Twelve Seas Investment Company III (NASDAQ: TWLV) is a blank check company incorporated on August 14, 2024, as a Cayman Islands exempted company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It generates no operating revenue. The company raised capital through an Initial Public Offering that began trading on the Nasdaq Global Market on December 12, 2025, with Class A Ordinary Shares and Rights beginning separate trading on January 9, 2026. Private Placement Units totaling 495,000 units were sold to the Sponsor and CCM at $10.00 per unit, generating $4,950,000 in gross proceeds. The Redemption Price was approximately $10.01 per Public Share as of December 31, 2025. TWLV intends to focus its acquisition search on global companies located outside the United States, with emphasis on established profitable enterprises in oil and gas and other sectors. The combination period runs through December 15, 2027. As of the 10-K filing date of March 31, 2026, no specific Business Combination target had been selected.

Revenue model

No operating revenue as of December 31, 2025. The company holds IPO proceeds in trust and earns no revenue prior to completing an initial Business Combination.

Products and services

Public Units (one Class A Ordinary Share plus one Public Right), Private Placement Units, Class A and Class B Ordinary Shares, and Rights. The company's sole activity is identifying and consummating an initial Business Combination.

Customers and end markets

Public shareholders who purchased units in the IPO or in the open market. Target acquisition end markets are intended to include oil and gas and other sectors, with a focus on global companies outside the United States, including those owned by sovereign wealth funds, family offices, international entrepreneurs, or global industrial conglomerates.

Value-chain role

Special Purpose Acquisition Company (SPAC). Acts as an acquisition vehicle, pooling IPO capital in trust to fund a future business combination. Founder Shares (Class B Ordinary Shares) convert into Class A Ordinary Shares upon completion of the initial Business Combination on a one-for-one basis, subject to adjustment to maintain 25% of total Ordinary Shares outstanding on an as-converted basis.

Geographic exposure

Incorporated in the Cayman Islands. Acquisition targets intended to be global companies located outside the United States, with U.S.-based targets also considered if owned by non-U.S. shareholders. Listed on Nasdaq (United States).

Source: SEC 10-K, filed 2026-03-31

Industry: Blank Checks