Wed, May 15, 9:04 PM (244 days ago)
TortoiseEcofin Acquisition Corp. III (the "Company") reported a net income of approximately $1.0 million for the quarter ended March 31, 2024, down from $4.9 million in the same period in 2023. The income was primarily driven by $2.0 million in interest income from cash and investments held in the Trust Account, offset by $713,000 in general and administrative expenses including related party expenses, and a $229,000 loss from the change in fair value of derivative warrant liabilities. The Company’s cash position decreased to $166,000 from $469,134 at year-end 2023, with a working capital deficit of approximately $1.7 million. Significant redemptions of Class A ordinary shares reduced the Trust Account by approximately $18.9 million. The Company extended its deadline to complete a business combination to October 22, 2024, and has entered into several loan agreements to fund operations and potential business combinations. The Company faces substantial doubt about its ability to continue as a going concern due to liquidity constraints and the mandatory liquidation timeline.