Why Hyliion Holdings Stock Tanked 9% Today
Shares of Hyliion Holdings (NYSE: HYLN), the maker of electrified powertrain solutions for Class 8 commercial vehicles that began trading Oct. 1, suffered a steep sell-off Tuesday, closing the day down 9.2%. Hyliion became public after its reverse-merger IPO into an already-listed special purpose acquisition company (SPAC), Tortoise Acquisition. It is already up more than 150% from what shares of its acquirer, Tortoise, cost a year ago, and it may have run out of room to run higher.
