TortoiseEcofin Acquisition III in an 8-K said its sponsor has agreed to increase the monthly contribution into trust if shareholders approve an extension at tomorrow’s meeting.
The SPAC wants to stretch its merger deadline on a monthly basis from Oct. 22 up to six times until April 22, 2024.
The sponsor would contribute 1.5 cents a share (up from a penny per share) if the extension is approved. The sponsor also agreed to eliminate the $200,000 maximum mnthly amount cap.
The SPAC in August announced a merger agreement with One Energy, a vertically integrated industrial power solutions company, which bills itself as the largest installer of on-site, behind-the-meter, megawatt-scale, wind energy in the United States.
The deal has an implied pre-money enterprise value of $300 million. Read more.
