Hyliion Announces Redemption of Public Warrants
November 30 2020 - 8:15AM
Business Wire
Hyliion Holdings Corp. (NYSE: HYLN; HLYN WS) (“Hyliion”), a
leader in electrified powertrain solutions for Class 8 commercial
vehicles, today announced that holders of its approximately 12.5
million outstanding warrants (the “Public Warrants”) to purchase
shares of its common stock, $0.0001 par value per share (the
“Common Stock”) will have until 5:00 p.m., New York City time, on
December 30, 2020 to exercise their Public Warrants. The Public
Warrants are exercisable for an aggregate of approximately 12.5
million shares of Common Stock at a price of $11.50 per share,
representing a total of approximately $144.0 million in potential
proceeds to Hyliion. Pursuant to the terms of the agreements
governing the rights of the holders of the Public Warrants, Hyliion
is entitled to redeem all of the outstanding Public Warrants for a
redemption price of $0.01 per Public Warrant (the “Redemption
Price”) if the last sales price of the Common Stock is at least
$18.00 per share on each of twenty (20) trading days within the
thirty (30) trading-day period ending on the third trading day
prior to the date on which a notice of redemption is given. This
share price performance target has been met. Any Public Warrants
that remain unexercised immediately after 5:00 p.m., New York City
time, on December 30, 2020 will be void and no longer exercisable,
and the holders of those Public Warrants will be entitled to
receive $0.01 per Public Warrant. Holders of Public Warrants in
“street name” should immediately contact their broker to determine
their broker’s procedure for exercising their Public Warrants since
the process to exercise is voluntary.
The Public Warrants were issued under (i) the Warrant Agreement,
dated as of February 27, 2019 (the “Warrant Agreement”), by and
between Tortoise Acquisition Corp. (“TortoiseCorp”) and Continental
Stock Transfer & Trust Company, as warrant agent (the “Warrant
Agent”) and (ii) the Amended and Restated Forward Purchase
Agreement, dated February 6, 2019, among TortoiseCorp, Tortoise
Sponsor LLC and Atlas Point Energy Infrastructure Fund, LLC, as
amended by the First Amendment to Amended and Restated Forward
Purchase Agreement, dated June 18, 2020. Warrants to purchase
Common Stock that were issued under the Warrant Agreement in a
private placement and still held by the initial holders thereof or
their permitted transferees are not subject to this
redemption.
None of Hyliion, its board of directors or employees has made or
is making any representation or recommendation to any holder of the
Public Warrants as to whether to exercise or refrain from
exercising any Public Warrants.
The shares of Common Stock underlying the Public Warrants have
been registered by Hyliion under the Securities Act of 1933, as
amended, and are covered by a registration statement filed on Form
S-1 with, and declared effective by, the Securities and Exchange
Commission (Registration No. 333-249649).
Questions concerning redemption and exercise of the Public
Warrants can be directed to Continental Stock Transfer & Trust
Company, 1 State Street, 30th Floor, New York, New York 10004,
Attention: Compliance Department, telephone number (212)
509-4000.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any offer of any
of Hyliion’s securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Hyliion Holdings Corp.
Hyliion’s mission is to reduce the carbon intensity and
greenhouse gas (GHG) emissions of commercial transportation Class 8
vehicles by being a leading provider of electrified powertrain
solutions. Leveraging advanced software algorithms and data
analytics capabilities, Hyliion offers fleets an easy, efficient
system to decrease fuel and operating expenses while seamlessly
integrating with their existing fleet operations. Headquartered in
Austin, Texas, it designs, develops and sells electrified
powertrain solutions that are designed to be installed on most
major Class 8 commercial vehicles, with the goal of transforming
the commercial transportation industry’s environmental impact at
scale. For more information, visit www.hyliion.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201130005213/en/
Contacts For media inquiries please contact: Mustafa
Riffat / Jeremy Cohen Edelman mustafa.riffat@edelman.com /
jeremy.cohen@edelman.com For Investor Relations inquiries please
contact: Bob Gujavarty bob.gujavarty@hyliion.com
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