TortoiseEcofin Acquisition III in an 8-K said today’s shareholder meeting to vote on a deadline extension has been moved back to Oct. 19 at 3:30 p.m. Eastern. As a result, the redemption deadline was moved to 5 p.m. today.
The SPAC wants to push its termination date from Oct. 22 to April 22, 2024. If approved, the sponsor would deposit the lesser of $200,000 or a penny per share into trust for eaxh month required under the extension.
The SPAC in August announced a deal with One Energy Enterprises at an implied pre-money enterprise value of $300 million. One Energy is a vertically integrated industrial power solutions company, and bills itself as the largest installer of on-site, behind-the-meter, megawatt-scale, wind energy in the United States.
TortoiseEcofin III raised $300 million in a July 2021 IPO. Read more.
