scott Mercer tellsBarron’sthat the smaller capital raise doesn’t impact the company’s growth plans or timeline. It aims to get to 26,000 charging stations by the end of 2025, from around 2,000 today. Financial forecasts for 2025 are for $252 million in Ebitda—earnings before interest, taxes, depreciation, and amortization—on $826 million in revenue. The company sees sales about doubling each year from 2020’s $25 million.<blockquote>首席执行官斯科特·默瑟告诉巴伦周刊较小的融资不会影响公司的增长计划或时间表。它的目标是到2025年底将充电站从目前的2,000个左右增加到26,000个。2025年的财务预测为Ebitda（息税折旧摊销前利润）为2.52亿美元，收入为8.26亿美元。该公司预计销售额将比2020年的2500万美元每年翻一番。</blockquote> Volta-Tortoise II isn’t the only SPAC merger to get hit with a wave of redemptions this week. Good Works Acquisition (GWAC) shareholders approved a merger with Bitcoin company Cipher Mining Technologies on Wednesday, but redeemed $128.4 million out of its $170 million trust. That deal also included a&nbsp;$425 million PIPE.<blockquote>Volta-Tortoise II并不是本周唯一一家遭受赎回浪潮打击的SPAC合并。Good Works Acquisition(GWAC)股东周三批准了与比特币公司Cipher Mining Technologies的合并，但从其1.7亿美元的信托中赎回了1.284亿美元。该交易还包括价值4.25亿美元的管道。</blockquote> When the SPAC market enters periods of weakness like the current one, arbitrage-focused funds tend to swoop in and buy shares trading at discounts to their trust values. They’re not interested in investing in the future post-SPAC company, just earning the difference between the stock’s price and its trust value. It is as close to a risk-free trade as you can find, and can be especially attractive in a world of rock-bottom interest rates and bond yields. That is why Volta and Cipher Mining saw so many redemptions this week.<blockquote>当SPAC市场进入像当前这样的疲软时期时，以套利为重点的基金往往会涌入并以低于其信托价值的价格购买股票。他们对投资未来的后SPAC公司不感兴趣，只是赚取股票价格与其信托价值之间的差额。这是你能找到的最接近无风险的交易，在利率和债券收益率最低的世界里尤其有吸引力。这就是为什么Volta和Cipher Mining本周出现了如此多的赎回。</blockquote> Volta’s business model is a little different than the half-dozen other EV charging stocks on the market. Some of its peers are focused on selling equipment and software for others to operate charging stations. Others want to run their own network, and charge EV drivers for time or electricity used.<blockquote>Volta的商业模式与市场上其他六只电动汽车充电股略有不同。它的一些同行专注于为其他人销售运营充电站的设备和软件。其他人希望运营自己的网络，并向电动汽车司机收取时间或电费。</blockquote> Volta’s strategy is, essentially, based on consumer behavior. It wants to locate its stations to maximize station utilization and drive traffic to retailers, some of whom will pay Volta for putting its charging stations in front of their stores. It’s willing to locate in higher-value real estate because that is where people want to be. The company can generate revenue from its retail partners, by selling advertising space on its chargers’ large screens, and by charging for the electricity being used by EV drivers.<blockquote>Volta的策略本质上是基于消费者行为。它希望对其充电站进行选址，以最大限度地提高充电站利用率并为零售商带来流量，其中一些零售商将向Volta支付费用，让其将充电站放在他们的商店前面。它愿意位于价值更高的房地产，因为那是人们想要的地方。该公司可以通过在充电器大屏幕上出售广告空间以及对电动汽车司机使用的电力收费，从其零售合作伙伴那里获得收入。</blockquote> One things that has changed since Volta announced its plans to go public is the passage of President Biden’s $1 trillion infrastructure bill. That has money, which the federal government can allocate to states, for building EV charging networks.<blockquote>自Volta宣布上市计划以来，发生变化的一件事是拜登总统1万亿美元基础设施法案的通过。联邦政府可以向各州分配资金，用于建设电动汽车充电网络。</blockquote> “The actual [spending] number matters less than the fact that there is a bully pulpit pushing this,” says Volta’s co-founder and president Chris Wendel. “It’s an all parts of government push to electrify as part of a broader climate agenda which we are fully aligned with.” Volta management adds that tax credits for building EV infrastructure are another important incentive that the government could continue. Those are so-called 30 C incentives.<blockquote>Volta联合创始人兼总裁克里斯·温德尔(Chris Wendel)表示：“实际[支出]数字不如有一个天字第一号讲坛推动这一事实重要。”“这是政府各部门推动电气化的努力，作为我们完全赞同的更广泛气候议程的一部分。”Volta管理层补充说，建设电动汽车基础设施的税收抵免是政府可以继续实施的另一项重要激励措施。这些就是所谓的30 C激励措施。</blockquote> Volta announce its plans to merge with Tortoise II in&nbsp;early February. Shares are down 43% since then. Many SPAC stocks have sold off significantly from their February highs. The&nbsp;Defiance Next Gen SPAC Derived ETF(SPAK) is down about 33% since Volta announced its deal. That ETF is also down about 35% from its mid-February 52-week high.