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TortoiseEcofin Acquisition Corp. III (OTC: TRTUF) has announced its intent to liquidate and return funds to Class A ordinary shareholders. This decision follows a notice from One Energy Enterprises Inc. attempting to terminate their Business Combination Agreement due to TRTUF's suspension from NYSE trading. Although TRTUF disputes One Energy's right to terminate, the company doesn't expect the business combination to be completed and won't seek another target.
The Board has decided to liquidate the trust account, with no further contributions from the sponsor. TRTUF plans to redeem all outstanding Class A ordinary shares for a pro rata amount of the trust account's principal and interest, minus taxes and dissolution expenses. The redemption is expected around September 6, 2024, after which the shares will be canceled. TRTUF also plans to file a Form 15 to end its reporting obligations.
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.
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