TortoiseEcofin Acquisition Corp. III Announces Intent to Liquidate
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 (OTC: TRTUF) ha annunciato la sua intenzione di liquidare e restituire i fondi agli azionisti ordinari di Classe A. Questa decisione segue una comunicazione da parte di One Energy Enterprises Inc. che cerca di terminare il loro Accordo di Combinazione Aziendale a causa della sospensione di TRTUF dal trading NYSE. Anche se TRTUF contesta il diritto di One Energy di terminare, l'azienda non si aspetta che la combinazione aziendale venga completata e non cercherà un altro obiettivo.
Il Consiglio ha deciso di liquidare il fondo fiduciario, senza ulteriori contributi da parte dello sponsor. TRTUF prevede di riscattare tutte le azioni ordinarie di Classe A ancora in circolazione per un importo pro rata del capitale e degli interessi del fondo fiduciario, al netto di tasse e spese di liquidazione. Il riscatto è previsto intorno al 6 settembre 2024, dopo il quale le azioni saranno cancellate. TRTUF prevede anche di presentare un Modulo 15 per terminare i suoi obblighi di rendicontazione.
TortoiseEcofin Acquisition Corp. III (OTC: TRTUF) ha anunciado su intención de liquidar y devolver fondos a los accionistas ordinarios de Clase A. Esta decisión sigue a un aviso de One Energy Enterprises Inc. que intenta rescindir su Acuerdo de Combinación Empresarial debido a la suspensión de TRTUF en la negociación de NYSE. Aunque TRTUF impugna el derecho de One Energy a terminar, la empresa no espera que la combinación empresarial se complete y no buscará otro objetivo.
La Junta ha decidido liquidar la cuenta fiduciaria, sin más contribuciones del patrocinador. TRTUF planea recomprar todas las acciones ordinarias de Clase A en circulación por un monto prorrateado del capital e intereses de la cuenta fiduciaria, menos impuestos y gastos de disolución. Se espera que la recompra ocurra alrededor del 6 de septiembre de 2024, después de lo cual las acciones serán canceladas. TRTUF también planea presentar un Formulario 15 para finalizar sus obligaciones de informes.
TortoiseEcofin Acquisition Corp. III (OTC: TRTUF)는 청산을 하고 클래스 A 보통주 주주에게 자금을 반환할 계획이라고 발표했습니다. 이 결정은 TRTUF의 NYSE 거래 정지로 인한 One Energy Enterprises Inc.의 사업 조합 계약 해지를 시도하는 통지에 따른 것입니다. TRTUF는 One Energy의 해지 권리를 이의제기하고 있지만, 사업 조합이 완료될 것으로 예상하지 않으며 다른 대상을 찾지 않을 것입니다.
이사회는 신탁 계좌를 청산하기로 결정했으며, 스폰서로부터 추가 기여는 없습니다. TRTUF는 유통 중인 모든 A 클래스 보통주를 신탁 계좌의 원금 및 이자의 비례적인 금액으로 상환할 계획입니다. 세금 및 청산 비용을 제외하고, 상환은 2024년 9월 6일 경에 예상되며, 그 이후 주식은 취소될 것입니다. TRTUF는 보고 의무를 종료하기 위해 Form 15를 제출할 계획이기도 합니다.
TortoiseEcofin Acquisition Corp. III (OTC: TRTUF) a annoncé son intention de liquider et de retourner des fonds aux actionnaires ordinaires de classe A. Cette décision fait suite à un avis de One Energy Enterprises Inc. tentant de résilier leur accord de combinaison d'affaires en raison de la suspension de TRTUF de la négociation sur le NYSE. Bien que TRTUF conteste le droit de One Energy de résilier, la société ne s'attend pas à ce que la combinaison d'affaires soit finalisée et ne cherchera pas un autre objectif.
