TortoiseEcofin Acquisition Corp. III Announces Launch of Initial Public Offering

Rhea-AI Summary

TortoiseEcofin Acquisition Corp. III announced its initial public offering (IPO) of 30 million units priced at $10 each, with an option for underwriters to purchase an additional 4.5 million units. Each unit comprises one Class A ordinary share and one-fourth of a redeemable warrant, with an exercise price of $11.50 per share. The units will trade under the symbol 'TRTL.U' on the NYSE. The firm aims to focus on mergers in the energy transition sector, targeting innovative solutions for emission reductions. The registration statement has been filed with the SEC but is not yet effective.

Positive

• Initial public offering of 30 million units priced at $10 each.
• Underwriters have an option to purchase an additional 4.5 million units.
• Focus on energy transition and sustainability opens avenues for potential growth.
• Public offering expected to enhance visibility and market presence.

Negative

• No assurance that the offering will be completed on the described terms.
• Forward-looking statements highlight uncertainties regarding the IPO.

Overland Park, Kansas, July 19, 2021 (GLOBE NEWSWIRE) -- TortoiseEcofin Acquisition Corp. III (the “Company”) announced today the launch of its initial public offering of 30,000,000 units at $10.00 per unit. The Company intends to grant the underwriters a 45-day option to purchase up to 4,500,000 additional units to cover over-allotments, if any. Each unit issued in the initial public offering will consist of one of the Company’s Class A ordinary shares and one-fourth of one redeemable warrant, 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. The units are expected to be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “TRTL.U.” 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.

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.

Barclays, Goldman Sachs & Co. LLC and Cantor Fitzgerald & Co. are acting as joint book‑runners for the proposed offering. Academy Securities, Inc. is acting as co-manager for the proposed offering. The proposed public offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering and final prospectus, when available, 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.com.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”), but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. 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 pricing for TortoiseEcofin Acquisition Corp. III's IPO under symbol 'TRTL.U'?

The IPO is priced at $10.00 per unit.

How many units are being offered in TortoiseEcofin's IPO?

The company is offering 30,000,000 units with an additional option for 4,500,000 units.

What does each unit consist of in the TortoiseEcofin IPO?

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

What is the purpose of TortoiseEcofin Acquisition Corp. III?

It aims to effect mergers and business combinations in the energy transition or sustainability sector.

When will TortoiseEcofin's units begin trading?

The units are expected to be listed on the NYSE under the ticker symbol 'TRTL.U'.