TortoiseEcofin Acquisition III today in a statement said it is launching its IPO of 30 million units at $10 each, although the offering has not yet priced on an exchange.
Each unit consists of one Class A ordinary share and one-fourth of a redeemable warrant, each whole warrant exercisable at $11.50 per share.
The units are expected to list on the NYSE under TRTL.U. Once the securities comprising the units begin separate trading, shares and warrants are expected to list under TRTL and TRTL WS.
The SPAC intends to focus its search for a target business in the broad energy transition or sustainability arena targeting industries that provide or require innovative solutions to decarbonize in order to meet emission reduction objectives.
The SPAC is led by CEO and Chairman Vincent Cubbage, who has also served as CEO, president and chairman of Tortoise Acquisition II, and Tortoise Acquisition I until completion of its initial business combination with Hyliion in October. He continues to serve on the Hyliion board.
The underwriters have an option to purchase up to 4.5 million additional units to cover over-allotments, if any.
Barclays, Goldman Sachs and Cantor Fitzgerald are joint book‑runners for the offering. Academy Securities is co-manager. Read more.