Class A Ordinary Shares Subject to Possible Redemption

6 Months Ended

Jun. 30, 2024

Class A Ordinary Shares Subject to Possible Redemption [Abstract]

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

NOTE 6. CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 220,000,000 ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. In connection with the First Extension Meeting, shareholders holding 17,235,298 of the Company’s Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $180.9 million (approximately $10.49 per share) was removed from the Trust Account to pay such holders. As of June 30, 2024 and December 31, 2023, there were

15,519,813

and

17,264,702

Class A ordinary shares outstanding, respectively, all of which were subject to possible redemption. In connection with the Second Extension Meeting, shareholders holding 1,744,889 Public Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $18.9 million (approximately $10.85 per share) was removed from the Trust Account to pay such holders.

Class A ordinary shares subject to possible redemption reflected on the condensed consolidated balance sheets are reconciled on the following table:


Gross proceeds	$	345,000,000
Less:
Proceeds allocated to public warrants		(14,662,500	)
Class A ordinary shares issuance costs		(29,430,786	)
Plus:
Increase in redemption value of Class A ordinary shares subject to possible redemption		48,984,439

Class A ordinary shares subject to possible redemption, December 31, 2022		349,891,153
Less:
Redemptions		(180,870,897	)
Plus:
Waiver of deferred underwriting fees		4,624,725
Increase in redemption value of Class A ordinary shares subject to possible redemption		9,532,958

Class A ordinary shares subject to possible redemption, December 31, 2023		183,177,939
Plus:
Increase in redemption value of Class A ordinary shares subject to possible redemption		2,270,250

Class A ordinary shares subject to possible redemption, March 31, 2024	$	185,448,189
Less:
Redemptions		(18,923,870	)
Plus:
Increase in redemption value of Class A ordinary shares subject to possible redemption		3,540,632

Class A ordinary shares subject to possible redemption, June 30, 2024	$	170,064,951

TortoiseEcofin Acquisition Corp. III 10-Q