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.
Rare earth miner Critical Metals (NASDAQ:CRML) dropped a new presentation today, providing its most significant update since completing its combination with Sizzle in February. The document points to 2024 being a potentially pivotal year for the firm as it cleared major development hurdles in getting preparing the ground for its Wolfberg lithium mine in Austria,...
At the SPAC of Dawn Today is the busiest day for SPACs in at least a month as three SPACs will hold extension votes and three more are seeking deal approval. Those completion votes will each bear watching and they include two of the most prominent deals of the past six months. Screaming Eagle (NASDAQ:SCRM)...
Some renewed hope around a 2024 rate cut propelled several stocks skyward in late Monday trading, and a large number of the day’s biggest gainers are tech-focused recent de-SPACs. The biggest one-day gain among de-SPACs late in the trading day is the +51.4% held by software firm XBP Europe (NASDAQ:XBP), which spun out from Exela...
Metals Acquisition (NYSE:MTAL) has begun an exchange of all outstanding warrants, offering holders up to 0.361 shares per warrant on a cashless basis or $0.10 per warrant if they so choose. The cashless option provides significantly more value as Metals last closed at $12.85, meaning warrants converted under that ratio would be worth about $4.63...
At the SPAC of Dawn Autonomous driving has seen some of the highest peaks and deepest valleys in share performance as the market has adjusted its appetites on tech companies. But, although it has shown many pitfalls, it continues to attract significant investment and is a focus for both startups and established automakers. Hyundai (KS:005380)...