TortoiseEcofin Acquisition III in an 8-K said it secured a $350,000 loan from its sponsor ahead of an extension vote scheduled for tomorrow. If approved, the measure would give the SPAC until Oct. 22 to complete a deal.
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.
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. Read more.