Le Conseil a décidé de liquider le compte fiduciaire, sans autres contributions du sponsor. TRTUF prévoit de racheter toutes les actions ordinaires de classe A en circulation pour un montant au prorata du capital et des intérêts du compte fiduciaire, déduction faite des impôts et des frais de dissolution. Le rachat est prévu autour du 6 septembre 2024, après quoi les actions seront annulées. TRTUF prévoit également de soumettre un formulaire 15 pour mettre fin à ses obligations de rapport.
TortoiseEcofin Acquisition Corp. III (OTC: TRTUF) hat seine Absicht angekündigt, liquidieren und Gelder an die A-Klasse Stammaktionäre zurückzugeben. Diese Entscheidung folgt auf eine Mitteilung von One Energy Enterprises Inc., die versucht, ihren Geschäftskombinationsvertrag aufgrund der Aussetzung von TRTUF im NYSE-Handel zu kündigen. Obwohl TRTUF das Recht von One Energy, zu kündigen, bestreitet, erwartet das Unternehmen nicht, dass die Unternehmenszusammenschluss abgeschlossen wird, und wird kein weiteres Ziel suchen.
Der Vorstand hat beschlossen, das Treuhandkonto zu liquidieren, ohne weitere Beiträge des Sponsors. TRTUF plant, alle ausstehenden A-Klasse Stammaktien zu einem anteiligen Betrag des Kapitals und der Zinsen des Treuhandkontos zuzüglich Steuern und Auflösungskosten einzulösen. Der Rückkauf wird voraussichtlich um den 6. September 2024 erfolgen, wonach die Aktien storniert werden. TRTUF plant auch, ein Formular 15 einzureichen, um seine Berichtspflichten zu beenden.
- Return of funds to Class A ordinary shareholders
- Prompt action taken to address the failed business combination
- Clear communication of liquidation process and timeline to shareholders
- Failure to complete the planned business combination with One Energy
- Suspension of TRTUF securities from trading on NYSE
- Liquidation of the company, ending potential for future value creation
- Potential legal dispute with One Energy over termination of the agreement
Zephyr Cove, NV, Aug. 22, 2024 (GLOBE NEWSWIRE) -- TortoiseEcofin Acquisition Corp. III (the “Company”) (OTC: TRTUF) announced today that it intends to liquidate as soon as practicable and to return funds to holders of its Class A ordinary shares.
As previously disclosed, on July 25, 2024, the Company received a notice from One Energy Enterprises Inc. (“One Energy”) purporting to unilaterally terminate the Amended and Restated Business Combination Agreement, dated as of February 14, 2024, between the parties (the “Business Combination Agreement”), due to the suspension of the Company’s securities from trading on the New York Stock Exchange. The Company has responded to One Energy’s notice rejecting One Energy’s ability to terminate the proposed business combination (the “Business Combination”) under the terms of the Business Combination Agreement, and in the Company’s view, the Business Combination Agreement remains in effect. Although the Company is exploring all of its legal options, it does not expect that the Business Combination will be completed and does not intend to seek a business combination with another target.
In view of the foregoing, the Board of Directors of the Company has determined to liquidate the trust account and the Company’s sponsor will not make any further contributions to the Company’s trust account.
The Company expects to redeem all of its outstanding Class A ordinary shares for a pro rata amount of the principal and accrued interest in the trust account after the payment of taxes and dissolution expenses (the “Redemption Amount”). On or about the close of business on September 6, 2024, the Class A ordinary shares will be deemed canceled and will represent only the right to receive the Redemption Amount. The Redemption Amount will be payable to the holders of Class A ordinary shares through the facilities of Continental Stock Transfer & Trust Company, the Company’s transfer agent.
The Company expects to file a Form 15 to terminate its reporting obligations.
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 Securities Exchange Act of 1934, as amended. 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. 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.
Contacts
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
FAQ
Why is TortoiseEcofin Acquisition Corp. III (TRTUF) liquidating?
When will TRTUF shareholders receive their redemption amount?
What happens to TRTUF's Class A ordinary shares after the liquidation?
Will TRTUF continue its reporting obligations after liquidation?
