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
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...