TortoiseEcofin Acquisition Corp. III Receives Delisting Notice from the New York Stock Exchange
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.
TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) ha ricevuto una notifica di esclusione dalla New York Stock Exchange (NYSE) per non aver concluso una combinazione aziendale entro il periodo richiesto. Le contrattazioni dei titoli dell'azienda sulla NYSE sono state sospese dopo la chiusura del mercato del 22 luglio 2024. L'azienda prevede di fare appello contro la decisione di esclusione e si aspetta che i suoi titoli vengano quotati nei mercati OTC a partire dal 23 luglio 2024, sotto nuovi simboli ticker.
Nonostante il processo di esclusione, TortoiseEcofin Acquisition Corp. III resterà quotata sulla NYSE durante l'appello e continuerà come entità quotata ai sensi del Securities Exchange Act del 1934. Ciò garantisce un continuo aggiornamento delle informazioni finanziarie e operative. L'azienda sottolinea che il processo di esclusione non influisce sulle sue operazioni aziendali.
TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) ha recibido un aviso de exclusión de la Bolsa de Nueva York (NYSE) por no haber consumado una combinación empresarial dentro del plazo requerido. La negociación de los valores de la empresa en la NYSE fue suspendida después del cierre del mercado el 22 de julio de 2024. La empresa planea apelar la decisión de exclusión y espera que sus valores sean cotizados en los mercados OTC a partir del 23 de julio de 2024, bajo nuevos símbolos de cotización.
A pesar del proceso de exclusión, TortoiseEcofin Acquisition Corp. III permanecerá listada en la NYSE durante la apelación y continuará como entidad reportante bajo la Ley de Cambio de Valores de 1934. Esto asegura la divulgación continua de información financiera y operativa. La empresa enfatiza que el proceso de exclusión no afecta sus operaciones comerciales.
TortoiseEcofin Acquisition Corp. III (NYSE: TRTL)는 정해진 기간 내에 사업 결합을 완료하지 못한 이유로 뉴욕 증권 거래소(NYSE)로부터 상장 폐지 통지를 받았습니다. 2024년 7월 22일 시장 마감 후 NYSE에서 회사 증권 거래가 중단되었습니다. 회사는 상장 폐지 결정에 대한 항소를 계획하고 있으며, 2024년 7월 23일부터 새로운 티커 기호로 OTC 시장에서 증권이 거래될 것으로 예상하고 있습니다.
상장 폐지 절차에도 불구하고 TortoiseEcofin Acquisition Corp. III는 항소 기간 동안 여전히 NYSE에 상장되어 있으며, 1934년 증권 거래법에 따른 보고 주체로 계속 운영됩니다. 이는 재무 및 운영 정보의 지속적인 공개를 보장합니다. 회사는 상장 폐지 절차가 비즈니스 운영에 영향을 미치지 않는다고 강조했습니다.
TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) a reçu un avis de radiation de la Bourse de New York (NYSE) en raison de l'incapacité de réaliser une combinaison d'affaires dans le délai requis. Le trading des titres de l'entreprise sur la NYSE a été suspendu après la fermeture du marché le 22 juillet 2024. La société prévoit de faire appel de la décision de radiation et s'attend à ce que ses titres soient cotés sur les marchés OTC à partir du 23 juillet 2024, sous de nouveaux symboles boursiers.
Malgré le processus de radiation, TortoiseEcofin Acquisition Corp. III restera cotée à la NYSE pendant l'appel et continuera en tant qu'entité déclarant en vertu de la loi sur les valeurs mobilières de 1934. Cela garantit la divulgation continue des informations financières et opérationnelles. La société souligne que la procédure de radiation n'affecte pas ses opérations commerciales.
TortoiseEcofin Acquisition Corp. III (NYSE: TRTL) hat eine Abmeldung vom New York Stock Exchange (NYSE) erhalten, da sie es versäumt hat, innerhalb des erforderlichen Zeitrahmens eine Unternehmensfusion abzuschließen. Der Handel mit den Wertpapieren des Unternehmens an der NYSE wurde nach Börsenschluss am 22. Juli 2024 ausgesetzt. Das Unternehmen plant, gegen die Abmeldungsentscheidung Berufung einzulegen und erwartet, dass seine Wertpapiere ab dem 23. Juli 2024 unter neuen Tickersymbolen an den OTC-Märkten quotiert werden.
