SPAC Twelve Seas Investment III prices $150 million IPO, targeting international energy
IPO Overview
Los Angeles, California, Dec. 11, 2025 （GLOBE NEWSWIRE） — Twelve Seas Investment Company III （NASDAQ: TWLVU） （the “Company”） today announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit. The Company’s units will be listed on the Nasdaq Global Market under the symbol “TWLVU” and will begin trading on December 12, 2025. Each unit issued in the offering consists of one Class A ordinary share of the Company and one right to receive one tenth （1/10） of a Class A ordinary share upon the consummation of the Company’s initial business combination. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on NASDAQ under the symbols “TWLV” and “TWLVR,” respectively. The closing of the offering is anticipated to take place on or about December 15, 2025, subject to customary closing conditions.
Company Overview
Twelve Seas Investment III, a blank check company targeting oil and gas companies located outside the US.
Twelve Seas Investment III is led by CEO and Director Dimitri Elkin, a Founding Partner of Twelve Seas Limited and a former general partner at Moscow-based UFG Private Equity. He is joined by Chairman Julian Vickers, the founder and Chairman of oil and gas investment banking firm NRG and CFO Jonathan Morris, who serves as CFO of ESH Acquisition （ESHA; +17% from $10 offer price）， which announced its plan to merge with fitness tech provider TOFF Holdings in September 2025.
The SPAC plans to target global companies located outside the US, with an emphasis on established profitable enterprises in oil and gas and other sectors which management believes are proven. It will also consider prospective targets located in the US, but which are owned by non-US shareholders.
Management’s previous SPACs include Twelve Seas Investment II （formerly Nasdaq: TWLV）， which liquidated in 2024, and Twelve Seas Investment, which completed its combination with Brooge Holdings （formerly Nasdaq: BROG）， in 2019, and later delisted in May 2025. The company now trades as Brooge Energy on the OTC （BROGF）。
Twelve Seas Investment Company III plans to list on the Nasdaq under the symbol TWLVU. Cohen & Company Securities acted as sole bookrunner on the deal.