Volta Industries to go public via $SNPR spac companyVolta Industries, Inc. and Tortoise Acquisition Corp. II Announce Planned Merger Combined Company to Remain on the NYSE
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.
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 securityholders 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
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Evstobuy
Morgan Stanley $QS Buy and $70 price targetFor Morgan Stanley’s Jonas, involvement in QS stock comes with high risk, but also high potential reward. In fact, the analyst calls it, "The Biotech of Battery Development."
"We believe their solid state technology addresses a very big impediment in battery science (energy density) that, if successful, can create extremely high value to a wide range of customers in the auto industry and beyond. The risks of moving from a single layer cell to a production car are high, but we think these are balanced by the commercial potential and the role of Volkswagen to help underwrite the early manufacturing ramp," Jonas explained.
Noting that QS is a stock for the long haul, Jonas rates the shares an Overweight (i.e. Buy), and his $70 price target indicates confidence in an upside of 28% for one-year time horizon.
Morgan Stanley $FSR Buy and $27 price targetFisker, is based in Southern California, the epicenter of so much of our ground-breaking tech industries. Fisker’s focus is on solid-state battery tech, a growing alternative to the lithium-ion batteries that most EVs depend on. While more expensive that the older lithium-based systems, solid state batteries are safer and offer higher energy densities.
For EVs, solid-state batteries offer faster charging times, longer range per charge, and potentially lower battery weight – all important factors in vehicle performance.
Morgan Stanley’s Jonas is impressed by this company, describing the ‘value proposition of Fisker’ as “…design, time to market, clean sheet user experience and management expertise,” and saying that the 4Q22 launch schedule for the Ocean is likely to be met.
“Fisker is specifically targeting the personal owned/passenger car business as opposed to commercial oriented end markets, where emotive design and user experience matter more. Additionally, the company wants to create an all-digital experience from the website to the app to the HMI in the car and continued customer engagement through its flexible lease product,” Jonas added.
In line with his upbeat outlook on the company (and the car), Jonas rates Fisker an Overweight (i.e. Buy), and sets a $27 price target suggesting an upside of 42% for the coming year.
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