It’s Only Tuesday, and We Already Have our Second SPAC IPO Pricing of the Week.
Twelve Seas Investment Company a Pan-Eurasian focused SPAC, will be pricing their $150 million SPAC IPO tonight for trading Wednesday. As a reminder, this IPO was recently upsized from $100 million on June 14th.
As previously mentioned, Twelve Seas is bringing a wealth of SPAC experience to this new IPO. KKR General Partner, Neil Richardson, and Dmitri Elkin, former General Partner of UFG Private Equity, are heading up the SPAC management team along with Stephen Vogel and Stephen Cannon. Stephen Vogel, who will be functioning as President of Twelve Seas, was the Executive Chairman of Forum Merger Corporation, a NASDAQ listed SPAC that raised $172.5 million in April 2017, and completed its business combination in February 2018 with ConvergeOne. Stephen Cannon, who is CFO, is also currently President, CFO and Director of CM Seven Star Acquisition Corporation (NASD: CMSS) and was CEO and Director of DT Asia Acquisition Corp., which acquired China Direct Lending Corp. in July 2016.
Let’s hope the tide of not one, not two, not even three seas….but TWELVE Seas, brings in good fortune..
For reference, the deal terms summary is below:
Summary of terms:
- Total Public Proceeds: $150 million
- Focus: Pan-Eurasian region (Western Europe through Eastern Europe to Central Asia and includes Turkey and India)
- $10.00 unit comprised of one ordinary share, one right and one full warrant
- Rights terms: 1/10th of one ordinary share
- Warrant redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
- 100% held in trust ($10.00 per share)
- 18 months to complete an acquisition
- Underwriters: EarlyBirdCapital is sole bookrunner. I-Bankers Securities is co-manager.
At the SPAC of Dawn The SPAC market could be primed to wake up from its Turkey Day slumber with a bang this week as both Shepherd Ave (NASDAQ:SPHAU) and Tavia (NASDAQ:TAVIU) have lined up to IPO and five more SPACs have scheduled votes. Late Friday also saw the Future Vision II (NASDAQ:FVNNU) announce a...
Terms Tracker for the Week Ending November 29, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This was a shortened holiday week, but SPACs still managed to put through a number of filings, which should usher in a busy first half...
Range Capital Acqusition Corp. (NASDAQ:RANGU) has filed to launch a $100 million SPAC with a broad approach, but with expertise in natural resources. The vehicle becomes the fourth SPAC that underwriter EarlyBirdCapital has put its name on so far this year, but it bears some different features than the rest of its 2024 slate. EarlyBirdCapital...
This holiday season is set to be an exciting one in the SPAC world as 10 sponsors and 11 de-SPAC’d companies can expect the gift of a lock-up expiration to mark it with. This makes it the busiest month for such activity in the second half of the year and at least a few parties...
At the SPAC of Dawn For Black Friday’s truncated trading session today, the broader action is likely to be focused on consumer stocks as investors gauge the scope of this year’s holiday spending surge. But, much of this will pass right by SPACs, because consumer has been a sector that has stymied teams more often...