Tortoise Capital Announces Tortoise Decarbonization Infrastructure Index Constituent Changes Due to Corporate Action

Rhea-AI Summary

Tortoise Capital has announced the removal of SunPower Corp (NASDAQ:SPWR) from the Tortoise Decarbonization Infrastructure Index (DCRBN) due to SPWR's bankruptcy and asset purchase agreement with Complete Solaria, Inc. The removal will take effect at market open on August 9, 2024. No special rebalancing is required for DCRBN; SPWR's weight will be distributed pro rata among the remaining index constituents. This corporate action reflects significant changes in the solar energy sector and may impact the composition and performance of the DCRBN index.

Positive

• Pro rata redistribution of SPWR's weight to remaining index constituents, potentially benefiting other companies in the index

Negative

• Removal of SunPower Corp (SPWR) from the DCRBN index due to bankruptcy
• Potential decrease in the index's exposure to the solar energy sector

OVERLAND PARK, KS / ACCESSWIRE / August 8, 2024 / Tortoise Capital today announced that SunPower Corp (NASDAQ:SPWR) will be removed from the Tortoise Decarbonization Infrastructure Index^SM (DCRBN) as a result of its announced bankruptcy and asset purchase agreement with Complete Solaria, Inc. SPWR will be removed from the index when the market opens on Aug. 9, 2024.

Special rebalancing is not required for DCRBN. SPWR will be removed, and its weight distributed pro rata to remaining Index constituents.

About Tortoise Index Solutions (TIS)

TIS provides research-driven indices that can be used as a realistic basis for exchange-traded products and thought leadership in the universe of essential assets. Its indices are intended to fill a void in the market and provide benchmarks and investable asset class universes for use by investment professionals, research analysts and industry executives to analyze relative performance as well as to provide a basis for passively managed exchange-traded products. To learn more, please visit www.tortoiseadvisors.com.

About Tortoise Capital

With approximately $8 billion in assets under management as of July 31, 2024, Tortoise Capital's solid record of investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered fund manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors-from production to transportation to distribution. For more information about Tortoise Capital, visit www.TortoiseAdvisors.com.

The Tortoise Decarbonization Infrastructure IndexSM is a float-adjusted, capitalization weighted index of decarbonizing infrastructure companies that are organized and have their principal place of business in the United States or Canada. We define a decarbonization infrastructure company as a company that primarily owns natural gas and/ or natural gas liquids infrastructure including pipelines and local distribution companies, electric generation, transmission and distribution, battery storage, electric charging infrastructure, residential rooftop solar facilities and/ or renewable fuels.

The Tortoise Decarbonization Infrastructure IndexSM is the exclusive property of TIS Advisors and is calculated by Solactive AG ("Solactive"). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive AG ("Solactive") in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or the completeness of the Index or the calculations thereof; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index.

This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Media Contacts

Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com

SOURCE: Tortoise

View the original press release on accesswire.com

FAQ

Why is SunPower Corp (SPWR) being removed from the Tortoise Decarbonization Infrastructure Index?

SunPower Corp (SPWR) is being removed from the index due to its announced bankruptcy and asset purchase agreement with Complete Solaria, Inc.

When will SPWR be removed from the Tortoise Decarbonization Infrastructure Index (DCRBN)?

SPWR will be removed from the DCRBN index when the market opens on August 9, 2024.

How will the removal of SPWR affect the Tortoise Decarbonization Infrastructure Index (DCRBN)?

SPWR's weight in the index will be distributed pro rata to the remaining index constituents. No special rebalancing is required for DCRBN.

What is the ticker symbol for the Tortoise Decarbonization Infrastructure Index?

The ticker symbol for the Tortoise Decarbonization Infrastructure Index is DCRBN.