NEW YORK - Twelve Seas Investment Company II has called off its planned merger with Crystal Lagoons U.S. Corp., citing unmet conditions as of the May 31, 2024, deadline. The company, which has decided against seeking an alternative business combination, also reported a higher final redemption amount paid to its public stockholders than previously announced.
Following the termination of the merger agreement with Crystal Lagoons, Twelve Seas confirmed that the final payout to stockholders was $10.64 per share, a slight increase over the initially reported $10.558 per share. The company's securities were removed from the over-the-counter market on June 20, 2024, as part of the final redemption process.
Twelve Seas, a blank check company that had been targeting businesses primarily outside the United States, particularly in the Pan-Eurasian region, will soon complete its delisting process. The Nasdaq Stock Market LLC is expected to file a Form 25 with the U.S. Securities and Exchange Commission on June 28, 2024, to finalize the delisting. Subsequently, Twelve Seas plans to file a Form 15 with the SEC to suspend its reporting obligations under the Securities Exchange Act of 1934.
InvestingPro Insights
As Twelve Seas Investment Company II navigates through the aftermath of its failed merger with Crystal Lagoons U.S. Corp., investors are closely monitoring the company's financial health and market position. The latest data from InvestingPro provides a snapshot of Twelve Seas' current valuation and performance metrics, which may offer insights into the company's standing in the market following recent events.
InvestingPro Data indicates a Price to Earnings (P/E) Ratio (Adjusted) of 33.89 for the last twelve months as of Q1 2024, suggesting that investors may be expecting higher future earnings relative to the current share price. Despite the recent challenges, the company's assets are still generating a positive Return on Assets (ROA) of 1.86%, which could be an indicator of efficient management and potential for profitability.
Meanwhile, the Price % of 52 Week High stands at 88.82%, reflecting that the share price is nearing its highest value over the past year, an important consideration for investors contemplating entry or exit points. With the InvestingPro Fair Value estimated at $9.69, there is an implicit suggestion that the current market price may be above what is considered fair value by InvestingPro's metrics.
InvestingPro Tips highlight the importance of considering both the PEG Ratio and Price to Book metrics when evaluating a company's stock. In the case of Twelve Seas, the PEG Ratio is reported at -1.72, which could signal that the market expects the company's future growth to be lower than what the current P/E ratio implies. Additionally, the Price to Book value of -47.17 might raise questions about the company's balance sheet and asset valuation.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips on evaluating companies post-merger announcements or cancellations. There are currently PRONEWS24 additional tips available on InvestingPro, which can be accessed with a yearly or biyearly Pro and Pro+ subscription at an additional 10% off using the coupon code PRONEWS24.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.