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Liquidated

two

CIK 0001843988

Cash in trust

$53.2M

$53,187,730

Trust per share

$10.00

Redemption value

IPO

Mar 2021

$214.4M raised

Combination deadline

Not disclosed

Filings on record

134

Latest Mar 6, 2025

Overview

two is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001843988. It completed its initial public offering in Mar 2021, raising $214.4M in gross proceeds. The vehicle is sponsored by two. The mandate targets technology. Deadline lapsed without a deal; trust returned to public shareholders.

we intend to focus on industries that complement our founding team’s background, and to capitalize on the ability of our founding team to identify and acquire a business, focusing on the technology industry.
The mandate, as stated in the IPO prospectus

Reading the filings

Arithmetic on what two 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.

  • Trust versus the $10 unit

    The trust holds $10.00 per public share, effectively the $10.00 the units were sold at, so little or no interest has accrued to the account yet.

  • Underwriting

    Citigroup led the offering. It has been named on 123 SPAC IPOs, book-running 87 of them, and 12.4% 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.

SEC filing history

Free tier: filings older than 24 hours
  • SCHEDULE 13G/A

    Amended beneficial ownership report (passive)

    Accession 0001604488-25-000091

    Mar 6, 2025

    1y ago

    Open filing
  • SC 13G/A

    SC 13G/A

    Accession 0001104659-24-076374

    Jun 28, 2024

    2y ago

    Open filing
  • 15-12G

    Deregistration of securities

    Accession 0001493152-24-014187

    Apr 10, 2024

    2y ago

    Open filing
  • 4

    Statement of changes in beneficial ownership

    Accession 0001493152-24-012080

    Mar 29, 2024

    2y ago

    Open filing
  • 4

    Statement of changes in beneficial ownership

    Accession 0001493152-24-012081

    Mar 29, 2024

    2y ago

    Open filing
  • 4

    Statement of changes in beneficial ownership

    Accession 0001493152-24-012082

    Mar 29, 2024

    2y ago

    Open filing
  • 4

    Statement of changes in beneficial ownership

    Accession 0001326389-24-000123

    Mar 29, 2024

    2y ago

    Open filing
  • 25-NSE

    Notification of delisting

    Accession 0001143362-24-000110

    Mar 28, 2024

    2y ago

    Open filing
  • 8-K

    Regulation FD disclosure; Other events

    Items 7.01, 8.01, 9.01 · Accession 0001493152-24-011508

    Mar 27, 2024

    2y ago

    Open filing
  • 425

    Business-combination communication

    Accession 0001493152-24-011174

    Mar 25, 2024

    2y ago

    Open filing
  • 8-K

    Submission of matters to a vote of security holders

    Item 5.07 · Accession 0001493152-24-011164

    Mar 25, 2024

    2y ago

    Open filing
  • 425

    Business-combination communication

    Accession 0001493152-24-010436

    Mar 19, 2024

    2y ago

    Open filing
  • 8-K

    Other events

    Items 8.01, 9.01 · Accession 0001493152-24-010434

    Mar 19, 2024

    2y ago

    Open filing
  • 425

    Business-combination communication

    Accession 0001493152-24-010099

    Mar 15, 2024

    2y ago

    Open filing
  • 8-K

    Regulation FD disclosure

    Items 7.01, 9.01 · Accession 0001493152-24-010098

    Mar 15, 2024

    2y ago

    Open filing
  • DEFM14A

    Definitive merger proxy statement

    Accession 0001493152-24-009757

    Mar 13, 2024

    2y ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0000950142-24-000623

    Mar 4, 2024

    2y ago

    Open filing
  • 3

    Initial statement of beneficial ownership

    Accession 0001326389-24-000122

    Feb 23, 2024

    2y ago

    Open filing
  • 425

    Business-combination communication

    Accession 0001493152-24-007221

    Feb 20, 2024

    2y ago

    Open filing
  • 8-K

    Entry into a material definitive agreement; Other events

    Items 1.01, 3.02, 8.01, 9.01 · Accession 0001493152-24-007218

    Feb 20, 2024

    2y ago

    Open filing
  • 10-K

    Annual report

    Accession 0001493152-24-006802

    Feb 14, 2024

    2y ago

    Open filing
  • SC 13G

    Beneficial ownership report (passive)

    Accession 0001604488-24-000145

    Feb 14, 2024

    2y ago

    Open filing
  • SC 13G/A

    Amended beneficial ownership report (passive)

    Accession 0001076809-24-000032

    Feb 14, 2024

    2y ago

    Open filing
  • SC 13G/A

    SC 13G/A

    Accession 0001193125-24-034996

    Feb 14, 2024

    2y ago

    Open filing
  • SC 13G/A

    SC 13G/A

    Accession 0001104659-24-022813

    Feb 14, 2024

    2y ago

    Open filing
  • SC 13G

    Beneficial ownership report (passive)

    Accession 0001193125-24-034302

    Feb 13, 2024

    2y ago

    Open filing
  • SC 13G/A

    Amended beneficial ownership report (passive)

    Accession 0001315863-24-000195

    Feb 12, 2024

    2y ago

    Open filing
  • SC 13G

    Beneficial ownership report (passive)

    Accession 0001326389-24-000007

    Feb 9, 2024

    2y ago

    Open filing
  • SC 13G

    Beneficial ownership report (passive)

    Accession 0001171520-24-000046

    Jan 23, 2024

    2y ago

    Open filing
  • 4

    Statement of changes in beneficial ownership

    Accession 0001493152-24-002076

    Jan 11, 2024

    2y ago

    Open filing

two: questions answered

What is two?

two is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0001843988. It completed its initial public offering in Mar 2021, raising $214.4M in gross proceeds. The vehicle is sponsored by two. The mandate targets technology. Deadline lapsed without a deal; trust returned to public shareholders.

How much does two hold in trust?

Approximately $53,187,730, or about $10.00 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 two complete a merger?

No combination deadline appears in the filings we have indexed. The date is stated in the charter and repeated in each quarterly report; where our parser could not establish it with confidence we leave it blank rather than infer one.

What happens if two 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 two, 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 $10.00 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.

Is the trust value the same as the share price for two?

No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.

How much dilution do two's founder shares and warrants create?

Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.

Who sponsors two, and what is their track record?

two is the sponsor entity, part of the two franchise. This is the only vehicle we have attributed to that sponsor.

Which banks underwrote the two IPO?

Citigroup. Citigroup was credited as book-running manager on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.

Is two a good investment?

That is not a question this site answers. two 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 two data come from?

Filings two submitted to the SEC under CIK 0001843988: 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 Sep 4, 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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The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.