Twelve Seas Investment Company Pricing IPO Tonight
by Kristi Marvin on 2018-06-19 at 3:52pm

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.

 

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