Trotz des Abmeldungsverfahrens wird TortoiseEcofin Acquisition Corp. III während der Berufung weiterhin an der NYSE gelistet sein und als meldepflichtige Gesellschaft nach dem Securities Exchange Act von 1934 agieren. Dies gewährleistet eine kontinuierliche Offenlegung von finanziellen und operativen Informationen. Das Unternehmen betont, dass das Abmeldungsverfahren keinen Einfluss auf seine Geschäftstätigkeit hat.
- Company remains listed on NYSE during appeal process
- Continues as a reporting entity under Securities Exchange Act of 1934
- Business operations unaffected by delisting proceedings
- Received delisting notice from NYSE
- Failed to consummate business combination within required timeframe
- Trading of securities suspended on NYSE after July 22, 2024
- Moving to OTC markets, potentially reducing liquidity and investor access
Insights
The delisting notice from the NYSE is a significant event for TortoiseEcofin Acquisition Corp. III. Delisting can lead to reduced liquidity and potentially lower valuations for the company's securities. It generally indicates regulatory or compliance issues, which can dampen investor confidence.
From a financial perspective, the inability to consummate a business combination within the required timeframe suggests operational challenges. This failure could reflect poorly on management's strategic planning and execution capabilities. Investors should closely monitor the company's efforts to appeal the delisting decision and its transition to the OTC markets. This move might impact trading volumes and the ease with which investors can buy or sell shares.
The NYSE's decision to delist TortoiseEcofin is grounded on specific violations of the listed company manual, particularly Sections 802.01B and 102.06e. These sections generally pertain to the timely completion of business combinations and maintaining minimum standards for continued listing.
For investors, understanding these regulatory frameworks is crucial. The company's intention to request a review by the NYSE Board's Committee highlights its commitment to resolving these issues. However, the outcome of such reviews is uncertain and may prolong the period of ambiguity for shareholders.
Legal considerations also include potential implications for shareholder rights and any ongoing obligations under the Securities Exchange Act of 1934, which the company has affirmed it will continue to adhere to. This is critical for ensuring transparency and maintaining some level of investor trust during the transition to OTC markets.
The transition of TortoiseEcofin’s securities to the OTC markets can significantly impact investor perceptions. OTC markets tend to have less stringent regulatory requirements and may be perceived as less prestigious than major exchanges like the NYSE. This perception can influence investor confidence and potentially lead to decreased demand and lower stock prices.
For retail investors, this transition could mean increased volatility and potentially wider bid-ask spreads, making it more challenging to trade shares. However, it's essential to note that not all OTC-listed companies perform poorly; some continue to thrive and provide substantial returns.
Investors should closely watch the company's strategic moves and any announcements related to future business combinations. The ability to successfully navigate this period and execute on strategic goals will be key to regaining market confidence and potentially returning to a major exchange in the future.
As indicated in the letter, the Company has the right to request that NYSE’s delisting determination be reviewed by a Committee of the Board of Directors of NYSE, which the Company intends to pursue.
The Company expects its Securities will be quoted on the OTC markets on July 23, 2024, under the ticker symbols “TRTUF” for units, “TRTLF” for Class A ordinary shares and “TRTWF” for warrants. The delisting process does not affect the Company’s business operations. The Company will remain listed on the NYSE throughout the appeal proceedings and will remain a reporting entity under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), ensuring continued disclosure of financial and operational information.
About TortoiseEcofin Acquisition Corp. III
TortoiseEcofin Acquisition Corp. III, a
Forward-Looking Statements
This press release contains certain forward-looking statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may," "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding the Company’s intentions, beliefs or current expectations concerning the Company’s performance, business and future events. Such forward-looking statements are based on management’s expectations, beliefs and forecasts concerning future events impacting the Company. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause actual results to differ materially from the from the plans, objectives, expectations, estimates and intentions expressed or implied by such forward-looking statements. The forward-looking statements made in this press release speak only as of the date hereof and the Company disclaims any obligation, except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in the Company’s expectations or future events.
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TortoiseEcofin Acquisition Corp. III
195 US HWY 50, Suite 309
Attn: Vincent T. Cubbage, Chief Executive Officer
Tel: (239) 288-2275
Source: TortoiseEcofin Acquisition Corp. III
FAQ
Why is TortoiseEcofin Acquisition Corp. III (TRTL) being delisted from NYSE?
When will TRTL's securities stop trading on NYSE?
What are the new ticker symbols for TRTL on OTC markets?
Will TRTL continue to disclose financial information after delisting?
Is TRTL appealing the NYSE delisting decision?
