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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.
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