two
Cash in trust
$53.2M
$53,187,730
Trust per share
$10.00
Redemption value
IPO
Mar 2021
$214M raised
Combination deadline
—
Not disclosed
Filings on record
134
Latest Mar 6, 2025
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Aug 15, 2023
- Closed
- Apr 10, 2024
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 $214M in gross proceeds. The vehicle is sponsored by two. The mandate targets technology. Business combination closed; the company trades under a new ticker.
“we intend to focus on industries that complement our founding teams background, and to capitalize on the ability of our founding team to identify and acquire a business, focusing on the technology industry.”
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.
Extension history
Shareholders have already approved 2 extensions. Each one opened a redemption window, so the public float and the trust are almost certainly smaller than at IPO, and each typically came with a sponsor contribution that lifts trust per share. A vehicle on its second or third extension is one where the sponsor is paying to keep the search alive.
Underwriting
Citigroup led the offering. It has been named on 170 SPAC IPOs, book-running 114 of them, and 53.6% 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.
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.
134 filings in all. 1 in the last three months, against a busiest month of 19.
News on two
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- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001604488-25-000091
- SC 13G/A
SC 13G/A
Accession 0001104659-24-076374
- 15-12G
Deregistration of securities
Accession 0001493152-24-014187
- 4
Statement of changes in beneficial ownership
Accession 0001493152-24-012080
- 4
Statement of changes in beneficial ownership
Accession 0001493152-24-012081
- 4
Statement of changes in beneficial ownership
Accession 0001493152-24-012082
- 4
Statement of changes in beneficial ownership
Accession 0001326389-24-000123
- 25-NSE
Notification of delisting
Accession 0001143362-24-000110
- 8-K
Regulation FD disclosure; Other events
Items 7.01, 8.01, 9.01 · Accession 0001493152-24-011508
- 425
Business-combination communication
Accession 0001493152-24-011174
- 8-K
Submission of matters to a vote of security holders
Item 5.07 · Accession 0001493152-24-011164
- 425
Business-combination communication
Accession 0001493152-24-010436
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001493152-24-010434
- 425
Business-combination communication
Accession 0001493152-24-010099
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001493152-24-010098
- DEFM14A
Definitive merger proxy statement
Accession 0001493152-24-009757
- 3
Initial statement of beneficial ownership
Accession 0000950142-24-000623
- 3
Initial statement of beneficial ownership
Accession 0001326389-24-000122
- 425
Business-combination communication
Accession 0001493152-24-007221
- 8-K
Entry into a material definitive agreement; Other events
Items 1.01, 3.02, 8.01, 9.01 · Accession 0001493152-24-007218
- 10-K
Annual report
Accession 0001493152-24-006802
- SC 13G
Beneficial ownership report (passive)
Accession 0001604488-24-000145
- SC 13G/A
Amended beneficial ownership report (passive)
Accession 0001076809-24-000032
- SC 13G/A
SC 13G/A
Accession 0001193125-24-034996
- SC 13G/A
SC 13G/A
Accession 0001104659-24-022813
- SC 13G
Beneficial ownership report (passive)
Accession 0001193125-24-034302
- SC 13G/A
Amended beneficial ownership report (passive)
Accession 0001315863-24-000195
- SC 13G
Beneficial ownership report (passive)
Accession 0001326389-24-000007
- SC 13G
Beneficial ownership report (passive)
Accession 0001171520-24-000046
- 4
Statement of changes in beneficial ownership
Accession 0001493152-24-002076
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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 $214M in gross proceeds. The vehicle is sponsored by two. The mandate targets technology. Business combination closed; the company trades under a new ticker.
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 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.
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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.
two: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Citigroup in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Technology SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All completed de-spac transactions
Business combination closed; the company trades under a new ticker.
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.