TortoiseEcofin Acquisition Corp. III Announces Pricing of $300,000,000 Initial Public Offering

Rhea-AI Summary

TortoiseEcofin Acquisition Corp. III has priced its initial public offering (IPO) at $10.00 per unit, offering 30,000,000 units on the NYSE under the ticker symbol TRTL.U. Each unit comprises one Class A ordinary share and a quarter of a redeemable warrant, with a full warrant allowing purchase at $11.50. The offering, managed by Barclays, Goldman Sachs & Co. LLC, and Cantor Fitzgerald & Co., is expected to close on July 22, 2021, pending customary conditions. The company focuses on mergers or acquisitions in the sustainability sector to provide innovative decarbonization solutions.

Positive

• Successfully priced IPO at $10.00 per unit, attracting investor interest.
• Focus on energy transition and sustainability, aligning with market trends.

Negative

• Market uncertainty surrounding the completion of the IPO as highlighted in forward-looking statements.
• Potential dilution risk if underwriters exercise the option for additional units.

Overland Park, Kansas, July 19, 2021 (GLOBE NEWSWIRE) -- TortoiseEcofin Acquisition Corp. III (the “Company”) today announced the pricing of its initial public offering of 30,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “TRTL.U” beginning July 20, 2021. Each unit consists of one of the Company’s Class A ordinary shares and one-fourth of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one of the Company’s Class A ordinary shares at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “TRTL” and “TRTL WS,” respectively.

Barclays, Goldman Sachs & Co. LLC and Cantor Fitzgerald & Co. are acting as joint book‑runners for the offering. Academy Securities, Inc. is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.

The offering is expected to close on July 22, 2021, subject to customary closing conditions.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus related to the offering may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: barclaysprospectus@broadridge.com, tel: (888) 603-5847; Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, email: prospectus-ny@ny.email.gs.com, tel: (866) 471-2526; and Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave., 5^th Floor, New York, New York 10022, email: prospectus@cantor.co.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on July 19, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

TortoiseEcofin Acquisition Corp. III
Vincent T. Cubbage
VCubbage@tortoiseecofin.com

FAQ

What is the IPO pricing for TortoiseEcofin Acquisition Corp. III?

The IPO is priced at $10.00 per unit.

When will TortoiseEcofin Acquisition Corp. III start trading?

Trading will commence on July 20, 2021, under the ticker symbol TRTL.U.

What does each unit consist of in TortoiseEcofin's IPO?

Each unit includes one Class A ordinary share and one-fourth of a redeemable warrant.

What is the purpose of TortoiseEcofin Acquisition Corp. III?

The company aims to focus on mergers and acquisitions in the sustainability sector.

Who are the underwriters for the TortoiseEcofin IPO?

The joint book-runners are Barclays, Goldman Sachs & Co. LLC, and Cantor Fitzgerald & Co.