M&A: Tidal Trust III

Form Type: N-14

Filing Date: 2024-10-10

Corporate Action: Merger

Type: New

Accession Number: 000199937124013210

Comments: Tidal Trust III is filing an N-14 registration statement for the proposed reorganization of The BeeHive Fund into The BeeHive ETF, which is a newly created series under Tidal Trust III. This reorganization involves acquiring the assets and liabilities of the Target Fund and issuing Acquiring Fund shares of equal value in exchange. The completion of this reorganization is expected to create a more efficient investment vehicle with lower annual operating expenses, increased trading flexibility, and enhanced tax efficiency for investors. Shareholders of the Target Fund are encouraged to review and vote on the proposals during the special meeting scheduled for November 26, 2024, at which they will consider the Agreement and Plan of Reorganization, as well as the dissolution of the Target Fund upon completion. Direct shareholders need to take action to ensure they can receive ETF shares, as those unable to transfer to a brokerage account will have their shares redeemed and sent to them in cash, which may have tax implications. The reorganization is structured to be tax-free under the Internal Revenue Code.

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