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TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) has received a delisting notice from the New York Stock Exchange (NYSE) for failing to consummate a business combination within the required timeframe. Trading of the company's securities on NYSE was suspended after market close on July 22, 2024. The company plans to appeal the delisting decision and expects its securities to be quoted on the OTC markets starting July 23, 2024, under new ticker symbols.
Despite the delisting process, TortoiseEcofin Acquisition Corp. III will remain listed on NYSE during the appeal and continue as a reporting entity under the Securities Exchange Act of 1934. This ensures ongoing disclosure of financial and operational information. The company emphasizes that the delisting proceedings do not affect its business operations.
One Energy Enterprises, an industrial power company, will host a Virtual Analyst and Investor Day on July 1, 2024, from 1:00 p.m. to 2:30 p.m. ET.
The event will be streamed live from their headquarters in Findlay, Ohio, and can be accessed through registration at https://icr.swoogo.com/One_Power. An investor presentation will be available on the event day, with a replay accessible afterward.
Previously, on August 15, 2023, One Energy and TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) announced a definitive Business Combination Agreement. The merger, contingent on TRTL stockholder approval and other conditions, aims to list the combined entity, One Power, on the NYSE under the symbol 'ONE'.
One Energy Enterprises has announced the selection of Selena Cuffe to join the board of directors of One Power Company, the entity that will emerge after its business combination with TortoiseEcofin Acquisition Corp. III (TRTL). The Business Combination will also see TRTL seeking shareholder approval for the transaction and appointment of director nominees, including Ms. Cuffe. Ms. Cuffe brings a wealth of experience, currently serving as Chief Growth Officer for Blackstone Consulting and RJB Properties, and as a Los Angeles Branch Director for the Federal Reserve Bank of San Francisco. She holds an MBA from Harvard Business School and a Bachelor of Arts in International Relations from Stanford University. The newly formed board will include seven members with expertise in strategy, development, finance, and energy policy, and the company expects to list on the NYSE under the ticker symbol 'ONE' later this year.
One Energy Enterprises announced the successful closure of an oversubscribed $35+ million Series A Preferred Round. The company plans to use the proceeds to pursue business plans and fund working capital needs before the expected closing of its proposed business combination with Tortoise Ecofin Acquisition Corp. III (TRTL). $2 million of the funds is expected to close by the end of May 2024, with the remaining contingent upon specific conditions by August 1, 2024. Upon the proposed business combination closing, the Series A shares will either convert into common stock or be exchanged for new preferred shares. The company is also exploring additional financing opportunities prior to the business combination closure.
TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) has filed a Form S-4 registration statement with the SEC for a proposed business combination with One Energy Enterprises Inc. The merged entity will be named One Power Company and is expected to list on the NYSE under the ticker 'ONE'.
The closing of this business combination is anticipated in the second half of 2024, subject to shareholder approvals and other conditions. One Energy, a power solutions provider specializing in industrial wind energy, will continue its operations under the new name.
Founded in 2009, One Energy develops, constructs, owns, and operates behind-the-meter power solutions for industrial clients.
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