Late this afternoon, Twelve Seas Investment Company filed an amended S-1 that included an upsized offering for a $150 million IPO, previously $100 million. As we’ve mentioned before, this team is stacked with a lot of SPAC experience and that is a very big plus, so we can only surmise that initial feedback must have been so positive as to warrant an upsize of 50%. The rest of the terms remain the same, but still, only EarlyBird on the cover. This also might change, but take it as another positive sign that EarlyBirdCapital, a boutique bank, can at this point feel confident in putting away $150 million. As a reminder, the deal terms summary is below:
Summary of terms:
- 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
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