TortoiseEcofin Acquisition Corp. III has terminated its business combination agreement with One Energy Enterprises Inc., as disclosed in a recent SEC filing. The blank check company, which had previously announced an amended and restated agreement on February 14, 2024, entered into a settlement on Thursday, August 29, 2024, effectively ending the planned merger.
The settlement agreement, involving TortoiseEcofin's sponsor, TortoiseEcofin Sponsor III LLC, and One Energy, includes provisions for One Energy to cover certain vendor expenses incurred by TortoiseEcofin and to indemnify the company against specific third-party claims. Additionally, the agreement stipulates a mutual release of claims between the parties and their affiliates.
Following the termination of the merger agreement, TortoiseEcofin's board of directors has decided to liquidate the company's trust account. The liquidation process was initially communicated in a Form 8-K filed on August 23, 2024. Shareholders of TortoiseEcofin's Class A ordinary shares can expect to receive their share of the trust's principal and accrued interest, minus applicable taxes and dissolution expenses, as the redemption amount.
The redemption process is scheduled to commence after business hours on September 6, 2024, when the Class A ordinary shares will be canceled and will only represent the right to receive the redemption amount. The distribution of funds will be managed by Continental Stock Transfer & Trust Company, the transfer agent for TortoiseEcofin.
The dissolution of the business combination and ensuing liquidation marks the conclusion of TortoiseEcofin's efforts to merge with One Energy, a company that was part of the agreement. This development is based on the information provided in the SEC filing by TortoiseEcofin Acquisition Corp. III.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.