TortoiseEcofin Acquisition III in an 8-K said its April 18 meeting has been pushed to April 19, when shareholders are expected to vote on a deadline extension proposal that would give the SPAC until Oct. 22 to complete a deal.
As a result of this change, the redemption deadline is now April 17 at 5p.m. Eastern.
While the proxy does not provide for any contribution to the company’s trust account in connection with the extension proposal, thge SPAC’s sponsor has agreed to deposit 1.5 cents a share into trust for shareholders’ benefit if the measure is approved.
The SPAC in August announced a merger agreement with One Energy, a vertically integrated industrial power solutions company. The deal has an implied pre-money enterprise value of $300 million. Read more.
