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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): July 20, 2023
TORTOISEECOFIN
ACQUISITION CORP. III
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
001-40633 |
|
98-1583266 |
(State
or other jurisdiction of |
|
(Commission
File Number) |
|
(I.R.S.
Employer |
Incorporation
or Organization) |
|
|
|
Identification No.) |
6363
College Boulevard |
|
|
Overland
Park, KS |
|
66211 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(913) 981-1020
(Registrant’s telephone number, including area code)
Not
Applicable
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
☐
|
Written communication pursuant to
Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units, each consisting of
one share of Class A Ordinary Share, $0.0001 par value, and one-fourth of one redeemable warrant |
|
TRTL.U |
|
New York Stock Exchange |
Class A Ordinary Shares
included as part of the units |
|
TRTL |
|
New York Stock Exchange |
Redeemable warrants included
as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
|
TRTL WS |
|
New York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
8.01 Other Events.
On
July 20, 2023, TortoiseEcofin Acquisition Corp. III (the “Company”) issued a press release announcing that it has
executed a new non-binding letter of intent for a proposed business combination with an industrial renewable power solutions company
(the “Letter of Intent”). As a result of the signed Letter of Intent, pursuant to the provisions of the Company’s
Amended and Restated Memorandum and Articles of Association, the Company has until October 22, 2023 to consummate its business combination.
The
completion of the proposed transaction is subject to, among other matters, the completion of due diligence, the negotiation of a definitive
agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board
of directors and shareholders of both the Company and the target. There can be no assurance that a definitive agreement will be entered
into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.
A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
July 20, 2023
|
TORTOISEECOFIN ACQUISITION CORP. III |
|
|
|
|
By: |
/s/ Vincent T. Cubbage |
|
Name: |
Vincent T. Cubbage |
|
Title: |
Chief Executive Officer |
2
Exhibit 99.1
TortoiseEcofin Acquisition Corp. III Announces Letter of Intent
for a Business Combination with an Industrial Renewable Power Solutions Company
Overland Park, KS, July 20, 2023 –
TortoiseEcofin Acquisition Corp. III (the “Company”) (NYSE: TRTL), a publicly traded special purpose acquisition company focused
on the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize, today announced
that it has executed a new non-binding letter of intent (“LOI”) for a proposed business combination (the “Business Combination”)
with an industrial renewable power solutions company (the “Target”) that would result in a public listing of the Target upon
completion of the proposed Business Combination. The Company previously signed an initial LOI with the Target on April 26, 2023 and anticipates
announcing additional details regarding the execution of a definitive agreement for the Business Combination, which is expected in the
third quarter of 2023.
“Our commitment to the energy transition
is unwavering and is supported by our deep sector expertise and long track record of value creation over decades of investing in the energy
and power infrastructure sector,” commented Vince Cubbage, Chief Executive Officer of TortoiseEcofin Acquisition Corp. III. “In
assessing potential business combination targets, we have focused on companies that are developing specific solutions to current, real-world
problems. We are excited by the potential transaction identified with this pioneering industrial renewable power solutions company. We
expect that this company will play a critical role in facilitating the energy transition for the industrial market.”
As a result of the signed letter of intent, pursuant
to the provisions of the Company’s Amended and Restated Memorandum and Articles of Association, the Company has until October 22,
2023 to consummate its business combination.
The completion of the Business Combination with
the Target is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for
the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board and shareholders of both
the Company and the Target. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction
will be consummated on the terms or timeframe currently contemplated, or at all.
Cohen & Company Capital Markets, a division
of J.V.B. Financial Group, LLC, will be serving as the exclusive financial advisor and the lead capital markets advisor for the transaction.
About TortoiseEcofin Acquisition Corp. III
TortoiseEcofin Acquisition Corp. III was formed
for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business
combination. The Company intends to focus its search for a target business in the broad energy transition or sustainability arena targeting
industries that provide or require innovative solutions to decarbonize in order to meet critical emission reduction objectives.
Forward Looking Statements
This press release includes, and oral statements
made from time to time by representatives of TortoiseEcofin may include, “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements
regarding the Business Combinations and related matters, as well as all other statements other than statements of historical fact included
in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,”
“plan,” “possible,” “potential,” “predict,” “project,” “should,”
“would” and similar expressions, as they relate to TortoiseEcofin or TortoiseEcofin’s management team, identify forward-looking
statements. Such forward-looking statements are based on the beliefs of TortoiseEcofin’s management, as well as assumptions made
by, and information currently available to, TortoiseEcofin’s management. Actual results could differ materially from those contemplated
by the forward-looking statements as a result of certain factors detailed in TortoiseEcofin’s filings with the Securities and Exchange
Commission’s (the “SEC”). All subsequent written or oral forward-looking statements attributable to TortoiseEcofin or
persons acting on TortoiseEcofin’s behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of TortoiseEcofin, including those set forth in the “Risk Factors”
section of TortoiseEcofin’s Annual Report on Form 10-K and other documents of TortoiseEcofin filed, or to be filed, with the SEC.
Copies are available on the SEC’s website at www.sec.gov. TortoiseEcofin undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as required by law.
Contacts:
For Media:
Matt Dallas
ICR, Inc.
Matt.Dallas@icrinc.com
For Investors:
John Ragozzino, CFA
ICR, Inc.
John.Ragozzino@icrinc.com
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