Kismet Two (NASDAQ:KAII) has sold all of its sponsor economics to Quadro Sponsor LLC, including 6,250,000 promote shares and 4,400,000 warrants.
The new sponsor will be led by Dimitri Elkin who is signing on as CEO and will also serve as the company’s principal financial and accounting officer. The SPAC’s previous CEO and Chairman Ivan Tavrin is resigning concurrently with the transaction.
Kismet Two raised $230 million in its February 2021 IPO and still has until February 2023 to complete a transaction, while Kismet Three (NASDAQ:KIII) raised $287.5 million under an identical timeline and continues for now to be led by the same team.
Kismet One completed a combination with mobile game developer Nexters Global (NASDAQ:GDEV) in August 2021, but trading of its stock was halted on March 1 alongside other companies either based in Russia or having Russian ownership. It remains halted although it is technically headquartered in Cyprus. Kismet Capital, which is an affiliate sponsor of all three vehicles, is a Moscow-based investment firm founded by Tavrin, a Russian oligarch who formerly led Russian telecom MegaFon.
Incoming Kismet Two CEO Elkin also leads Twelve Seas II (NASDAQ:TWLV), a SPAC that IPO’d in February 2021 and has until March 2023 to complete a transaction. His previous SPAC Twelve Seas I combined with Dubai-based oil storage company Brooge Petroleum and Gas (NASDAQ:BROG) in 2019.
Under his leadership, Kismet Two will continue to seek out a European target in the internet or other technologically-enabled sectors, but will no longer consider companies in Russia or Belarus. This seems an obvious choice in the current sanctions environment but this was a geography that Kismet Two specifically targeted when it IPO’d.
Terms Tracker for the Week Ending April 25, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Everybody’s back in the pool. Two more SPACs filed this week while four others priced their IPOs. Additionally five SPACs announced their combinations, breaking the...
At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...