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SearchingTWLVU · NasdaqCIK 2052243Sponsor at IPO: Twelve Seas Sponsor LLC

Twelve Seas Investment Co III/Cayman

$173MTrust raised at IPO

  1. IPO11 Dec 2025
  2. Searching24 months
  3. Deal announced—
  4. Closed—

Deadline before any extension: 15 Dec 2027 (24 months from the IPO closing). Extensions approved later are not added.

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

  1. 01

    Smaller than 74% of 2025’s SPAC IPOs.

    $173M raised, against a median of $230M for the 143 SPACs that priced in 2025.

  2. 02

    Original deadline December 2027.

    24 months from the IPO closing, before any extension. No business combination agreement is in force.

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

Key terms

Other 2025 SPAC IPOs →
IPO priced
11 Dec 2025
IPO closed
15 Dec 2025
Raised
$173M1
Units sold
17,250,0002
Trust raised
$173M3
Trust per unit
$10.004
Unit
1 sh + 1 right (1/10)5
Months to complete
246
Deadline before extensions
15 Dec 2027
Over-allotment
Exercised in full

Each unit: “one Class A ordinary share and one right to receive one tenth (1/10) of a Class A ordinary share”

How it compares

Twelve Seas Investment Co III/Cayman against the 143 SPACs that priced in 2025.

Raised
$173M
64% of 2025 SPACs are above it
2025 median: $230M
Trust per unit
$10.00
83% of 2025 SPACs match it
2025 median: $10.00
Months to complete
24
64% of 2025 SPACs match it
2025 median: 24

Trust and redemptions

No extension or merger vote with paid redemptions is on record for this SPAC yet.

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/Cayman This SPAC11 Dec 2025$173MSearching——
Twelve Seas Investment Co. II25 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 2025 SPAC IPOs with Cohen & Company Capital Markets as bookrunner.

SPACIPORaisedUnitStatus
TGE Value Creative Solutions Corp18 Dec 2025$150M1 sh + ½ warrantSearching
Crane Harbor Acquisition Corp. II15 Dec 2025$345M1 sh + 1 right (1/15)Searching
Bitcoin Infrastructure Acquisition Corp Ltd1 Dec 2025$220M1 sh + ½ warrantSearching
Invest Green Acquisition Corp24 Nov 2025$173M1 sh + 1 right (1/10)Searching
Hall Chadwick Acquisition Corp20 Nov 2025$207M1 sh + 1 right (1/10)Deal announced

Sources

  1. PFinal prospectus: 0001213900-25-121108
  2. 1Gross proceeds: 0001213900-25-124053The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $172,500,000.
  3. 2Units sold: 0001213900-25-124053consummated its initial public offering (“IPO”) of 17,250,000 units (the “Units”) including 2,250,000 Units issued as a result of the underwriters’ exercise in full of their over-allotment option.
  4. 3Trust raised: 0001213900-25-124053A total of $172,500,000, or $10.00 per Unit, comprised of the net proceeds from the IPO (which amount includes up to $6,900,000 of the underwriter’s deferred discount) and the proceeds of the sale of the Private Placement Units, was placed
  5. 4Trust per unit: 0001213900-25-121108$150.0 million, or $172.5 million if the underwriters’ overallotment option is exercised in full ($10.00 per unit in either case), will be placed into a U.S.-based trust account with Continental Stock Transfer & Trust Company acting as trustee.
  6. 5Unit composition: 0001213900-25-121108Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of an initial business combination
  7. 6Months to complete: 0001213900-25-121108We have until the date that is 24 months from the closing of this offering or until such earlier liquidation date as our board of directors may approve to consummate our initial business combination.

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.