Twelve Seas Investment II in an 8-K said it and merger partner Crystal Lagoons entered into an amendment to the sponsor support agreement whereby the number of founder shares the sponsor agreed to forfeit was reduced from 6,625,000 to 6,170,000. The amendment also corrects the total number of founder shares owned by the sponsor prior to the forfeiture by reducing the number of those shares from 8,625,000 to 8,225,000.
Twelve Seas II last month announced the $350 million stock deal to combine with Crystal Lagoons, which “has developed and patented state-of-the-art technology that allows crystalline lagoons of unlimited sizes to be built and maintained at low costs, offering an idyllic beach lifestyle anywhere in the world,” according to its website.
In addition to the stock consideration, Crystal Lagoons shareholders will also have a contingent right to receive up to an additional 1,225,000 shares after the closing based on the price performance of the stock.
Twelve Seas II originally raised $300 million in a February 2021 IPO to focus on companies located outside the United States, primarily in the Pan-Eurasian region, including Western Europe, Eastern Europe and the Middle East. The SPAC’s market cap now stands at just under $139 million. Read more.
