Twelve Seas Investment Co III/CaymanTWLV
Cash in trust
$176M
$175,837,588
Trust per share
$10.19
Redemption value
IPO
Dec 2025
$173M raised
Combination deadline
Dec 15, 2027
421 days remaining
Filings on record
37
Latest Aug 17, 2026
Overview
Twelve Seas Investment Co III/Cayman is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002052243. It completed its initial public offering in Dec 2025, raising $173M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker TWLV, units under TWLVU, rights under TWLVR on Nasdaq. The vehicle is sponsored by Twelve Seas through Twelve Seas Sponsor LLC. The mandate targets energy. IPO closed, trust funded, no definitive agreement announced.
“we intend to focus our search on global companies located outside the United States, with an emphasis on established profitable enterprises in oil and gas and other sectors which our management team believes are proven.”
Reading the filings
Arithmetic on what Twelve Seas Investment Co III/Cayman has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trading at a discount to trust
At $10.06 the shares change hands 1.31% below the $10.19 they can be redeemed for. A holder buying here is paid that spread to carry deadline and redemption risk until the vote, and the trust keeps accreting underneath it.
Trust versus the $10 unit
The trust holds $10.19 per public share, 1.9% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Time on the clock
421 days to the Dec 15, 2027 deadline. The vehicle is early in its search window, and the deadline is not yet the binding constraint.
Rights, not warrants
Each unit carried one right per unit, convertible into one tenth (1/10) of a share. A right converts automatically on closing rather than needing to be exercised at a strike, so it is dilution that arrives whatever the share price does — unlike a warrant, which only bites if the stock works. For a holder redeeming at the trust it is worth nothing either way; for one staying in, it is a certain claim rather than an option.
Sponsor record
Twelve Seas has launched 3 vehicles. Of the 2 that have resolved, 0 closed a combination and 2 liquidated, a 0% completion rate. A sponsor's record is not a forecast, but it does tell you whether the team has taken a deal across the line before.
Underwriting
Cohen & Company led the offering. It has been named on 57 SPAC IPOs, book-running 56 of them, and 100% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
From listing to the date Twelve Seas Investment Co III/Cayman must close a deal, extend again, or return the trust. The marker is today.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
37 filings in all. 2 in the last three months, against a busiest month of 18.
Scores
Recomputed 1h agoThree readings of Twelve Seas Investment Co III/Cayman, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ElevatedHow much does the structure protect a holder right now?
51/100
- Discount to trust84
1.31%
- Trust accretion40
$10.19 per share
- Runway72
422 days
- Sponsor record8
0.0%
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
LowHow much attention is this vehicle attracting right now?
5/100
- Filing activity0
0 in 30 days
- News coverage0
0 stories in 30 days
- Premium to trust16
-1.31%
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ModerateHow likely is this vehicle to complete a combination, and at what scale?
33/100
- Sponsor record8
0.0%
- Trust scale51
$176M
- Stage40
searching
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on Twelve Seas Investment Co III/Cayman
Last 90 daysNothing in the last 90 days that names this vehicle. We attribute a story only when the release carries the ticker or the registered name, so an empty section means no press release or wire story matched — not that nothing was published. The filings below are the primary record either way.
SEC filing history
Free tier: filings older than 24 hours- 10-Q
Quarterly report
Accession 0001213900-26-090792
- NT 10-Q
Late quarterly report notification
Accession 0001213900-26-090769
- 10-Q
Quarterly report
Accession 0001213900-26-057739
- 10-K
Annual report
Accession 0001213900-26-036676
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0000902664-26-000915
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001213900-26-002161
- SCHEDULE 13D
Beneficial ownership report (activist)
Accession 0001213900-25-124276
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001213900-25-124053
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001346554-25-000099
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001193125-25-325762
- 8-K
Entry into a material definitive agreement; Other events
Items 1.01, 3.02, 5.02, 5.03, 8.01, 9.01 · Accession 0001213900-25-121719
- 4
Statement of changes in beneficial ownership
Accession 0001213900-25-121664
- 424B4
Final IPO prospectus
Accession 0001213900-25-121108
- EFFECT
Notice of effectiveness
Accession 9999999995-25-003654
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-120885
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-120884
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-120883
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-120882
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-120881
- 3
Initial statement of beneficial ownership
Accession 0001213900-25-120880
- CERT
Exchange listing certification
Accession 0001354457-25-001256
- 8-A12B
Registration of securities on an exchange
Accession 0001213900-25-120472
- CORRESP
Correspondence with SEC staff
Accession 0001213900-25-119748
- CORRESP
Correspondence with SEC staff
Accession 0001213900-25-119747
- CORRESP
Correspondence with SEC staff
Accession 0001213900-25-113471
- S-1/A
Amended IPO registration statement
Accession 0001213900-25-113467
- UPLOAD
SEC staff comment letter
Accession 0000000000-25-010813
- S-1/A
Amended IPO registration statement
Accession 0001213900-25-109131
- S-1/A
Amended IPO registration statement
Accession 0001213900-25-087175
- S-1/A
Amended IPO registration statement
Accession 0001213900-25-047733
Pro
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Twelve Seas Investment Co III/Cayman: questions answered
What is Twelve Seas Investment Co III/Cayman (TWLV)?
Twelve Seas Investment Co III/Cayman is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002052243. It completed its initial public offering in Dec 2025, raising $173M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker TWLV, units under TWLVU, rights under TWLVR on Nasdaq. The vehicle is sponsored by Twelve Seas through Twelve Seas Sponsor LLC. The mandate targets energy. IPO closed, trust funded, no definitive agreement announced.
How much does Twelve Seas Investment Co III/Cayman hold in trust?
Approximately $175,837,588, or about $10.19 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Twelve Seas Investment Co III/Cayman complete a merger?
By Dec 15, 2027. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if Twelve Seas Investment Co III/Cayman does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Twelve Seas Investment Co III/Cayman, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.19 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does Twelve Seas Investment Co III/Cayman trade under?
Class A shares trade as TWLV on Nasdaq, the units as TWLVU, with rights as TWLVR. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Twelve Seas Investment Co III/Cayman?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $10.19, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $10.06, a discount of 1.31% to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
Who sponsors Twelve Seas Investment Co III/Cayman, and what is their track record?
Twelve Seas Sponsor LLC is the sponsor entity, part of the Twelve Seas franchise. That franchise has launched 3 vehicles in total, of which 0 closed a combination and 2 liquidated, a 0% completion rate on resolved vehicles. Named principals: Dimitri Elkin.
Which banks underwrote the Twelve Seas Investment Co III/Cayman IPO?
Cohen & Company. Cohen & Company was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Twelve Seas Investment Co III/Cayman tradeable, and where?
Yes. TWLV returned a live quote of $10.06 on Nasdaq. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is Twelve Seas Investment Co III/Cayman a good investment?
That is not a question this site answers. Twelve Seas Investment Co III/Cayman is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Twelve Seas Investment Co III/Cayman data come from?
Filings Twelve Seas Investment Co III/Cayman submitted to the SEC under CIK 0002052243: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 19, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Twelve Seas: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Cohen & Company in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Energy SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs searching for a target
IPO closed, trust funded, no definitive agreement announced.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.