<blockquote>Volta在二月初宣布了与Tortoise II合并的计划。自那以来，股价下跌了43%。许多SPAC股票已从2月份的高点大幅抛售。自Volta宣布交易以来，Defiance Next Gen SPAC衍生ETF(SPAK)已下跌约33%。该ETF也较2月中旬的52周高点下跌约35%。</blockquote> Rising interest rates&nbsp;because of inflation fears that built earlier in 2021 are one reason for SPAC stock underperformance. Higher rates hurt richly valued start-up companies more than others, and make more speculative assets less attractive. A rotation out of small capitalization stocks hasn’t helped either. The&nbsp;Russell 2000 Index&nbsp;is down about 2% since mid-February. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Averageare up about 15% and 12%, respectively, over the same span.<blockquote>2021年初引发的通胀担忧导致利率上升是SPAC股票表现不佳的原因之一。较高的利率对估值高的初创公司的伤害比其他公司更大，并降低投机性资产的吸引力。小盘股的轮动也无济于事。罗素2000指数自2月中旬以来下跌了约2%。同期，标准普尔500指数和道琼斯工业平均指数分别上涨约15%和12%。</blockquote> Volta is the third EV charging-related start-up to close a SPAC merger and become publicly traded, along with&nbsp;EVgo(EVGO) and&nbsp;ChargePoint(CHPT). Two additional companies have deals pending: EV Box is merging with&nbsp;TPG Pace Beneficial Finance(TPGY) and WallBox is merging with&nbsp;Kensington Acquisition Corp II(KCAC).Beam Global(BEEM) and&nbsp;Blink Charging(BLNK) became publicly traded through traditional initial public offerings.<blockquote>Volta是第三家完成SPAC合并并上市的电动汽车充电相关初创公司，另外三家是EVgo(EVGO)和ChargePoint(CHPT)。另外两家公司的交易悬而未决：EV Box正在与TPG Pace Beneficial Finance(TPGY)合并，WallBox正在与Kensington Acquisition Corp II(KCAC)合并。Beam Global(BEEM)和Blink Charging(BLNK)通过传统的首次公开募股公开交易。</blockquote> The first SPAC from the team behind Tortoise II took Hyliion Holdings (HYLN) public last year. Its third—TortoiseEcofin Acquisition III (TRTL)—went public last month and also has a sustainability focus. Former U.S. president Bill Clinton is on that SPAC’s board of directors.<blockquote>去年，Tortoise II团队的第一家SPAC让Hyliion Holdings(HYLN)上市。其第三个项目——TortoiseEcofin Acquisition III(TRTL)——于上个月上市，也关注可持续发展。美国前总统比尔·克林顿是该SPAC的董事会成员。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/ev-charging-firm-volta-is-going-public-but-raising-less-money-than-expected-51630013685?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VLTA":"Volta"},"source_url":"https://www.barrons.com/articles/ev-charging-firm-volta-is-going-public-but-raising-less-money-than-expected-51630013685?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107360724","content_text":"Electric-vehicle charging firm Volta Industries is set to debut on the New York Stock Exchange Friday, after closing a merger with a special purpose acquisition company, or SPAC, on Thursday. It’s raising less money than originally planned and entering a crowded-but-fast-growing market.\nTortoise Acquisition Corporation II (ticker: SNPR) agreed to merge with privately held Volta back in February, a deal approved by shareholders on Wednesday. The SPAC shares’ ticker symbol changes to “VLTA” on Friday.\nSPACs raise money from investors and go public in initial public offerings, then go out and find an operating company to combine with. Once the companies merge, the start-up gets access to the SPAC’s cash and stock-market listing, and the SPAC effectively ceases to exist.\nThere is an extra wrinkle, however: SPAC shareholders have a redemption option, meaning that around the time of a merger they can elect to swap their shares for an equal proportion of the SPAC’s cash. That tends to be around $10. Amid a broader selloff in the SPAC market, Tortoise II shares have been trading just below that level in recent weeks.\nSome 70% of Tortoise II shareholders elected to redeem on Wednesday, asking for $242.2 million back out of the SPAC’s $345 million trust. Shareholders representing 59% of Tortoise II’s shares outstanding voted on the deal; 96% of them were in favor. Yes, SPAC shareholders can vote in favor of a deal but then still withdraw their cash.\nLuckily for Volta, its deal with Tortoise II also included a $300 million private investment in public equity, or PIPE, from institutional investors like BlackRock and Fidelity. After redemptions, Volta will raise around $400 million before expenses in the deal, not $645 million.