TortoiseEcofin Acquisition Corp. III (NYSE:TRTL) announced this afternoon that it has executed a non-binding letter of intent (LOI) to combine with an industrial renewable power solutions company.
As of now, the SPAC has not disclosed any additional information about the unnamed target. But, it anticipates announcing further updates regarding the execution of a definitive agreement, which is expected in the third quarter of 2023. TortoiseEcoFin III had previously signed an initial LOI with the target back in April.
Having secured a signed LOI, the SPAC now automatically receives a three-month extension, pushing its completion deadline back from this Saturday, July 22, until October 22.
TortoiseEcofin III raised $345 million in total gross proceeds from its July 2021 IPO and set out to combine with a target that actively provides solutions to reduce emissions. In line with its S-1, the SPAC believes the renewable power solutions target will play a critical role in facilitating the energy transition for the industrial market. TortoiseEcofin Acquisition Corp. III is led by CEO and Chairman Vincent Cubbage, and CFO and President Stephen Pang.
Since there is no guarantee that this LOI will be completed, TRTL will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.
Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...