TortoiseEcofin Acquisition Corp. III Announces Liquidation Plans
TortoiseEcofin Acquisition Corp. III (the “Company”) (OTC: TRTUF) has announced its decision to liquidate its assets as soon as possible and return funds to the holders of its Class A ordinary shares.
Update on the Business Combination Agreement
Recently, the Company received a notice from One Energy Enterprises Inc. (“One Energy”) stating that they are unilaterally terminating the Amended and Restated Business Combination Agreement, which was originally dated February 14, 2024. This termination is said to be due to the suspension of the Company’s securities trading on the New York Stock Exchange. In response, the Company firmly rejected One Energy’s claims, asserting that the Business Combination Agreement remains valid and in effect. While the Company is exploring legal options, it does not expect to finalize the Business Combination or seek alternative partnerships.
Board Decision and Next Steps
Given the circumstances, the Company’s Board of Directors has decided to liquidate the trust account. Additionally, the Company’s sponsor will not make any further contributions to the trust account. It is expected 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 accounting for taxes and expenses related to the dissolution. This Redemption Amount is set to be distributed to Class A ordinary shareholders through Continental Stock Transfer & Trust Company, which will act as the Company’s transfer agent, following the close of business on a specified date.
Termination of Reporting Obligations
As part of the liquidation process, the Company is preparing to file a Form 15 to formally terminate its reporting obligations. This action is a necessary step toward finalizing the liquidation.
Forward-Looking Statements Disclaimer
It is essential to recognize that some statements made by the Company may be considered forward-looking. These statements reflect the Company’s expectations regarding possible future events and outcomes. However, such projections are inherently uncertain and based on various assumptions. Individuals should not view these statements as guarantees of future performance, as they carry risks and uncertainties that could impact actual results.
Contact Information for the Company
For further inquiries, please reach out to:
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 main reason for the liquidation is the unilateral termination notice from One Energy regarding the Business Combination Agreement, along with the suspension of trading on the New York Stock Exchange.
How will shareholders be compensated during the liquidation?
Shareholders will receive a Redemption Amount calculated on a pro rata basis from the principal and accrued interest in the trust account, after deducting taxes and expenses related to the dissolution.
When are the Class A ordinary shares expected to be canceled?
The Class A ordinary shares will be canceled around the close of business on a specified date and will no longer be valid for trading.
What regulatory steps is the Company taking in light of the liquidation?
The Company intends to file a Form 15 to officially terminate its reporting obligations as part of the liquidation process.
Who can be contacted for more information regarding the liquidation?
For more information, inquiries can be directed to Vincent T. Cubbage, the Chief Executive Officer, using the contact details provided above.
