Twelve Seas Investment II, a blank check company targeting global companies located outside the US, raised $300 million by offering 30 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by Chairman Neil Richardson, who is currently the Chairman of independent family office North Sea Capital and previously was a Founding Partner at Lion Capital, and CEO and Director Dimitri Elkin, a Founding Partner of Twelve Seas Limited. Twelve Seas Investment II plans to target global companies located outside the US, focusing on those with enterprise values between $500 million and $2 billion. While it will not focus on any particular sector, it plans to consider business services, consumer, financials, healthcare, telecom and media, technology, and energy.
Management's previous SPAC, Twelve Seas Investment, went public in June 2018 and completed its combination with oil storage and services company Brooge Holdings (BROG; +4% from $10 offer price) in December 2019.
Twelve Seas Investment II plans to list on the Nasdaq under the symbol TWLVU. Mizuho Securities acted as a lead manager on the deal.