\nCEO Scott Mercer tellsBarron’sthat the smaller capital raise doesn’t impact the company’s growth plans or timeline. It aims to get to 26,000 charging stations by the end of 2025, from around 2,000 today. Financial forecasts for 2025 are for $252 million in Ebitda—earnings before interest, taxes, depreciation, and amortization—on $826 million in revenue. The company sees sales about doubling each year from 2020’s $25 million.\nVolta-Tortoise II isn’t the only SPAC merger to get hit with a wave of redemptions this week. Good Works Acquisition (GWAC) shareholders approved a merger with Bitcoin company Cipher Mining Technologies on Wednesday, but redeemed $128.4 million out of its $170 million trust. That deal also included a $425 million PIPE.\nWhen the SPAC market enters periods of weakness like the current one, arbitrage-focused funds tend to swoop in and buy shares trading at discounts to their trust values. They’re not interested in investing in the future post-SPAC company, just earning the difference between the stock’s price and its trust value. It is as close to a risk-free trade as you can find, and can be especially attractive in a world of rock-bottom interest rates and bond yields. That is why Volta and Cipher Mining saw so many redemptions this week.\nVolta’s business model is a little different than the half-dozen other EV charging stocks on the market. Some of its peers are focused on selling equipment and software for others to operate charging stations. Others want to run their own network, and charge EV drivers for time or electricity used.\nVolta’s strategy is, essentially, based on consumer behavior. It wants to locate its stations to maximize station utilization and drive traffic to retailers, some of whom will pay Volta for putting its charging stations in front of their stores. It’s willing to locate in higher-value real estate because that is where people want to be. The company can generate revenue from its retail partners, by selling advertising space on its chargers’ large screens, and by charging for the electricity being used by EV drivers.\nOne things that has changed since Volta announced its plans to go public is the passage of President Biden’s $1 trillion infrastructure bill. That has money, which the federal government can allocate to states, for building EV charging networks.\n“The actual [spending] number matters less than the fact that there is a bully pulpit pushing this,” says Volta’s co-founder and president Chris Wendel. “It’s an all parts of government push to electrify as part of a broader climate agenda which we are fully aligned with.” Volta management adds that tax credits for building EV infrastructure are another important incentive that the government could continue. Those are so-called 30 C incentives.\nVolta announce its plans to merge with Tortoise II in early February. Shares are down 43% since then. Many SPAC stocks have sold off significantly from their February highs. The Defiance Next Gen SPAC Derived ETF(SPAK) is down about 33% since Volta announced its deal. That ETF is also down about 35% from its mid-February 52-week high.\nRising interest rates because of inflation fears that built earlier in 2021 are one reason for SPAC stock underperformance. Higher rates hurt richly valued start-up companies more than others, and make more speculative assets less attractive. A rotation out of small capitalization stocks hasn’t helped either. The Russell 2000 Index is down about 2% since mid-February. The S&P 500 and Dow Jones Industrial Averageare up about 15% and 12%, respectively, over the same span.\nVolta is the third EV charging-related start-up to close a SPAC merger and become publicly traded, along with EVgo(EVGO) and ChargePoint(CHPT). Two additional companies have deals pending: EV Box is merging with TPG Pace Beneficial Finance(TPGY) and WallBox is merging with Kensington Acquisition Corp II(KCAC).Beam Global(BEEM) and Blink Charging(BLNK) became publicly traded through traditional initial public offerings.\nThe first SPAC from the team behind Tortoise II took Hyliion Holdings (HYLN) public last year. Its third—TortoiseEcofin Acquisition III (TRTL)—went public last month and also has a sustainability focus. Former U.S. president Bill Clinton is on that SPAC’s board of directors.","news_type":1,"symbols_score_info":{"VLTA":0.9}},"isVote":1,"tweetType":1,"viewCount":777,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/819821011"}