TortoiseEcofin Acquisition Corp. III Plans Liquidation
![TortoiseEcofin Acquisition Corp. III Plans Liquidation](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
TortoiseEcofin Acquisition Corp. III Announces Liquidation Intent
TortoiseEcofin Acquisition Corp. III (the “Company”) (OTC: TRTUF) has declared its intention to liquidate its assets as promptly as possible and return funds to holders of its Class A ordinary shares.
Details Regarding the Business Combination Agreement
Recently, the Company received a communication from One Energy Enterprises Inc. (“One Energy”) that indicated a unilateral termination of the Amended and Restated Business Combination Agreement, originally dated February 14, 2024. This termination purportedly resulted from the suspension of the Company’s securities trading on the New York Stock Exchange. The Company responded decisively, rejecting One Energy’s claims and asserting that the Business Combination Agreement is still valid and in effect. While legal avenues are being explored, the Company does not anticipate finalizing the Business Combination or pursuing any alternative partnerships.
Board Decision and Future Steps
In light of the aforementioned circumstances, the Company’s Board of Directors has resolved to liquidate the trust account. Furthermore, the Company’s sponsor will refrain from making additional contributions to the trust account. It is anticipated that all outstanding Class A ordinary shares will be redeemed based on a pro rata calculation of the principal and accrued interest from the trust account, after deducting taxes and expenses associated with the dissolution. This Redemption Amount is scheduled to be paid to Class A ordinary shareholders through Continental Stock Transfer & Trust Company, acting as the Company’s transfer agent, following the close of business on a specified date.
Reporting Obligations Termination
In alignment with the liquidation process, the Company is preparing to file a Form 15, formally terminating its reporting obligations. This step is part of the transition towards finalizing the liquidation process.
Forward-Looking Statements Disclaimer
It is important to note that certain statements made by the Company may be classified as forward-looking statements. Such statements represent the Company’s expectations regarding potential future events and outcomes. These projections are inherently uncertain and are based on various assumptions. Individuals are cautioned against considering these statements as guarantees of future performance, as they involve risks and uncertainties that may affect actual results.
Company Contact Information
For additional inquiries, please contact:
TortoiseEcofin Acquisition Corp. III
195 US HWY 50, Suite 309
Zephyr Cove, NV 89448
Attn: Vincent T. Cubbage, Chief Executive Officer
Tel: (239) 288-2275
Frequently Asked Questions
What is the primary reason for TortoiseEcofin Acquisition Corp. III's liquidation?
The primary reason is the unilateral termination notice from One Energy regarding the Business Combination Agreement, alongside the suspension of trading on the New York Stock Exchange.
How will shareholders be compensated during the liquidation?
Shareholders will receive a Redemption Amount based on a pro rata distribution of the principal and accrued interest in the trust account, after tax and dissolution expenses are accounted for.
When are the Class A ordinary shares expected to be canceled?
The Class A ordinary shares will be deemed canceled around the close of business on a specified date and will no longer trade as valid shares.
What regulatory steps is the Company taking in light of the liquidation?
The Company plans to file a Form 15 to officially terminate its reporting obligations, which is part of the liquidation process.
Who can be contacted for more information regarding the liquidation?
For further information, inquiries can be directed to Vincent T. Cubbage, the Chief Executive Officer, using the contact details provided.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Related Articles
- Embecta Corp. Highlights Upcoming Investor Events
- Stifel Financial Corp. Updates July 2024 Performance Metrics
- Vision Sensing Acquisition Corp. Partners with Convergence CT
- PharmaCorp Expands Portfolio with New Pharmacy Acquisition
- E Split Corp. Announces August 2024 Distribution
- Inhibitor Therapeutics Updates Clinical Development Plans
- Infrastructure Dividend Split Corp. Class A Distributions Update
- Real Estate Split Corp. Announces Class A Distribution
- Discovery Silver Corp. Unveils 2023 ESG Report
- Above Food Expands Its Pet Food Offerings with Acquisition