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Liquidated · 20 Jun 2024TWLVU · NasdaqCIK 1819498Sponsor at IPO: Twelve Seas Sponsor II LLC

Twelve Seas Investment Co. II

$345MTrust raised at IPO · 2% of public shares left after its last counted vote

  1. IPO25 Feb 2021
  2. Searching24 months
  3. Deal announced—
  4. Liquidated20 Jun 2024

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Larger than 79% of 2021’s SPAC IPOs.

    $345M raised, against a median of $239M for the 610 SPACs that priced in 2021.

  2. 02

    98% of public shares redeemed across 3 votes.

    3 extension votes, counted from the SPAC’s 8-Ks. 2% of the public shares remained after the last one.

  3. 03

    The trust was liquidated.

    Public shares were redeemed and the SPAC did not complete a merger.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →
IPO priced
25 Feb 2021
IPO closed
2 Mar 2021
Raised
$345M1
Units sold
34,500,000
Trust raised
$345M2
Trust per unit
$10.003
Unit
1 sh + ⅓ warrant4
Months to complete
245
Deadline before extensions
2 Mar 2023
Over-allotment
Exercised in full

Each unit: “one share of Class A common stock and one-third of one redeemable warrant”

How it compares

Twelve Seas Investment Co. II against the 610 SPACs that priced in 2021.

Raised
$345M
79% of 2021 SPACs are below it
2021 median: $239M
Trust per unit
$10.00
63% of 2021 SPACs match it
2021 median: $10.00
Months to complete
24
56% of 2021 SPACs match it
2021 median: 24
Redeemed across its votes
98%
67% of 2021 SPACs are below it
2021 median: 94%

Trust and redemptions

  1. Extension vote · 28 Feb 202331,291,466 of 34,500,000 redeemed (91%)
  2. Extension vote · 27 Nov 20231,859,153 of 3,208,534 redeemed (58%)
  3. Extension vote · 28 May 2024557,090 of 1,349,381 redeemed (41%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Underwriters’ counsel

Other SPACs from Twelve Seas Investment

Twelve Seas Investment’s track record →

Twelve Seas Investment has brought 2 SPACs to market since 1 January 2019, $518M in all: 1 searching, 1 liquidated. 0 of the 1 that reached an end completed a merger.

No SPAC named Twelve Seas Investment I is in our data. It either priced before 1 January 2019, came to market under another name (SPACs are listed by their name at IPO), never came to market, or is not yet in an approved snapshot, so this record may understate the sponsor.

SPACIPORaisedStatusOutcomeMonths
Twelve Seas Investment Co III/Cayman11 Dec 2025$173MSearching——
Twelve Seas Investment Co. II This SPAC25 Feb 2021$345MLiquidatedTrust liquidated40

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Peers

Other 2021 SPAC IPOs with Mizuho Securities USA LLC as bookrunner.

SPACIPORaisedUnitStatus
TLGY Acquisition Corp30 Nov 2021$230MWarrants and rightsCompleted
Vahanna Tech Edge Acquisition I Corp.22 Nov 2021$200M1 sh + ½ warrantCompleted
Green Visor Financial Technology Acquisition Corp I8 Nov 2021$200M1 sh + ½ warrantLiquidated
McLaren Technology Acquisition Corp.2 Nov 2021$201M1 sh + ½ warrantLiquidated
Enterprise 4.0 Technology Acquisition Corp18 Oct 2021$300M1 sh + ½ warrantLiquidated

Sources

  1. PFinal prospectus: 0001213900-21-012586
  2. 1Gross proceeds: 0001213900-21-014605resulting in additional gross proceeds of $45 million and bringing the total gross proceeds of the initial public offering to $345 million.
  3. 2Trust raised: 0001213900-21-014605Of the proceeds received from the consummation of the initial public offering, the full exercise of the over-allotment option and private placements of units, $345,000,000 was placed in trust.
  4. 3Trust per unit: 0001213900-21-012586$300.0 million or $345.0 million if the underwriters’ over-allotment option is exercised in full ($10.00 per unit in either case) will be deposited into a trust account in the United States
  5. 4Unit composition: 0001213900-21-012586Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one-third of one redeemable warrant.
  6. 5Months to complete: 0001213900-21-012586If we are unable to complete our initial business combination within 24 months from the closing of this offering, we will redeem 100% of the public shares for cash

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.