Twelve Seas Investment Company Upsizes to $150 Million
by Kristi Marvin on 2018-06-14 at 5:53pm

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 

 

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