Twelve Seas Investment Company II in a proxy filing seeks shareholder approval to push its termination deadline from June 2 to Dec. 2.
Twelve Seas II in January 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.
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.
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.
Following the second extension, the SPAC had has 1,349,381 shares outstanding.
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. Read more.
