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A 28-Year-Old SPAC Billionaire Can't Splash the Cash
Chris Bryant
October 6, 2020
(Bloomberg Opinion) -- Thomas Healy, the 28-year-old founder of Hyliion Holdings Corp. became a billionaire when his truck electrification company listed in New York last week.
For those, like me, who question the wisdom of a start-up going public before it’s generated meaningful revenue, Healy’s company has much to prove. But his story is reassuring in one respect.
The terms of Hyllion’s merger with Tortoise Acquisition Corp., a special purpose acquisition company (SPAC), barred Healy from cashing in when the deal closed. He can sell 10% of his shares in six months, according to the lockup agreement, but must wait two years to sell most of his stock.
The wristwatch he was wearing during our Zoom chat on Friday is the same one his parents gave him when he was 12. “I haven’t gone and splurged or anything … Honestly, I’ve been pretty busy,” he said......
https://finance.yahoo.com/news/28-old-sp...10934.html
Chris Bryant
October 6, 2020
(Bloomberg Opinion) -- Thomas Healy, the 28-year-old founder of Hyliion Holdings Corp. became a billionaire when his truck electrification company listed in New York last week.
For those, like me, who question the wisdom of a start-up going public before it’s generated meaningful revenue, Healy’s company has much to prove. But his story is reassuring in one respect.
The terms of Hyllion’s merger with Tortoise Acquisition Corp., a special purpose acquisition company (SPAC), barred Healy from cashing in when the deal closed. He can sell 10% of his shares in six months, according to the lockup agreement, but must wait two years to sell most of his stock.
The wristwatch he was wearing during our Zoom chat on Friday is the same one his parents gave him when he was 12. “I haven’t gone and splurged or anything … Honestly, I’ve been pretty busy,” he said......
https://finance.yahoo.com/news/28-old-sp...10934.html
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