Twelve Seas Investment Company II announced that its board has determined not to extend the SPAC’s deadline any further, and will instead redeem stock and shut down. Shareholders late last month approved an extension up to Dec. 2.
The redemption price is expected to be approximately $10.558 per share. Stockholders are expected to be paid and the SPAC will cease to operate within 10 business days.
The decision to shutter was based on the belief that the SPAC would be unable to complete a deal by Aug. 26, the deadline provided by the Nasdaq Hearings Panel regarding the company’s non-compliance with listing rules.
Twelve Seas II securities were suspended from the Nasdaq at the opening this morning. The company’s securities now trade OTC under the same symbols, TWLV, TWLVU and TWLVW.
Twelve Seas II in January had announced a merger agreement with Crystal Lagoons for $350 million in stock.
The target is a U.S. company with offices and locations worldwide “that 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.
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 sustained $318 million in redemptions on a March 2023 extension vote and another $19.6 million in redemptions last November on another extension vote. Read more.
