TMT SPAC Twelve Seas Investment IV TMT withdraws $200 million IPO

Twelve Seas Investment IV TMT, a blank check company targeting the global TMT sector, withdrew its plans for an initial public offering on Friday. It had filed in December 2021 to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and three-fourths of a warrant. The company had not updated its prospectus since March 2022.

The company was set to be led by Chairman Neil Richardson, the Chairman of independent family office North Sea Capital and former Founding Partner at Lion Capital, and CEO and Vice Chairman Joseph Euteneuer, the former CFO of Mattel and former Co-CEO and CFO of Rivada Networks.

Management's previous SPACs include February 2021 IPO Twelve Seas Investment II (TWLVU), which is still searching for a target, and Twelve Seas Investment, which completed its combination with oil storage and services company Brooge Holdings (Nasdaq: BROG; -40% from $10 offer price) in 2019.

The Miami, FL-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol TSIVU. Mizuho Securities was set to be the sole bookrunner on the deal.