secwatch.observer — SEC 8-K summary
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Issuer:     TortoiseEcofin Acquisition Corp. III (—)
CIK:        0001847112
Form:       8-K
Filed at:   2024-04-17T23:59:59+00:00
Accession:  0001193125-24-099086
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TortoiseEcofin SPAC enters $350K loan agreement; lenders to receive 175K Class B shares
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- Lenders loan $350,000 to sponsor, which will then lend to SPAC for working capital and extension fees.
- Loan carries no interest; repayment due within 5 business days of business combination.
- Sponsor to transfer 175,000 Class B ordinary shares to lenders at closing of De-SPAC.
- One Energy (target) will pay lenders an additional $175,000 one-time cash payment at closing.
- If business combination fails, One Energy will issue shares at recent private valuation; optional redemption at 1.05x if not listed by Dec 31, 2026.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1847112/000119312524099086/0001193125-24-099086-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1847112/000119312524099086/d826329d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-099086

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