Twelve Seas Investment Company III Reports Net Income of $37,028 for Fiscal Year 2025

Twelve Seas Investment Company III, a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, reported a net income of $37,028 for the fiscal year ending December 31, 2025, compared to a net loss of $17,224 for the period from its inception on August 14, 2024, through December 31, 2024. The company generated interest income of $266,306 from marketable securities held in its Trust Account, which was partially offset by operating costs of $229,278. As of December 31, 2025, the company had total assets of $173.6 million, primarily consisting of $172.8 million in marketable securities held in the Trust Account.

The company completed its Initial Public Offering (IPO) on December 15, 2025, raising gross proceeds of $172.5 million from the sale of 17,250,000 Public Units, which included the full exercise of the underwriters' over-allotment option. Additionally, Twelve Seas raised $4.95 million through a private placement of 495,000 Private Placement Units. The funds from the IPO and private placement were placed in a Trust Account, which is intended to be used for completing a business combination. The company has until December 15, 2027, to consummate its initial business combination, or it will liquidate and return the funds to shareholders.

In terms of operational developments, Twelve Seas has not yet identified a specific target for its business combination but intends to focus on global companies, particularly in the oil and gas sector, with an emphasis on established profitable enterprises. The management team, led by CEO Dimitri Elkin and CFO Jonathan Morris, has extensive experience in investment banking and private equity, which they believe will aid in identifying suitable acquisition targets. The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination.

As of March 30, 2026, Twelve Seas had 17,745,000 Class A Ordinary Shares and 5,692,500 Class B Ordinary Shares outstanding. The Class B shares are held by the company's sponsor and will convert into Class A shares upon the completion of a business combination. The company has also established a Trust Account to hold the proceeds from its IPO, which may be invested in U.S. government securities or held in cash. The company has indicated that it may seek to extend the combination period if necessary, subject to shareholder approval.

Looking ahead, Twelve Seas Investment Company III aims to leverage its management team's expertise to identify and execute a successful business combination. However, the company acknowledges the risks associated with being a blank check company, including the potential inability to find a suitable target and the challenges posed by market conditions and competition from other SPACs. The company has expressed confidence in its strategy but recognizes the uncertainties inherent in the SPAC model and the broader economic environment.