two (TWOA) Sells Sponsor Economics to Hennessy Team
by Nicholas Alan Clayton on 2023-03-23 at 7:22am

two (NYSE:TWOA) announced in an 8-K this morning that it has transferred the majority of its sponsor interest to a new team led by SPAC veteran Thomas Hennessy.

The new sponsor entity HC Proptech Partners III is to purchase 4,854,375 promote shares (90.9%) for undisclosed cash consideration and all current SPAC officers are expected to resign.

The handover is expected to occur by March 29, which is also the redemption deadline for the SPAC’s currently scheduled vote to extend its deadline to January 1, 2024. The incoming team will in the meantime seek to sign non-redemption agreements with two’s Class A shareholders with the goal of maintaining at least $50 million in cash in the trust account.

Should the parties fail to secure such agreements, or if other complications prevent the transaction from being consummated by March 29, such as the provision of a D&O insurance policy, then two will cancel its extension vote and opt to liquidate instead.

With the takeover complete and the extension secured, the SPAC is to be renamed PropTech Investment Corporation III, thus effectively joining Hennessy’s earlier series of SPACs. PropTech I completed a combination with Porch.com (NASDAQ:PRCH) in December 2020 and PropTech II closed with Appreciate (NASDAQ:SFR) in November 2022.

The two team, led by Eventbrite (NYSE:EB) co-founder Kevin Hartz, now appears to be checking out of the current SPAC cycle. But, the team’s previous vehicle, one, completed a merger with 3D-printing company Markforged (NYSE:MKFG) in July 2021.

 

Recent Posts
by Nicholas Alan Clayton on 2024-05-17 at 8:08am

At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...

by Kristi Marvin on 2024-05-17 at 6:30am

RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...

by Nicholas Alan Clayton on 2024-05-16 at 4:05pm

AST SpaceMobile (NASDAQ:ASTS) has been on +68% a tear off of its double-barreled announcement after hours yesterday that it signed a six-year commercial partnership with telecom AT&T (NYSE:T) and had beaten analyst expectations with its first quarter earnings. It has, in fact, been the best performer on the US markets throughout the afternoon outside of...

by Nicholas Alan Clayton on 2024-05-16 at 8:24am

At the SPAC of Dawn Chinese auto conglomerate Geely (HK:0175) has occupied a not insignificant portion of recent SPAC dealflow as it has turned to the vehicles to spin off a series of subsidiaries. But, this week, it veered back to the traditional IPO path. The early returns on its move to bring EV brand...

by Nicholas Alan Clayton on 2024-05-15 at 4:17pm

Global Technology I (NASDAQ:GTAC) has entered into a definitive agreement to combine with art marketplace Tyfon at an enterprise value of $434 million, or 12.7x its $34 million 2023 EBITDA. Suzhou, China-based Tyfon operates as a dealer of Chinese contemporary art, selling pieces online and through traditional exhibition methods. The combined company is expected to...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved