Nevada-based SPAC two announced that it has entered into a subscription agreement for a private placement of 1.5 million shares at $10 each. The funding will close simultaneously with the SPAC’s proposed merger with LatAm Logistic Properties. The target is a developer, owner, and manager of institutional quality, class A industrial and logistics real estate in Central and South America.
Terms call for a minimum of $25 million in net cash proceeds from the merger with the real estate company, which assumes 70% redemptions by TWOA’s public shareholders.
The deal was announced in August at an enterprise value of $578 million.
If approved, the combined company’s shares are expected to list on the NYSE under new ticker symbol LLP.
The SPAC riased $200 million in an IPO almost three years ago. It’s current market cap is just over $102 million. Read more.
