Twelve Seas Investment Company (“Twelve Seas”) (NASDAQ: BROG), announced this evening that ahead of their shareholder vote to complete their combination with Brooge Petroleum and Gas Investment Company FZE (“BPGIC”), they have agreed to irrevocably waive the condition to closing contained in the Business Combination Agreement dated April 15, 2019 which requires the Closing Net Cash to be at least $125,000,000.
Twelve Seas, which intends to hold their completion vote on December 17, 2019, has currently been trading a little below trust value recently. So the news of the net cash closing condition waiver is both a positive and a negative. On the positive side, it means this deal will now get done, regardless of redemption amounts. However, on the negative side, it’s also indicative of the Twelve Seas/Brooge teams preparing for an amount of redemptions below that $125 million condition.
Keep in mind that Brooge Petroleum and Gas Investment Company recently announced their intention to explore a quarterly dividend of $0.25, or $1.00 annualized, which means investors post-closing can expect a dividend yield of approximately $9.7% based on the current trust value of $10.32 per share. Regardless, the Twelve Seas/Brooge teams aren’t taking any chances by removing that closing condition.
Twelve Seas is currently scheduled to hold their shareholder vote to complete their combination with Brooge on December 17, 2019, with a redemption deadline of Friday, December 13, 2019.
Copley Acquisition Corp has filed to raise a $150 million SPAC to hunt for a technology or lifestyle target in either the Asia Pacific or North America regions. The new S-1 also advances underwriter Clear Street in the league tables as it has backed two of the three latest SPACs to file in December, and...
Translational Development Acquisition Corp. (NASDAQ: TDACU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TDACU”, Monday, December 23, 2024. The new SPAC intends to take a generalist approach in searching for a business combination, but intend to focus on industries that...
At the SPAC of Dawn SPACs have set to have a busy holiday week with three business combination approval votes and eight special meetings for extensions. Teams are trying to get eight of these in the books today, including all three completion votes ahead of Christmas Eve tomorrow. As noted last week, the theme of...
Terms Tracker for the Week Ending December 20, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. * We will be skipping next week’s Terms Tracker post while we work on putting together our “2024 Year End Review”. You can find 2023’s...
Four Leaf Acquisition Corporation (NASDAQ:FORL) has entered into a definitive agreement to combine with Chinese technology firm Xiaoyu Dida for undisclosed terms. The Guangzhou, China-based firm produces software and hardware for smart car washing systems. The parties have set December 31, 2025 as the initial outside date and the combined company is expected to trade...