TortoiseEcofin Acquisition III closed its IPO of 30 million units priced at $10 each.
A unit consists of one share and one-fourth of a redeemable warrant, with whole warrants exercisable at $11.50 per share. 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.
Former President Bill Clinton is a member of the board and owns 10 percent of the company, according to SEC filings.
Barclays, Goldman Sachs and Cantor Fitzgerald were joint book-runners for the offering. Academy Securities acted as co-manager. The underwriters have an option to purchase up to 4.5 million additional units to cover any over-allotments. Read more.
