Tortoise Announces Update on Financial Statements for TYG and NTG

Rhea-AI Summary

OVERLAND PARK, KS / ACCESSWIRE / February 9, 2023 / Tortoise Energy Infrastructure Corp. (TYG) and Tortoise Midstream Energy Fund, Inc. (NTG) announced they will not convert from a C-Corp to a Regulated Investment Company (RIC) at this time. The Funds are currently restating financial statements for periods ending November 30, 2021, and May 31, 2022, which has delayed the completion of their fiscal year 2022 statements, expected to be filed within 15 days. As of February 8, 2023, not converting to a RIC is estimated to impact each Fund's NAV by approximately 1.5%.

Positive

• The Funds are actively working on restating financials, which indicates a proactive approach to compliance.
• Expected filing of financial statements within 15 days shows commitment to transparency and timely reporting.

Negative

• Delay in completing financial statements may raise concerns among investors about the Funds' financial health.
• Estimated 1.5% impact on NAV due to not converting to a RIC could negatively affect investor sentiment.

OVERLAND PARK, KS / ACCESSWIRE / February 9, 2023 / Tortoise Energy Infrastructure Corp. (TYG) and Tortoise Midstream Energy Fund, Inc. (NTG) (the "Funds") previously announced their intent to convert from a C-Corp to a Regulated Investment Company (RIC) for the fiscal year ending November 30, 2022. The Funds have concluded to not complete the conversion to a RIC at this time and will continue to evaluate the conversion to a RIC in the future.

The Funds are in the process of restating the financial statements for the fiscal periods ended November 30, 2021 and May 31, 2022 which has caused a delay in completing their financial statements for the fiscal year ending November 30, 2022. The Funds intend to complete and file, within the next 15 days, their November 30, 2022 financial statements.

Based on the NAV as stated on February 8, 2023, the estimated impact to each Fund's NAV as a result of not converting to a RIC is (1.5%).

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise's solid track record of energy value chain investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp. and Tortoise Midstream Energy Fund, Inc.

For additional information on these funds, please visit cef.tortoiseecofin.com.

Safe harbor statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Contact information
For more information contact Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com.

SOURCE: Tortoise

View source version on accesswire.com:
https://www.accesswire.com/738902/Tortoise-Announces-Update-on-Financial-Statements-for-TYG-and-NTG

FAQ

What is the latest update on Tortoise Energy Infrastructure Corp. (TYG) and Tortoise Midstream Energy Fund, Inc. (NTG)?

Tortoise announced they will not convert to a Regulated Investment Company (RIC) at this time and are currently restating financial statements for previous periods.

When will TYG and NTG file their financial statements?

The Funds intend to complete and file their financial statements for the fiscal year ending November 30, 2022, within the next 15 days.

What is the estimated impact on NAV for TYG and NTG due to not converting to a RIC?

The estimated impact on each Fund's NAV is approximately 1.5% as a result of not converting to a RIC.

Why did TYG and NTG decide against converting to a RIC?

The decision not to convert to a RIC at this time is part of an ongoing evaluation process for the Funds.