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Stock on the move: Tortoise Acquisition on merger, SPI Energy on launch of electric vehicle unit

Yahoo Finance's On the Move panel discuss today's Stocks on the Move; Tortoise Acquisition and SPI Energy.

Video Transcript

JULIE HYMAN: I want to bring you a couple of stocks on the move as we take you to break. And these are actually somewhat related to the conversation that we've been happened-- having. One of them is called Tortoise Acquisition. It's one of these shell companies. Appropriately enough, the ticker is SHLL. The shares are only off about a tenth of 1%. They've recovered quite a bit. Earlier today, they were down in the double digits.

This company is set to merge with the electric truck drivetrain maker Hyliin-- Hyliion. And these blank-check stocks-- these so-called SPACs-- had been falling after Jay Clayton, the SEC chairman, said in an interview that the agency is looking at the SPAC boom and is particularly focused on disclosures tied to SPACs. So we had seen a number of the SPACs fall.

Also, we are looking at SPI Energy once again today. This company had a huge 1,200% gain yesterday. It had been trading at $1. It rose up almost to $50. Now it's up another 15% today. It launched a unit to design and develop electric vehicles and charging solutions yesterday. It's called EdisonFuture. We'll see what more there is to it because this is a tiny company. And even with those gains, it remains a tiny company.