Tortoise Capital (NDP) Completes Merger

Market Cap: $59 million | Tortoise Energy Independence Fund, Inc. is a closed-end equity mutual fund managed by Tortoise Capital Advisors L.L.C. It focuses on investing in North American public equity markets, primarily within the energy sector.

• On June 7, 2024, ATG Capital Management nominated two candidates for election to the Board at the upcoming annual meeting of shareholders scheduled to be held on August 8, 2024. Source
• On July 11, 2024, ATG Capital Management filed proxy materials seeking support for its nominees.
• On July 17, 2024, ATG Capital Management filed proxy materials seeking support for its nominees.
• On December 23, 2024, Tortoise Energy Independence Fund announced the completion of a strategic merger of three closed-end funds and conversion to an actively managed exchanged-traded fund (ETF). Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ), Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP), and Tortoise Energy Independence Fund, Inc. (NYSE: NDP) have merged into a newly formed ETF, with TPZ emerging as the surviving strategy.

Past

On October 29, 2020, Aristides Capital (16.5%) expressed concerns about recent amendments to the company's bylaws, particularly regarding stockholder voting rights. On November 11, 2020, the company announced a proposed merger between Tortoise Energy Independence Fund, Inc. (NDP) and Tortoise Pipeline & Energy Fund, Inc. (TTP). Aristides Capital (16.5%) opposed the merger on March 19, 2021, suggesting the board consider converting to an open-end fund or liquidating assets instead. They reiterated their concerns on March 31, 2021, but withdrew their opposition on April 29, 2021.